Kenyans air their views on the terms and conditions of hustler fund.
Today, the head of state, President William Ruto launched the hustlers’ fund. The fund will be accessed through personal finance, micro loans, SME loans and start up.
Immediately after the launch, Kenyans air their views on the hustler fund regarding the terms and conditions, Interest rates and repayment time.
Dr. Isaka tweeted,” The Hustler Fund loans are so cheap that Sh500 borrowed for 14 days is repaid as Sh501.53. This is available to all Kenyans, and you can borrow up to 50k depending on your credit score. Loans have an 8% pa interest rate on reducing balance calculated per day.”
Nyakundi commented,”Of the 50B released, 5% which is 2.5B goes to NSSF. For a 2 week loan garnering 2.5B in the name of your old age savings, the government will have recovered the 50B by September 2023.
Nabii is a real genius of transforming 100B into 500B in 5 years.”
Brian osoro wrote,”Hustler Fund would charge ~0.006% per month. This is x1000 more cheaper than the ‘cheapest’ mobile money lender. The values on the poster below are for 2020, the rates may have changed. If this works, it will be a good example, especially for other African countries.”
Kiplangat Godia expressed,”8% of the 50billion to be repaid in 14 days translates to 4billion. Apon reapplication another 4 billion of interest in 14 days! Roughly 8billion of interest collected from the hustle fund! (Assuming 100% repayment). Brilliant business idea.”
Mutahi wrote,” Hustle fund is only 0.0166% of our 3 Trillion Shilling BUDGET. Ruto has EXECUTED it with RUTHLESS efficiency and PANACHE. The BAR is now HIGH. Now we expect him to DELIVER the balance of 99.98% of the Budget with similar DETAIL and POMP. There is HOPE.“