Hustler Fund: You will only be allowed a loan of Sh500 to Sh50,000
Kenyans applying for the hustler Fund will only be allowed to take a loan between Sh500 and Sh50,000.
This is according to a document released by the office of the cabinet, Executive Office of the President.
“The implementation of the Administration’s signature pledge is tipped to liberate the people of Kenya from the bond of predatory lending. As part of the first phase of this roll-out that is expected to be unveiled and launched to the nation on November 30, 2022; the loan limits will be a minimum of Ksh. 500 up to a maximum that will be determined by the borrower’s credit score, and capped at Ksh. 50,000.00,” read the press release.
On the other hand, the loan interest will be 8 percent per annum, computed on a pro-rated basis.
“As a first single digit credit product in the Country and the region, the loan interest rate will be capped at 8% per annum computed on a pro-rated basis,” read the press release.
This came a few days after regulations on the management of the Hustler Fund published by Finance Manager Njuguna Ndung’u revealed that those who provide incorrect information when applying for the loan would attract an Sh10 million fine or serve five years imprisonment.
Another ultimatum for the fund is that whoever is found guilty of embezzling or stealing the money will receive a similar sentence, according to the regulations on the management of the fund published on by Finance Minister Njuguna Ndung’u.
For you to qualify for the application for the loan, you have to meet the requirements of Chapter Six of the Constitution.
On the other hand, for one to be appointed as Chairperson of the Board, they must Possess a degree in a relevant field from a university recognised in Kenya.
They also need less than ten years of leadership and management experience and knowledge in finance, accounting, economics, law, enterprise development, cooperative management, information, communication and technology, business and management, or strategic management.
You must also have leadership and management experience of not less than five years and have knowledge in any of these fields; finance, accounting, economics, enterprise development, cooperative management, information, communication and technology, business and management, law, or strategic management.
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