Can an individual apply for hustlers fund loan? Yes. It is possible to get an individual loan from government's Hustlers Fund loan project.
Kenyans hugely thought the hustle fund will function like many of the previous government loan project including uwezo fund, women fund and Youth Enterprise Development Fund YEDF which is not true.
While previous projects insisted on forming groups (Chama) in order to access financing, hustler fund loans can take care of even individual applicants.
Individual personal hustlers fund loans
The fund has three loan facilities which include the following;
- Individual loan ( personal finance loan)
- Start ups loan (Chama /Group loan)
- Micro loan
- SME loan
Individual hustler fund loan amount ranges from sh 500 to sh 50,000 accessible via hustlers fund USSD code or via Hustlers Fund App.
All hustler fund loans have a daily interest rate of 0.002% which is extremely low in the lending market.
Anyone above the age of 18 years can apply for individual hustl fund loan in Kenya.
Approved loans are disbursed to the borrower's mobile wallet, either Airtel money account, M-PESA account or TKash account depending on the customer's network.
Hustlers Fund Micro Loan
Micro loan is like the second stage after successful navigating individual loan category.
Loan amounts here range from sh 50,000 to sh. 500,000
Hustlers Fund Start Ups Loan
This is a group/ Chama loan and the limits range from sh. 500,000 to sh. 10 million.
Huslers Fund SME Loans
The loan is available to Small and Medium Enterprises (SME) in Kenya. Loan limits ranges from sh 10 million to sh. 100 million.
Conclusion
Is therefore possible to app for a husl fund individual loan? The answer is yes. See the step by step application of hustler fund loans from my previous article.
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