A Comprehensive Guide To Qualify and Access Hustler Fund for Individual, Group Biashara Loans, and Women

This article is a guide on how you can qualify and access the Hustler Fund for Individual, Group Baishara Loans and Women Enterprise.

Pia tutacheki how Women Enterprise Fund iko associated na Hustler Fund.

Before tuchangamkie mambo ya Hustler Fund, ni poa kushikanisha some terms kama credit.

Credit ni kukopa pesa au kuenda na goods kisha ukalipia baadaye. Ukiwa faithful na kulipa hizo doo, the more the loan unaweza pewa in future. Hii ndio inaitwa good credit. Ukiwa na history ya kukosa kulipa past loans, mtu hunyimwa future loans. Hii inatwa bad credit.

In simple terms, the Group Micro Enterprise Loan (GMEL) ni loan ya kupea watu wamejiorganise in groups.

Lazima hiyo group ikuwe formally recognised and registered na ikuwe na business idea ama biz inaexist.

Groups huqualify for loans between Sh20,000 and Sh1,000,000 at an interest rate of 7% per year on reducing balance and a 1.5% default rate. This means that the monthly payment amount will remain the same, but the interest part of the payment will decrease as the loan is lowered by the amount credited to the principal amount on a monthly basis.

Hustler Fund huwa inaconsider every member’s credit score, so ni muhimu kuwa kwa group ya wasee wako na good credit scores.

To decide how much loan someone can get, a system looks at different factors such as how much they've saved and if they've paid back loans in the past. The system looks at each member's information to make a decision.

Group yenu ikipewa loan, lazima mrudishe hiyo doo within six months from the from the date that you get the loan.

Mnaweza choose kulipa in instalments ama kutuma doo yote at once.

5% of the loan amount itafanywa savings kwa members savings scheme.

To qualify:

𝟏. Lazima kila msee kwa hiyo group akuwe above 18 years an a valid National Identification Card (ID).

𝟐. Lazima group ikuwe na over 5 members.

𝟑. Everyone kwa hiyo group lazima akuwe na sim card yenye imekuwa active for at least 90 days.

𝟒. Lazima hiyo group ikuwe formally recognised na ikuwe na business idea ama biz inaexist.

𝟓. Group yenu haifai kuwa na msee amedefault loan yeyote ya Hustler Fund.

Hii loan ni ya msee ako na biz na anadai kuchukua loan kujenga hiyo biz. Kuchukua hii loan sio lazima ukuwe kwa group ama chama.

Ukufit the requirements, unaweza access between Sh10,000 to Sh 200,000, and the the time you have to pay back the loan ni up to six months.

Lazima hiyo biz yako ikuwe registered. Sio lazima ikuwe kampuni, inaweza kuwa sole proprietorship.

Interest rate ni 7% per year on reducing balance and 1.5% default rate.

5% of the approved amount itawekwa kwa your personal savings scheme.

To qualify for this product:

𝟏. Lazima ukuwe above 18 years na uko na valid National Identification Card (ID).

𝟐. Lazima ukuwe na sim card yenye imekuwa active for at least 90 days.

𝟑. Lazima biz yako ikuwe registered.

𝟒. Lazima biz yako ikuwe na KRA Pin.

𝟓. Lazima ukuwe hujadefault on any Hustler Fund loans

WEF ni ya groups za madame ama wamama wanadai kufinance biz zao.

The loan amount ni from Sh50,000 to Sh750,000, na repayment period ni from 3 to 12 months at an interest rate of 7% per year.

To qualify:

𝟏. Lazima kila mtu kwa hiyo group akuwe above 18 years na awe na ID card.

𝟐. Lazima members wakuwe na sim cards ziko active for at least 6 months and 3 months active kwa M-PESA.

𝟑. Lazima members wote wakuwe female.

𝟒. Lazima hiyo group ikuwe na minimum of 10 members na maximum of 30.

𝟓. Kila msee kwa hiyo group atakuwa responsible for the group loan.

𝟔. Kama kuna mtu amedefault Hustler Fund loan lazima alipe kwanza.

𝟕. Hiyo group lazima ikuwe na at least three officials wenye wameandikwa kwa registration certificate.

Hizi loan zote ziko accessible through the *254# ussd code ama Hustler Fund app.

𝟏. Easy access to loans - Hizi loans ziko easily accessible, unlike other financial products zinahitaji a lot of paperwork, guarantors, or collaterals. Pia the funds are sent directly via mobile money so hakuna middleman.

𝟐. Affirmative action - The loans zinaweza help mayouth wote, regardless of their social status.

𝟑. Low-interest rate - Interest rates ziko chini sana kuliko banks. Banks mob sana hukuwa na interest rates za over 10% per annum.

𝟏. Kama msee mmoja kwa group yenu ako na history ya kukosa kulipa doo, itafanya nyinyi wote mkuwe kwa ngori. Either the loans can be declined ama loan amount ikuwe reduced.

𝟐. This also applied kwa the other qualifications kama sim card activity, na citizenship. This means one member’s private financial decisions could cause negative implications for the entire group.