After dismissing allegations that the government will slap a ten million fine on all hustler fund defaulters, the cabinet secretary for the National Treasury and Planning has set the records straight on how defaulters will be penalized.
Through a gazette notice, the National Treasury has communicated that defaulters of the fund will be slapped with a 150 basis points fine on interest charged on the loans advanced. A 150 basis points fine means that all defaulters will pay a 1.5% added / extra interest.
As communicated earlier, the National Treasury announced that hustler will carry a standard and uniform 8% interest lending rate. The penalty of 1.5% will bring the interest charged on loans to 9.5% for defaulters.
On the other hand, those who timely service their loans will enjoy interest discounts as will be determined by the Hustler Fund Board of Management.
Additionally, treasury has removed the 50 billion ceiling on the hustler fund giving the National Assembly the mandate to increase or reduce the ceiling at will.
SOURCE
Content created and supplied by: UnitedKenya.com (via Opera
News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform
See More
COMMENTS