The Hustler Fund that was initiated by President William Ruto and His deputy is set to be officially launched today at the Green Park terminus in Nairobi County.
This fund will be offered to start ups, micro loans, SME loans and personal loans to every Kenyan who might want it.
The Hustler Fund loan will be given out as from five hundred shillings up to fifty thousand shillings to those interested in it.
According to NTV news reports, it has been reported that the Hustler Fund repayment period will be fourteen days with those who will not have paid by this date will have their credit limit reduced.
"With a 14-day repayment period and an annual interest rate of eight percent calculated per day, a customer who borrows KES500 will pay back KES 501.53 after 14 days, representing KES 1.53 in interest.
If the loan is not paid back within 14 days, the customer’s credit rating is affected, and they are given an additional 15 days. If the loan is still not paid back, the interest rate increases to 9.5% per year." The reports stated.
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