What are hustler fund loan terms and conditions?

Question

hustler fund loan terms and conditions

Answer 1

Below is a summary of the hustler fund loan terms and conditions. The terms are for  Safaricom Simcard users;

General Terms

• You must be alteast 18 years, have an ID, must have Safaricom Simcard with Mpesa, and the SIM Card must have been used for atleast 3 months from the date of registration
• Loans shall be paid in 14 days with an interest rate of 8% per annum.
• 5% of the loan shall be deducted to go towards savings (30% short-term savings and 70% Pension Remittance)
• Shor term savings can only be accessed after 365 days from the disbursement of the loan if the customer has fully repaid any his/her loan
• The Bank reserves the right to verify with Safaricom the authenticity and status of your M-PESA  Account.

 Personal Inofrmation Use 

• The Hustler Fund Savings and Loan Product is administered by KCB and/or Family Bank 
• Bank to request Safaricom for information relating to your use of the M-PESA Services, as the Bank shall require for purposes of determining your credit limit, etc.

Government information Access

Accepting the terms means you agree and authorize the Bank to obtain and procure your Personal Information contained in the IPRS from the Government of Kenya and you further agree and consent to the disclosure and provision of such Personal Information by the Government of Kenya to the Bank.

Loan Repayment Delay 

The Bank may at any time give you notice in writing if an accrued debt is not paid within a stipulated period. From the date of receipt by you of the notice then Safaricom may, without further notice, freeze your M-PESA Account from borrowing from the fund until payment in full.

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