The launch of Hustler Fund on November 30th, 2022 ignited optimism among many Kenyans. One month down the line, it is fully operational, with many Kenyans taking advantage of the opportunities it offers, borrowing and repaying their loans. However, while many people can access the loans, most still don’t know how to increase their hustler fund loan limit.
In this article, we share some tips on how you can increase your Hustler Fund loan limit to access a higher loan amount.
What is Hustler Fund?
Hustler Fund is a Government-sponsored digital financial inclusion program that was launched by President William Ruto and the Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises, Simon Chelugui. The program, aims to provide affordable loans for individuals and businesses.
If you are a low-income earner looking to start a small business, Hustler fund can help you get started. You can register on any mobile network and take advantage of the cheap Hustler Fund loans. To get started, dial *254# or use the Hustler Fund mobile app (get more details here).
Hustler Fund will evaluate your application based on a pre-determined formula, considering existing qualification criteria. You can request for Hustler Fund loans with no collateral, paperwork or guarantors—everything is digital.
Hustler Fund loan limit
If you qualify, Hustler Fund allows you to borrow as high as Ksh 50,000, and as low as Ksh 500 at an interest rate of 8% per annum. However, the fact that the maximum amount is Ksh 50,000 doesn’t mean everyone is eligible for it. The loan approval process is based on certain qualifications and creditworthiness. As a result, the limit varies from one borrower to another.
How to increase your hustler fund limit
So, how can you increase your Hustler Fund loan limit and qualify for a higher loan amount?
The only way to increase your Hustler Fund loan limit is to make consistent borrowings, ensuring you repay the loan on time. Even if you are eligible for the lowest loan amount of Ksh.500, don’t underestimate it, put it to use. With a little capital, there are various small business ideas you can start in Kenya. The only catch here is to settle your debt before the due date.
As you continue repaying your loan, the limit will gradually increase until it finally reaches the maximum amount.
