The Kenyan government introduced an innovative digital financial inclusion program known as the Biashara loan. This initiative is designed to empower micro-SMEs by granting them access to loans with remarkably low-interest rates. Here we outline the divisions of the Hustler Fund loan and how to go about your application.
The Hustler fund Biashara loan application
The Biashara loan is a key component of the larger Hustler Fund Personal Loan Product. It acts as a revolving fund, extending credit to both small businesses and individuals who lack collateral or a formal banking pedigree.
The Biashara loan is divided into two segments: individual and group. The newly launched individual micro-enterprise loan product will provide loans ranging from KES 10,000 to KES 200,000 at an interest rate of 7%, calculated on a pro-rata or daily basis.
Repayment terms for the loan are highly flexible, with options of 1, 3, 6, or 9 months, and a maximum term of one year.
How to register for the Hustler Fund Biashara loan
To register for the Biashara loan, prospective beneficiaries should dial *254# on their mobile phones. They will then need to select their business category (options include agriculture, trade, manufacturing, and service providers). Additionally, they must input their business registration number and the KRA pin associated with their business.
Eligibility criteria for the Hustler Fund application
To qualify for the Hustler Fund application for the Biashara loan, applicants must meet the following requirements:
1. Possess a valid Kenyan National ID.
2. Be a Kenyan citizen aged 18 years or older.
3. Maintain an active SIM card from any mobile network operator.
4. Hold a business number for a business that is registered with the Business Registration Service (BRS).
5. Possess a KRA pin linked to the registered business on the BRS.
Final thoughts
The Biashara loan provides adaptable loan limits and repayment durations tailored to each customer’s specific needs and capacity. Customers even have the option to increase their existing loans, provided they meet certain criteria.
The introduction of the Biashara loan is expected to stimulate economic growth and generate job opportunities for countless Kenyan micro-SMEs operating across diverse markets.
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Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/09/13/2023-hustler-fund-application-full-details/
