President William Ruto on Sunday, December 4, addressed an array of complaints from Kenyans who lamented about the low loan limit of the Ksh50 billion Hustler Fund kitty.
Speaking during an Interdenominational Prayer service at the University of Embu, Embu County, Ruto stated that the basis of the credit score to rise is dependent on a person’s ability to borrow and repay the loan.
While praising the scheme, the president noted that the kitty was meant to aid low-income earners who had challenges accessing affordable credit.
“Everyone will have an opportunity to access the funds within the scheme. How you will rise from Ksh1,000 upwards is dependent on your hard work.
“Borrow and easily pay back and your credit score will go higher till Ksh50,000,” he noted.
The Head of State also pointed out that the Hustler Fund will set the pace for the February 2023 launch of the scheme targetting groups and Saccos.
“The other scheme we’re launching in February involves groups and Saccos, we will grant you the funds as a group to aid in your businesses. This is because many Kenyans have suffered under shylocks and are burdened by debts they are unable to pay.
“It is the most important and critical thing that we need to do, unlock the business of the majority of Kenyans who have challenges accessing affordable credit. This is what will help boost our businesses,” Ruto stated.
His response came after a section of Kenyans decried the low loan limit, noting that they were able to access Ksh500 to Ksh1,500.
How to Increase Loan Limit
According to the Ministry of Cooperatives, the loan limit’s increase is dependent on your performance on consistent loan borrowing and repayment on time.
The score is calculated when you continue using Hustler Fund and paying the loan on time.
In addition, the limit shall be reviewed and adjusted based on the borrowing and repayment history of previous Hustler Fund loans taken.
Source: kENYANS.CO.KE