- The fund borrowers who will default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
- If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
Hustler Fund borrowers are required to key in their M-Pesa pin to access the loans.
The PIN is required to authenticate the owner of the Hustler Fund account where the loan will be disbursed.
In a Frequently Asked Question portal in the Hustler Fund, the official said that all data privacy rules will be applied during the loan application.
"PIN yako, siri yako." (Your pin, your secret)
If a customer has a Fuliza loan and would like to access the Hustler Fund loan, the Safaricom product will be suspended for 24 hours to ensure a the Hustler fund is utilised before resumption.
Any other funds received in the same mobile number outside Hustler Funds within 24 hours, will be used to repay Fuliza overdraft.
The fund borrowers who will default on the loans will see their interest rates increase from 8 per cent to 9.5 per cent.
If a customer will not have paid the loans within the required time, they will be added an extra 15 days, before the increment of the interest rate.
The borrowers who default will also have their Hustler Fund account frozen.
Borrowers who seek to get loans from the fund are required to use *254# and follow the available steps.
Kenyans who have subscribed to Safaricom, Airtel and Telkom will be required to dial the shortcode.
"After more than 30 days of default, the borrower loses all the credit scores accumulated and the Hustler Fund account is frozen," President William Ruto said.
Ruto said loan defaulters will not be listed on CRBs, as they will have another chance of reborrowing.
He spoke during the launch of the Hustler Fund on Wednesday.
"The defaulter can repay the loan at once or in instalments and begin borrowing again after full repayment," he said.
However, Ruto said borrowers stand a chance of increasing their loan limits if they repay their loans before the stipulated repayment day elapses.
"Wakati unakopa na kulipa ndio unapata nafasi nyigine ya kukopa tena, unagraduate uende micro loan itoke Sh50,000 uende level nyigine," he said. (When you borrow and repay your loan, you get another chance to reborrow and graduate to another level of the Huster Fund).