Group Micro Enterprise Loan Products (GMELP) – HUSTLER FUND YA VIKUNDI

This loan product is suitable for Kenyans who have a formally recognized group and are looking to finance their business as a group.

Features

Amounts: Between Kes 20,000 to Kes 1,000,000
Interest rate: 7% per annum on reducing balance and 1.5% default rate
Tenor: Repayment in six (6) months from disbursement date. Borrowers can opt to repay in installments or lump sum.
Saving 5% of the approved amount respectively, channeled towards groups Members savings scheme

The Groups scoring will be appraised through a credit scoring algorithm based on collective individual members score, including but not limited to, their savings and repayment history

For a Kenyan group to qualify for this loan product, they must meet the following criteria:

All group members should be Kenyan citizens of 18 years above with a valid National Identification Card (ID).
A group to comprise of at least 5 members.
Each member should have an active sim card for the past 90 days onany Mobile Network Opera
Engage in an economic activity in the Priority Sectors (as listed under core objectives)
The chama verified by Government Institution ie MSEA, Social Services and BRS
All group members should not have defaulted on the Personal