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.
- 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