Kenya President Ruto has launched another digital loan called Biashara loan. Biashara Loan is part of Hustler fund aimed at enabling SMEs get loan at low interest rate. Here is how to apply for hustler fund Biashara loan for SME and register.
Biashara loan product is a revolving fund that provides credit to small business and individuals who have no collateral or formal banking history.
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Two components of Biashara Loan
The Individual micro enterprise loan that will be between Ksh. 10,000 and 200,000 at an interest rate of 7% calculated pro-rata or daily. This loan is flexible in payment and can allow one to pay for 1, 3,6,9 or 12 months.
How to register for Biashara loan
To register for Biashara loan, Kenyans are supposed to dial *254# on their mobile phones just like the hustler fund.
Once you dial the code, one is expected to select his/her business category ie (Agriculture, Trade, Manufacturing, Service providers). They are then needed to enter their business registration number and KRA PIN.
Eligibility for Biashara Loan
To eligible for Biashara loan, customers must be:-
- Be Kenyan Citizen of 18 years of age and above.
- Have a Kenyan valid National ID
- Have an active SIM card from any of mobile network operator in Kenya.
- Have opted to Hustler Fund Personal Loan product
- Have a business number for a business registered on the Business Registration Service
- Have a KRA PIN linked to the Business on BRS
Just like Hustler Fund, Biashara loan is President Ruto’s Initiative to help boost business in Kenya. Biashara loan offers flexible loan limit and repayment period depending on customers need and credit score.
Kenyans are encouraged to register and apply for Biashara loan ad well as Hustler fund personal loan product.
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