The welfare of teachers is very important hence the introduction of the Gnat Mutual Fund. Teachers across the country are seen to be underpaid and tend not to live a comfortable life despite the importance of their profession.
As a result, the Gnat Mutual Fund was established to help teachers who may need some form of loan for building a house, personal use etc.
[irp posts=”3276″ name=”How To Check SHS School Placement In Ghana”]
What Gnat Mutual Fund Is
The fund is a retirement supplement and solidarity scheme for the Ghana National Association of Teachers (GNAT). It was established in May 1998 by a Trust Deed.
Members of the association make monthly basic contributions from their salaries through a check-off system. The monthly contribution was pegged at Gh¢50.00
Objectives of the Fund
- Firstly, monies contributed by members belong to them hence serves as a retirement supplement. A contributor receives package that is made up of their total contribution over the years and the returns generated.
- Secondly, the fund helps to ensure that members live a comfortable life whiles in service by providing lifestyle enhancing facilities. They are Personal Loan, Investment Capital Loan, Habitat Loan and Vehicle Loan.
- The fund aims at addressing the accommodation needs of its members/contributors. it provides construction and rental services to interested members.
[irp posts=”1578″ name=”How To Apply For Scholarship Online In Ghana.”]
Gnat Mutual Fund Loan Facilities- How To Apply
There are four loan facilities under the teachers fund namely Personal Loan, Habitat Loan, Investment Capital Loan and Vehicle Loan.
Read along as we explain all these loan facilities and guide you through on how to apply for each of them.
(a) PERSONAL LOAN
Firstly, we begin with the Personal Loan. The Personal Loan has been designed to aid members meet short-term financial obligations such as payment of school fees, rent advance and any other general repairs at home. To qualify for this loan, a member must have contributed to the Fund for a minimum of six (6) months. The maximum amount one can access under this facility is Twenty-Five Thousand Ghana Cedis (GH¢25,000). The Loan is payable over forty-eight months (48months) or four years (4years). The ability of a member to access any amount is dependent on the available affordability of the member.
[irp posts=”1670″ name=”University Of Ghana Business School Courses.”]
Requirements
- A completed Personal Loan application form obtained from the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
NB: Applicants must note that all the documents stated above will be provided by the GNAT District Secretariat.
However, applicants must provide also provide the following;
- Two (2) signed Mandate Forms with different serial numbers
- Two (2) passport sized photographs
- A copy of a Valid ID
- A copy of your recent Affordability
- Lastly, applicant must add a copy of your recent payslip
(b) HABITAT LOAN
The Habitat Loan is designed to help members/contributors undertake their housing projects so they can also own a home for themselves. Members can access up to Fifty Thousand Ghana Cedis (GH¢50,000). Repayment must be made over a Five year (5years) period.
[irp posts=”3311″ name=”Are The WASSCE Results Out? Find Out Here”]
Requirements
- Applicant must complete a Habitat Loan Application Form provided by the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
NB: Applicant must note that all the documents stated above will be provided by the GNAT District Secretariat.
However, applicant must also provide the following;
- Two (2) signed Mandate Forms with different serial numbers.
- Two (2) passport sized photographs
- Copy of a Valid ID
- A copy of your recent Affordability
- A copy of your recent Payslip.
- Evidence of land ownership in the form of Indenture, Site Plan, Yellow Card, Building permit etc.
(c) VEHICLE LOAN
The Vehicle Loan is meant to finance the purchase of vehicles by loan applicants. It is the only loan facility at the Fund for which cheques are not written in the name of the applicant, but rather it is in the name of the vehicle vendor.
Applicants of this facility can request for up to GHC 70,000. The loan must be paid over a 60 months period (used vehicles) and 84 months (new vehicles).
[irp posts=”1572″ name=”How To Apply For Passport Online In Ghana.”]
Requirements
- Completed a Vehicle Loan Application Form provided by the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
NB: All the documents stated above will be supplied to you by the GNAT District Secretariat.
However, applicant must also provide the following:
- Two (2) signed Mandate Forms with different serial numbers
- Two (2) passport sized photographs
- Copy of a Valid ID
- A copy of your recent Affordability
- A copy of your recent Payslip
- Valuation report of vehicle
Successful applicants are expected to jointly register the vehicle in the name of the Applicant and the Fund. You must also purchase a Comprehensive Insurance Policy for the car and deposit a copy of the car’s document with the Fund.
Note that transfer of full ownership will be done once you complete payment of the loan.
[irp posts=”1642″ name=”Top Car Rental Companies In Accra.”]
(d) INVESTMENT LOAN
Lastly, we look at the Investment Loan. This facility is designed for teachers/members who have business ideas they need funds to finance. Applicants can apply for a maximum of Gh¢40,000 and must be paid back within sixty (60) months.
Amount applicant can access is dependent on the applicants ability to pay back the loan within the schedule.
Requirements
- A completed Investment Loan Application Form provided by the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
NB: Documents stated above will be supplied by the GNAT District Secretariat.
However, applicant must also provide the following;
- Two (2) signed Mandate Forms with different serial numbers
- Two (2) passport sized photographs
- A copy of a Valid ID
- Copy of your recent Affordability
- A copy of your recent Payslip
- Evidence of Business ownership (Business Registration certificate etc.
Visit http://www.teachersfund.org.gh for more information on the teachers fund. You can also send them an email or call give them a call.
Email: [email protected]
Call Centre: 0302429888
Customer Relationship Management: 0302429860
