GNAT Teachers Fund Loan Application Procedures for Personal Loan

Teachers Fund of GNAT
Teachers Fund of GNAT

The Ghana National Association of Teachers (GNAT) has released its Loan Application Procedures on Personal Loan for teachers (GNAT members).

The personal loan facility is granted to assist GNAT members address their financial needs. Loan are processed and disbursed to successful applicants at the Fund Secretariat.

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LOAN AMOUNT AND PAYMENT PERIOD
LOAN AMOUNT AND PAYMENT PERIOD
Amount Range (GH¢ Tenor/Period
500.00 – 1,500.00 Up to 12 months (1 year)
1,550.00 – 2,000.00 Up to 18 months (1 and half years)
2,050.00 – 3,000.00 Up to 24 months (2 years)
3,050.00 – 4,000.00 Up to 30 months (2 and half years)
4,000.00 – 6,000.00 Up to 36 months (3 years)
6,050.00 and above Up to 48 months (4 years)

 

BASIC REQUIREMENT FOR THE PERSONAL LOAN

1. Applicant must be a member of the Ghana National Association of Teachers (GNAT).

2. Applicant must be an active member of the Fund and should have contributed for at least six (6) months.

3. Total Principal Contribution of applicant must be at least 10% of the Loan Amount.

4. Affordability of the applicant should be adequate to meet the required repayment of the requested loan amount.

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ADDITIONAL INFORMATION REQUIRED FOR THE PERSONAL LOAN

The following documents should be provided from applicant’s District GNAT Office.

1. Personal Loan Application form
2. One Loan Advance form
3. One deduction form
4. Two Authority Note forms

PRICING OF PERSONAL LOAN

1. Interest rate – 18% p.a
2. Processing fee – 4%
3. Insurance fee – 2%

READ MORE: GNAT increases monthly Cancer Fund contributions for teachers
THE FOLLOWING DOCUMENTS SHOULD BE PROVIDED BY THE BENEFICIARY FOR THE PERSONAL LOAN

1. Two Passport Sizes Photographs

2. Two Photocopies of Valid National ID restricted to the following (Voters ID, Driving License, Passport, NHIS and SSNIT Card).

3. Two mandate forms with different Mandate Numbers.

4. A recent Payslip

PROCEDURES FOR COMPLETING THE GNAT PERSONAL LOAN

1. Applicant must collect and complete personal loan application form from the District GNAT Office through Finance Committee.

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2. Two (2) witnesses who are members of the Fund must sign the application form.

3. The completed application form will be sent to the District Finance Committee for consideration and recommendation.

4. The Fund Secretariat will then review the application thoroughly for approval.

5. For successful applications, the Fund will ensure the disbursement of funds through the Fund’s mode of payment.

According to the information picked by Coverghana.com.gh, application forms which do not meet criteria will be rejected and returned.

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PARTICULARS NEEDED TO COMPLETE/FILL THE TEACHERS FUND PERSONAL LOAN APPLICATION FORM
PERSONAL INFORMATION

1. Surname
2. First Name
3. Middle Name
4. SSF Number
5. National ID Number
6. Teachers Fund ID Number
7. Staff Number
8. Contact Number
9. Location
10. E-mail

EMPLOYMENT DETAILS FOR THE PERSONAL LOAN

1. Present School
2. City/Town/Village
3. District
4. Region of School
5. Current Address (Postal address and Residential address)

LOAN DETAILS

1. Controller and Accountant-General’s Department affordability in GH¢

2. Amount required
3. Loan type (Refinancing and New Loan).
4. Repayment Period
5. E-Zwich Card Number
6. Name of Bank
7. Branch if Bank
8. Account Number
9. Current monthly contribution (GH¢)
10. Purpose of Loan.

BANK DETAILS

1. Present School
2. Branch
3. City/Town/Village

APPLICANT’S STATEMENT

Applicant’s statement is signed by the applicant in agreement with the terms and conditions of the loan.

Below is the sample of the applicant’s statement.

I Hereby agree on the following terms and conditions:

1. My monthly contribution to the Fund should be increased to 1% of the loan amount required or more if the need arises.

2. In the event of default or exit from the Fund, my total contribution will be used to offset any indebtedness to the Fund.

3. The Fund reserves the right to deduct the balance on any unpaid loan from the proceeds of any new approved loan.

4. All information supplied in connection with my loan application, whether in my own handwriting or not, is true and correct and will form the basis of the approval or rejection of the loan application.

The above statement will be signed with a date by the applicant.

WITNESS

Two witnesses are required while applying for the loan. The following information of the witnesses are required.

1. Name
2. Teacher’s Fund ID Number
3. Teacher’s Staff Number
4. Contact Number.

WITNESS STATEMENT

There shall be a statement signed by the witnesses.

The statement reads: “I hereby witness that Mr./Mrs./Miss ……. is the true applicant of the loan.

OFFICE USE

The office use section of the loan application form is supposed to be signed by the District Secretary, District Finance Committee Member and or any executive officer directed to do so.

SOURCE: Coverghana.com.gh

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1 Comment

  1. Good morning, mr. Musah which people supported the of increasing the cancer fund. Upon the recent debate on e-levy , would our contribution also be affected. Let us know so we can take decision whether to continue the contribution or not

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