Teachers’ Fund Loan Requirements Changes
Teachers Fund of GNAT
Teachers’ Fund Loan Requirements Changes
The Teachers’ Fund has made some changes in the loan requirement for its members.
The change in the loan requirements notice was signed by the Chief Executive Officer, Mr. Foster Buabeng.
Effective Date For Changes
As stated in the release, the effective date for the changes is February 2024.
The following changes in the loan requirements will be implemented:
Minimum Contribution Period
To qualify for a loan, existing/new contributors will be required to contribute to the Fund for a minimum of six (6) months.
However, members who are reinstated after exiting will be required to observe a minimum of twelve (12) months of contribution to qualify for a loan.
Contribution to Loan Ratio
New/Existing members will be required to have a total Fund contribution equivalent to at least 15% of every loan request. However, reinstated members will be required to have 20%.
Monthly Contribution
Loan beneficiaries will be required to maintain a monthly Fund contribution equivalent to 1% of the loan request with a maximum ceiling of GH¢200, GH¢250, and GH¢300 for Personal loans, Investment Capital loans, and Habitat loans respectively.
For Investment Capital/Habitat loan requests within the Personal loan threshold, the Personal loan ceiling will apply. For Habitat loan requests above the Personal loan threshold but within the Investment Capital loan threshold, the ceiling for the lnvestment Capital loan will apply.
Loan Frequency
Members shall be required to observe a Six (6) months interval between loan applications.
Witness
One witness will be required for loan request up to GH¢10,000.
Guarantors
Members will now be required to provide at least one guarantor for every loan request exceeding GHC10,000. To qualify as a guarantor the following conditions
will have to be met:
- A guarantor will have to be a registered and active member of the Fund with a minimum contribution of six (6) months.
- A guarantor can only guarantee for a maximum of two qualified loan applicants at a time.
- A guarantor will be required to add a colour copy of the Ghana Card (Front and Back) to aid in the verification of the authenticity of the guarantor.
- A guarantor’s remaining active service period must not be shorter than the duration/tenor of the loan being requested by the loan applicant.
SOURCE: Coverghana.com.gh
