How to Register, Apply and Exit Teachers Mutual Fund Loan. Register for Teachers Mutual Fund Loan, Apply for Teachers Mutual Fund Loan, Exit from Teachers Mutual Fund Loan.
What is Teachers Mutual Fund?
The Teachers Fund is a retirement supplement and solidarity scheme for the Ghana National Association of Teachers (GNAT) established by a Trust Deed in May 1998. The Fund started with a monthly deduction of GHC0.10 (¢1.000) as basic contributions from the salary of GNAT members through a check-off system.
GNAT Personal Loan
This loan facility has been designed to assist members meet their 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 should 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), 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.
GNAT Habitat Loan
This facility has been designed to assist members to undertake their housing projects. It has been put together to support a greater number of GNAT members who desire to solve their accommodation challenges or aspire to build their homes before they retire from active service. The maximum amount a member can access for this facility is Fifty Thousand Ghana Cedis (GH¢50,000) to be repaid over Five years (5years).
GNAT Investment Loan
More often than not, members of the Fund have business ideas for which they need funds to finance. The Investment Capital Loan facility has been designed for this purpose. This specialized facility with a sixty month repayment schedule, has Forty Thousand Ghana Cedis (GH¢40,000) as the maximum amount one can access and this is subject to the applicant’s affordability being able to meet the repayment schedule. To qualify to access this loan facility one must be an optional contributor with a monthly contribution of at least One Hundred and fifty Ghana Cedis (GH¢150).
GNAT Vehicle Loan
This facility 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.
The facility currently has a ceiling of GHC 70,000 and a maximum tenor of 60 months (used vehicles) and 84 months (new vehicles).
When was teachers fund established?
The Teachers Fund is a retirement supplement and solidarity scheme for the Ghana National Association of Teachers (GNAT) established by a Trust Deed in May 1998. The Fund started with a monthly deduction of GHC0.10 (¢1.000) as basic contributions from the salary of GNAT members through a check-off system.
How do I Apply for Teachers Mutual fund?
The following are the procedures to apply for Teachers Mutual Fund Loan :
- Complete a Loan Application Form provided by the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
- 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
- A copy of your recent Payslip
NB: Options 1 to 5 will be supplied to you by the GNAT District Secretariat wheareas options 6 to 9 are to be presented by the applicant.
How to exit Teachers Mutual Fund?
- Visit your District GNAT
- Pick an Exit Form from the front desk
- Fill the form stating the Reasons and submit to the District Officer in charge
- Receive any outstanding payment or pay any debt owed
GNAT Contact Numbers and Address
Call Center +233 302 429888
CRM +233 302 429860
Number 59, 7th Avenue Extension
North Ridge, Accra