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GNAT Teachers Fund Changes in Loan Requirement Effective February 2024

GNAT Teachers Fund Changes in Loan Requirement Effective February 2024

The Teachers’ Fund LBG has announced changes in its loan requirements effective February 2024. The key changes include:

  1. Minimum Contribution Period:
    • Contributors must have a minimum of six (6) months of contributions to qualify for a loan.
    • Reinstated members need twelve (12) months of contributions to qualify.
  2. Contribution to Loan Ratio:
    • Members must have a total fund contribution equivalent to at least 15% of every loan request.
    • Reinstated members need 20% of the loan amount as their contribution.
  3. Monthly Contribution:
    • Loan beneficiaries must maintain a monthly fund contribution equivalent to 1% of the loan request.
    • Maximum monthly ceilings are set at GHC200, GHC250, and GHC300 for Personal loans, Investment Capital loans, and Habitat loans, respectively.
  4. Loan Frequency:
    • Members should observe a six (6) months interval between loan applications.
  5. Witness and Guarantors:
    • One witness is required for loan requests up to GHC10,000.
    • For loans exceeding GHC10,000, members need at least one guarantor who:
      • Must be a registered and active fund member with a minimum six (6) months contribution.
      • Can guarantee a maximum of two qualified loan applicants simultaneously.
      • Must provide a color copy of the Ghana Card (Front and Back) for authenticity verification.
      • Should have an active service period not shorter than the loan duration.

The letter emphasizes the need for the Ghana National Association of Teachers (GNAT) and its regional and district secretaries to disseminate this information. The letter is signed by Foster Buabeng, the Chief Executive Officer of the Teachers’ Fund.

The Letter Reads

We respectfully write to inform you that effective February 2024 the following changes in our 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 GHC200, GHC250, and GHC300 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 Investment 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 requests up to GHCIO, OOO.

Guarantors – Members will now be required to provide at least one guarantor for every loan request exceeding GHCIO, OOO. 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 color 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.

Loan Requirements Changes Doc

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Peter

Peter N. Djangmah is a multifaceted individual with a passion for education, entrepreneurship, and blogging. With a firm belief in the power of digital education and science, I am affectionately known as the Private Minister of Information. Connect with me
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