5 different GNAT loans you can take concurrently
Ghana National Association of Teachers (GNAT) has a mutual fund for members. The mutual fund is called Teachers’ Fund. The Teachers’ Fund is the first mutual fund to be established by a teachers’ union in Ghana. Loans to members is the highest component of the teachers’ fund. Teachers’ Fund has made available five different GNAT loans to members.
How to access GNAT loans
Qualified members who want to access a loan from the teachers’ fund must have the required affordability.
GNAT loans available to members are almost unlimited, taking into consideration the limitations of affordability. This means that the maximum affordability of members can not enable a member to access all the available loans.
Five different GNAT loans
The GNAT teachers’ fund has 5 different loans available for members to access. The different loans are:
1. Personal loan
2. Investment capital loan
3. Habitat loan
4. Vehicle loan
5. Second personal loan
A member has the opportunity to access personal loans on two different occasions to run concurrently. Accessing a second personal loan allows the member to avoid other sources of loan which have higher interest rates or deductions. Also, the opportunity to access a top-up loan would need the member to pay penalties on the earlier loan. However, a second personal loan eliminates any such penalty.
Generally, the processes and documents required for personal loans are easier compared to the other types of loans. Therefore, an opportunity for a second personal loan creates convenient access to the loans.
Available teachers’ fund loans
Members can access up to 260,000gh loan provided you have the affordability.
Teachers’ Fund members can take a maximum personal loan of 40,000gh playable up to a maximum of 48 months.
Members can take a maximum investment capital loan of 50,000gh payable up to a maximum of 60 months.
Members can take a maximum habitat loan of 60,000gh payable up to a maximum of 60 months.
Members can have a maximum vehicle loan of 70,000gh payable up to 84 months.
However, anyone who wants a second personal loan would be able to access the difference between his or her current personal loan and the 40,000gh limit for personal loans.
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