GCB loan at 14% for teachers
GCB Bank PLC now offers loans to teachers at 14% with terms and conditions. The GCB loan at 14% is solely for teachers who are members of the National Association of Graduate Teachers (NAGRAT). Other terms and conditions to access the loan are stated below.
However, GCB Bank PLC has a different interest rate applicable to teachers who belong to other teacher unions. The applicable rate for other teachers and their associated terms and conditions are also different.
GCB loan for NAGRAT members
The National Association of Graduate Teachers (NAGRAT) has made arrangements with GCB Bank PLC in order for GCB to provide loans to NAGRAT members at a discounted rate.
Firstly, GCB Bank PLC only grants the discounted loan to teachers who are NAGRAT members. Therefore, the applicant must be a NAGRAT member before GCB Bank PLC will accept their loan application forms. This condition gives NAGRAT another leverage to attract teachers who belong to other teacher unions. Extra members boost NAGRAT’s membership and the available union dues to collect from them.
Secondly, the NAGRAT member must receive his or her monthly salary through GCB Bank PLC. This condition would force NAGRAT members who are not GCB Bank PLC customers to migrate to the bank. This means GCB Bank PLC also has a boost in their customer base to charge fees associated with processing salaries. In addition, the bank also gains extra core customers who take loans. Remember loans are the core business of banks.
Thirdly, there is only one GCB Bank branch which is mandated to process loans under this GCB-NAGRAT partnership. This dedicated branch is GCB Bank Circle branch in Accra. However, any NAGRAT member located in any part of the country can still access the loan without physically travelling to the Circle branch. Allowing only the Circle branch to handle the loan application under this arrangement enables the bank to synchronize the processes of the loan and to have a one-stop-shop analysis of the partnership.
Also, GCB Bank Circle branch will submit your forms to officers at NAGRAT headquarters to endorse or approve you as a qualified member to access the loan. The forms are sent and returned within 2–3 working days.
In addition, the maximum loan you can take is limited to half of your net salary as an affordability. This means that they use half of whichever net salary amount enters your GCB Bank account as an affordability.
Finally, the maximum duration you can use to repay the loan is 60 months (5 years) if the loan is less than 100,000gh. Meanwhile, you have the opportunity to repay up to 72 months (6 years) if the loan amount is more than 100,000gh.
What to do if you are not a GCB Bank PLC customer or who is not a NAGRAT member
Any teacher who is not a GCB Bank PLC customer must move his or her salary account to the GCB Bank PLC in order to benefit from this package.
Moreover, any teacher who is not a NAGRAT member must change his or her association to NAGRAT in order to take advantage of the lowest interest rate regime so far.
Enquiry
Any teacher who wishes to make further inquiries should first communicate with his or her district chairperson of NAGRAT.
Any engagement with GCB Bank PLC, especially with their Circle branch, is solely to initiate the process of accessing the loans.
How to apply
Teachers who wish to take advantage of this should contact GCB Bank PLC Circle branch.
Teachers who live in Accra can visit the bank to initiate the process.
However, whether you live close to or far from the Circle branch, you can contact the bank through this number 0594722151 to initiate the process up to receiving the loan in your accounts.
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