Interest On GNAT Loan Versus CCT Loan Versus ATAG Loan | 2023
Taking loans is more or less a necessity that people can do without. Most worker unions in Ghana also set up various mutual funds for the purposes of cushioning the worker during retirement as well as providing workers cheaper source of loans to the workers. The various teacher unions also have mutual fund schemes. The various mutual funds have different criteria for accessing loans and even qualifying to take the loan. An important part of comparing the various mutual funds is the interest rates on the funds. We therefore present interest on GNAT loan versus CCT-GH interest rates versus ATAG interest rates that is currently used in this year 2023.
We must emphasize that our team does not believe in comparing interest rates that are quoted by financial institutions since it includes charges like insurance premiums on loans and even processing fees. We therefore focus on comparing the repayment deductions that are made during the same loan duration.
From the loan charts available at educativenewsroom, we present various loan amounts and their deductions.
Loan amount and repayment deductions for one year
1. Ghc1,000 loan amount
a. GNAT mutual fund:
For the Ghc1,000 loan for one (1) year, the monthly deduction is Ghc96.17
b. CCT-GH Mutual Fund
For the Ghc1,000 loan for one (1) year, the monthly deduction is Ghc91.83
c. ATAG Mutual Fund
For the Ghc1,000 loan for one (1) year, the monthly deduction is Ghc90.00
2. Ghc5,000 loan amount
a. GNAT mutual fund
For the Ghc5,000 loan for one (1) year, the monthly deduction is Ghc480.87
b. CCT-GH Mutual Fund
For the Ghc5,000 loan for one (1) year, the monthly deduction is Ghc459.17
c. ATAG Mutual Fund
For the Ghc5,000 loan for one (1) year, the monthly deduction is Ghc450.00
3. Ghc10,000 loan amount
a. GNAT mutual fund
For the Ghc10,000 loan for one (1) year, the monthly deduction is Ghc961.75
b. CCT-GH Mutual Fund
For the Ghc10,000 loan for one (1) year, the monthly deduction is Ghc918.33
c. ATAG Mutual Fund
For the Ghc10,000 loan for one (1) year, the monthly deduction is Ghc900.00
Therefore, it could be seen that the interest being charged by ATAGÂ is the best, followed by the Coalition of Concerned Teachers, Ghana (CCT-GH). The Ghana National Association of Teachers (GNAT) came third
It must also be stated that, even for long term loans, ATAG equally has the better rate, followed by CCT-GH. Nobody should therefore be deceived that the story is different in terms of long term loans. Readers are encouraged to join any of our social media platforms to access the three charts for verification. However, GNAT gives its members the highest amount of loans unlike ATAG which is speculated to give a maximum amount of Ghc10,000 to it’s members.
See also: 3 Ways To Live Within Your Salary
Even though the interest being charged by ATAG and CCT-GH are better, the Ghana National Association of Teachers provides other benefits for teachers that the CCT-GH does not. An example is the current staff bundle initiative by GNAT for its members. The information is that teachers belonging to other unions are able to enjoy the internet data package, but the question remains what happens if other union members are stopped from enjoying the staff bundle.
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