GNAT Loan | How Long To Get /Qualify/Apply
How long to get GNAT loan or to qualify or to apply for GNAT loan? The Teachers Fund, established by the Ghana National Association of Teachers, provides loans to members popularly called GNAT loan The welfare scheme started with a handful of teachers is now arguably the largest mutual fund in the country. This is due to the large number of teachers in the country who also belong to the teachers’ union.
The teachers’ fund demands certain terms and conditions before granting members the loan they request. These conditions are necessary to make the fund sustainable and give appreciable interest on funds of members when they retire. In fact, the fund was actually a retirement fund to cushion members when they go on pension. Also, some members contribute without taking a loan and so expect to gain from their funds that are given to others as loans.
Even though the teachers’ fund was established by the Ghana National Association of Teachers, not all members of GNAT are also members of the teachers’ fund. Membership of the Teachers fund is voluntary.
Answers to how to get a GNAT loan, qualify for loans and apply
1. How to get a GNAT loan or how to apply: to access GNAT loans, the applicant must contact the district secretary of GNAT for enquiries and application details regarding the loan
2. How to qualify for a GNAT loan: first of all, the loan applicant must be a member of the teachers’ fund for at least six (6) months as widely known.
Secondly, the applicant must contribute about ten percent (10%) of the loan amount being requested
It must be stated that the above two conditions can be waived if the applicant is ready to increase his or her membership contributions drastically, especially when such contributions are for building the member’s long-term fund.
3. How long it takes to disburse: it can take a minimum of two (2) weeks to four (4) weeks to disburse the Ioan. The variation in the disbursement duration is due to certain factors, which can be localized in a particular district.
Some of the factors are how long the district secretary waits to collate more loan application forms before forwarding them to Accra. So the lucky members who submit their forms the very week the forms are about to be moved will get their loan in a shorter duration compared to those who submitted them weeks ago
Another reason is when there is a query in the form in Accra and needs to be addressed but the information does not get to the applicant on time.
It is for the above reason that it is advisable that applicants call the headquarters of the teachers’ fund for any issue to be resolved. Also, members should have frank discussion with their district secretaries so that, where necessary, they can send their own forms to Accra after endorsement by the district secretaries.
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