GNAT Loan Chart and Available Loan Types for 2024

GNAT Loan Chart and Available Loan Types for 2024.

As a valued member of the Ghana National Association of Teachers (GNAT), you have access to a range of loan options designed to support your financial well-being. The Teachers' Fund, a flagship initiative of GNAT, offers various loan types to cater to the diverse needs of its members. To ensure eligibility and responsible borrowing, each loan type has specific requirements that must be met. In this detailed guide, we will delve into the available loan options, their documentation requirements, and provide valuable insights to help you make informed decisions.



1.) Personal Loan

Maximum Amount: Up to GHS 35,000


Requirements:

•Passport Pictures: 2 (recent passport-sized photos)

•Mandate Form: 2 (with different mandate numbers)

•Valid National ID: 2 (Voter’s ID, Driver’s License, NHIS, Passport, or SSNIT Card)

•Payslip: 2 (last two months, e.g., March)

•Loan Application Form: 1 (signed by the applicant and two DFC members)

•Authority Note: 2 (signed by the applicant)

•Loan Advance Form: 1 (signed by the District Secretary and endorsed by the GES Director)


Additional Requirement:

✓Witness and Guarantors:

•One witness required for loans up to GHS 10,000.

•For loans exceeding GHS 10,000, at least one guarantor who:

•Is an active GNAT member with a minimum of six (6) months of contributions.

•Can guarantee a maximum of two loan applicants simultaneously.

•Provides a color copy of the Ghana Card (front and back) for verification.

•Has an active service period exceeding the loan duration.


2.) Habitat Loan

•Maximum Amount: Up to GHS 60,000


Requirements:

•Passport Pictures: 2 (recent passport-sized photos)

•Mandate Form: 2 (with different mandate numbers)

•Valid National ID: 2 (Voter’s ID, Driver’s License, NHIS, Passport, or SSNIT Card)

•Payslip: 2 (last two months, e.g., March)

•Loan Application Form: 1 (signed by the applicant and two DFC members)

•Authority Note: 2 (signed by the applicant)

•Loan Advance Form: 1 (signed by the District Secretary and endorsed by the GES Director)

•Site Plan: 1 (must be submitted)

•Indenture: 1 (legal proof of land ownership)

Additional Requirement:

Witness and Guarantors: (Same as Personal Loan)

3.) Investment Loan

•Maximum Amount: Up to GHS 50,000


Requirements:

•Passport Pictures: 2 (recent passport-sized photos)

•Mandate Form: 2 (with different mandate numbers)

•Valid National ID: 2 (Voter’s ID, Driver’s License, NHIS, Passport, or SSNIT Card)

•Payslip: 2 (last two months, e.g., March)

•Loan Application Form: 1 (signed by the applicant and two DFC members)

•Authority Note: 2 (signed by the applicant)

•Loan Advance Form: 1 (signed by the District Secretary and endorsed by the GES Director)

•Certificate of Registration/Certificate of Incorporation/Business Proposal: 1 (submit any of these)

•Proforma Invoice: 1 (if applicable)


Additional Requirement:

Witness and Guarantors: (Same as Personal Loan)

4.) Vehicle Loan

Maximum Amount: Up to GHS 70,000

Requirements:

•Passport Pictures: 2 (recent passport-sized photos)

•Mandate Form: 2 (with different mandate numbers)

•Valid National ID: 2 (Voter’s ID, Driver’s License, NHIS, Passport, or SSNIT Card)

•Payslip: 2 (last two months, e.g., March)

•Loan Application Form: 1 (signed by the applicant and two DFC members)

•Authority Note: 2 (signed by the applicant)

•Loan Advance Form: 1 (signed by the District Secretary and endorsed by the GES Director)

•Proforma Invoice: 1 (detailed invoice of the vehicle)

•Valuation Certificate: 1 (preferably from STC)


Additional Requirement:

•Witness and Guarantors: (Same as Personal Loan)

5.) Loan Refinance

GNAT members can refinance their existing loans after partial repayment. Members may also apply for loans across different categories if they meet affordability requirements.


Eligibility Criteria for Loan Refinance:

•Applicants do not need to complete repayment of their existing loan before applying for another.

•Affordability checks will determine eligibility for refinancing.


How to Apply for a GNAT Loan

1. Visit the GNAT Secretariat to obtain the loan application form.

2. Complete the form and attach the required documents.

3. Submit the completed application for processing.


Emergency Loans

For urgent situations, including medical emergencies:

1. Collect and complete the emergency loan form.

2. Notify the GNAT Chairman or Secretary to expedite processing.

Note: GNAT loans have an interest rate of 16% per annum, calculated on a reducing balance.



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