GNAT Mutual Fund Loan Application- Terms and Conditions| Interest Rate

GNAT Mutual Fund Loan Application- Terms and Conditions| Interest Rate

Here are the requirements, qualifications, interest rates, and procedures to apply for the Ghana National Association of Teachers (GNAT) mutual fund loan.

When Does One Qualify For GNAT Mutual Fund Loan?

1. As a new member, you have to fill out the Membership Registration form.
2. For an individual to qualify for GNAT mutual fund loan, he or she must contribute for a minimum of Six (6) months to the Teachers Mutual Fund.
3. Have Affordability (ie ability to service loan).
4. Your Total contributions must be greater than or equal to 10% of your loan amount.
5. Have a monthly contribution of 1% (of loan approved) thereafter.

What is the current interest rate on GNAT Mutual Fund Loan?

The current interest rate on GNAT mutual fund loan is 16% per annum at reducing balance. However, all the loans have specific prerequisites demanded from the applicant before approval. Also, the bigger the contributions made toward the mutual fund, the higher the loan amount.

Download the GNAT Mutual Fund Loan Chart>>Here

What are the types of GNAT Mutual Fund loans?

Members of the Teachers Mutual Fund of GNAT have access to Four (4) types of loans.
They include:

1. Personal Loan.
2. Investment Loan.
3. Habitat Loan.
4. Vehicle/Car Loan.

Personal Loan

This loan is given to members to fulfill personal duties such as emergencies, school fees, and paying rent.
Personal Loan has a ceiling of GHC 35,000.00 for a period of up to 48 months.

Documents Needed GNAT Mutual Fund Personal Loan Application

1. A personal loan application form (to be provided).
2. Mandate Request form (to be provided).
3. Two (2) Mandate forms properly signed possessing different serial numbers and their respective mandate pins.
4. Two (2) passport pictures.
5. Two (2) photocopies of any valid National ID card.
6. Current payslip (2) copies.

Investment Loan

It is purely meant for members who want to pursue investment opportunities such as purchase of land, property, and any other activity that generates income. The ceiling amount is GHC 50,000.00 for 60 months. To qualify to access this loan, one must be an optional contributor with a monthly contribution of at least GHC 150.00

GNAT Mutual Fund Online Loan Application

Documents Needed For GNAT Mutual Fund Investment Loan Application

1. Investment Capital loan application form (to be provided).
2. Mandate request form (to be provided).
3. Two (2) different Mandate forms duly signed.
4. Passport picture (2).
5. Two (2) photocopies of any valid National ID card.
6. Two (2) photocopies of your current payslip.
7. Evidence of Business Ownership (Business Registration, Invoice etc)

Habitat Loan

This is to assist members with their housing problems and those who want to have a good house before retiring. The ceiling amount is GHC 60,000.00 for a period of 60 months.

Documents Needed For GNAT Mutual Fund Habitat Loan Application

1. A habitat Loan application form (to be provided).
2. Mandate request form (to be provided).
3. Two (2) Mandate forms with different serial numbers duly signed.
4. Two (2) passport pictures.
5. Two (2) photocopies of any valid National ID card.
6. Two (2) copies of your current payslip.
7. Evidence that the applicant owns the land in the form of indenture, building permit, site plan, Yellow card, etc.

Vehicle or Car Loan

This is to assist members to have their own vehicle. The ceiling amount is GHC 70,000.00 for a period of up to 84 months. Note: New cars are for 84 months period and Used cars go for 60 periods.

Documents Needed For GNAT Mutual Fund Vehicle/Car Loan Application

1. A Vehicle Loan application form (to be provided).
2. One (1) Mandate request form (to be provided).
3. Two (2) different Mandate forms duly signed.
4. Two (2) Passport pictures.
5. Two (2) photocopies of any valid National ID card.
6. Two (2) copies of your current payslip.
7. The Vehicle valuation report.