GNAT Mutual Fund Loans Delay-An Insider Reveals the Main Cause

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GNAT Mutual Fund Loans Delay-An Insider Reveals the Main Cause

The main reason for the delay in GNAT mutual Fund loans delay has been revealed by a very close associate. Although the management of the fund has issued a statement explaining the reasons for the delay in loan processing with backing from the controller and accountant general but an insider has revealed more information about the recent happenings.

According to information shared anonymously, the leadership of GNAT has expressed its deepest worry and concern to applicants for teachers’ fund loans in this first quarter of the year. The info goes ahead to reveal that delay in loan processing is due to the inability of the controller to release members’ dues to the fund secretariat on time.

Giving an insight into details, the information added that the cause of the delay is that for the past 10 months, deducted dues by the Controller and Accountant General Department (CAGD) from the monthly salary of workers have NOT been forwarded to teachers’ fund.

Another secondary issues causing the delay in releasing cheques are the daily increase in loan applications from members across the country. Also, the banks have also increased their interest rates and this has made members shift their attention from bank loans to Mutual Fund loans when the affordability also increased, hence the pressure on the fund.

The GNAT mutual Fund management has assured that it is working tirelessly to expedite actions in the processing of the loans with the available funds.