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GNAT Loan Chart, Deduction, and Interest
Ghana National Association of Teachers (GNAT) is a union that seeks to protect and unite the interest of teachers. They are the first teacher union in Ghana. GNAT plays a big role in the careers of teachers who form part of the association. Some of these roles and functions include offering retirement benefits, negotiating salaries on behalf of members, and offering loans to members among others.
What type of Loan Schemes are Available?
Members of the association are entitled to different types of loans based on their needs. The available loan deals are personal, habitat, vehicle, and investment loans.
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What are the Requirements for these loans?
Before one can be granted any of these loan schemes, one must possess the following.
One must;
- Be a member of the association
- Contribute to the fund for a minimum of six months.
- Be able to afford the loan offer.
- Have a total contribution of more than or equal to 10% of the loan amount required.
- Contribute 1% monthly of the loan approved.
- Be ready to pay 16% per annum at a reducing balance.
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