Are you looking for GNAT loan chart then this article is for you with all the necessary information you need to know about GNAT loan chart.
GNAT Mutual Fund Loan Chart, Interest Rates & Other Benefits. Apply for GNAT Mutual Fund, Check Loan Chart, GNAT Interest Rates, Benefits of GNAT Mutual Fund
GNAT Mutual Fund Loan GNAT Mutual Fund Loan was created in 1998 as a solidarité pension supplement for the members of Ghana National Association of Teachers (GNAT). The current membership is around 200 000 (200,000), the Fund was valued at around GHC1,527,527,821.74 Billion as in December 2019, which is a result of the investment in Treasury bonds, listed equity private loans, placements, and other facilities for members in real estate developments as well as other investments.
Every member must make a minimum contribution of fifty Ghana Cedis (GHC 50.00). This is also known as a basic contribution. However, members are advised to contribute more than of the amount required and these contributors are referred to as voluntary contributors. The types of contributions may changing from time-to-time as long as the members consent.
Table of Contents
Purpose of GNAT Mutual Fund Loan
- In order to provide retirement benefits to members.To offer lifestyle-enhancing services for members through loans.
- Facilitate access to credit card purchases.
- Engage in real estate-related activities as a method of investing.
Other Benefits of GNAT Mutual Fund Loan
The members of the Fund have the right to :
* Retirement benefit (exit package)
* Death/Permanent disability benefits in the Group Solidarity Scheme
* Facilities for loan (Personal Credit, Investment Capital Loan, Habitat Loan, and Vehicle Loan)
* Purchases of household consumer goods by Credit Mall Limited on credit basis
GNAT Mutual Fund Loan Chart, Interest Rates & Other Benefits
GNAT Mutual Fund Loan Interest Rates
The loans form a significant investment for the Fund. This is why it is essential to ensure that the investment produces substantial and substantial yields. The loan interest earned are paid out to members (including those who receive loans) as a result of their investment. The Fund has less than fifty percent members can access loans through the Fund.
This suggests that the most members contribute to retire. Thus, when the Fund is not earning anything, or only marginal returns on loans, the exit packages for members could be adversely affected.
Presently in the present, it is currently the GNAT Mutual Fundcharges an interest rate of 1.33 percent per month or 16% annually on loans made using the method of reducing balance. This means that interest will be due on the principal balance.
What is Teachers Fund Investment Capital Loan?
The purpose of this facility is to assist members in deciding whether to invest in income generating actions. The facility has a maximum of GHC 40000.
What is Habitat Loan?
With a ceiling currently of GHC 50,000 the facility was designed to assist members in housing projects.
What is Teachers Fund Vehicle Loan?
This program provides a source of support who wish to purchase non-commercial vehicles. In the application procedure, the applicant will be required to provide the invoice of a vendor of the vehicle who will be the one to whom the loan amount will be paid. The loan has a maximum of GHC 70,000.