In this article, you will get to know all about the GNAT mutual fund. Kindly read to the end to find out everything about the fund.
As a scheme for members of the Ghana National Association of Teachers to support one another and supplement their retirement income, the Ghana National Association of Teachers (GNAT) Mutual Fund Loan was created in 1998.
The Fund, with a current total membership of about 200,000, was valued at approximately GHC1,527,527,821.74 billion as of December 2019 through investments in treasury bills, listed shares, private placements, loans and facilities to members, real estate developments, and other assets.
Each participant must provide at least fifty Ghana Cedis (GHC 50.00). This is referred to as fundamental participation.
Members who contribute more than the required minimum are referred to as optional contributors. If the members agree, either type of contribution may be altered at any time.
Purpose of GNAT Mutual Fund Loan
- To provide retirement supplements to members.
- To provide lifestyle-enhancing facilities to members in the form of loans.
- To facilitate access to credit purchases.
- To engage in property development and real estate activities by way of investment.
Benefits of GNAT Mutual Fund Loan
Members of the Fund are entitled to:
- Retirement benefit (exit package)
- Death/Permanent disability benefit under the Group Solidarity Scheme
- Loan facilities (Personal Loan, Investment Capital Loan, Habitat Loan and Vehicle Loan)
- Credit purchases of household consumer items from Credit Mall Limited on credit basis
What is Habitat Loan?
This facility, which has a GHC 50,000 cap right now, was created to assist members with housing projects.
What is Teachers Fund Vehicle Loan?
This service offers support to members who want to buy non-commercial automobiles. In order to complete the application process, the applicant must present an invoice from a vehicle vendor to whom the approved loan amount is paid. It can go up to GHC 70,000.
Basic conditions for loans
- GNAT membership
- Six (6) months of mutual Fund Contribution
- Affordability (i.e. ability to service loan)
- Total Contribution ≥ 10% of Loan Amount
- Monthly Contribution of 1% (of loan approved) thereafter
- Interest rate 16% per annum at reducing balance
How to Register for the GNAT Mutual Fund
- Dial *800# on all networks
- Select “Register” by dialing and sending 1, which is the only option that is displayed.
- Enter your staff ID
- Enter your six-digit passcode. And you are on!
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