How to Apply For GNAT Loan

The Ghana National Association of Teachers (GNAT) mutual loan is one of the association’s financial packages which was introduced to assist teachers with financial support in times of need. These loans are categorized into four (4) packages with each package designed to suit the intended purpose of members. Applicants interested in acquiring any of the GNAT Loan packages can log into the GNAT Mutual Fund CRM Portal to initiate a loan application online.

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GNAT Loan for Teacher

GNAT Fund charges an interest rate of 1.33% monthly or 16% per annum on loans using the reducing balance method. This implies that interest is charged on the remaining principal and serves as the lowest in the Ghanaian market under the Pre-tertiary Education Unions.

Requirements for GNAT Loan

A teacher who intends to apply for a GNAT mutual fund loan must meet these requirements;

An applicant must be a GNAT member
A minimum of Six (6) months of mutual Fund Contribution
Applicant must be able to service the loan
Total Contribution ≥ 10% of Loan Amount
Monthly Contribution of 1% (of loan approved) thereafter
Interest rate 16% per annum at reducing balance

Read Also: GNAT Loan Chart

GNAT Loan Packages

GNAT has a set of customized loan packages for members to suit the intended purpose of beneficiaries. These loans are divided into four (4) categories with unique requirements for every loan package. These packages are;

GNAT Personal Loan Package: The Personal Loan is a facility available to registered members to enable them to resolve their short-term financial obligations. The facility currently has a ceiling of GHS 35,000, payable over forty-eight months (48 months) or four years (4 years)
GNAT Habitat Loan Package: The Habitat Loan is designed to support members to undertake housing projects. The Habitat loan has a current ceiling of GHS 60,000 and has to be repaid over (60months) or five years (5 years)
GNAT Investment Loan Package: The Investment Capital Loan is a facility intended to support members to purposely undertake income generating or investment activities. The facility currently has a ceiling of GHS 50,000 to be repaid over sixty months (60 months) or five years (5 years). To qualify to access this loan facility one must be an optional contributor with a monthly contribution of at least One Hundred and fifty Ghana Cedis (GH¢150).
GNAT Vehicle Loan Package: The Vehicle Loan is a lifeline to members for the acquisition of non-commercial vehicles. As part of the application process, a loan applicant is expected to submit an invoice from a vehicle vendor to whom the approved loan amount is disbursed. The facility currently has a ceiling of GHS 70,000

You may read the GNAT Mutual Fund article to discover detailed requirements for each of the available loan packages and how to apply online using the GNAT Mutual Fund CRM Portal.