Education News

Current updates on teachers fund members need to know

The Teachers Fund is a retirement supplement and Solidarity scheme for the Ghana National Association of Teachers (GNAT) established by a Trust Deed in May 1998. The Fund started with a monthly deduction of GHC0.10 (¢1.000) as basic contributions from the salary of GNAT members through a check-off system.

Recently there has been some amendments on the contribution package which teachers need to know.

Checkout below

To pick the Maximum loan thresholds:

  1. Personal loan maximum amount: 35,000.00

Monthly Contribution to qualify: at least 200.00

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Total contribution to qualify: at least 5,250.00

  1. Investment or business loan maximum amount: 50,000.00

Monthly Contribution to qualify: at least 250.00

Total contribution to qualify: at least 7,500.00

  1. Habitat Loan Maximum amount: 60,000.00

Monthly contribution to qualify: at least 300.00

Total Contribution to qualify: at least 9,000.00

  1. Vehicle Loan Maximum amount: 70,000.00

Monthly Contribution to qualify: at least 300.00

Total Contribution to qualify: at least 10,500.00

Note:

  1. a. Any other amount apart from the maximum
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Monthly contribution to qualify: at least 1% of the loan amount requested:
(E.g. 10,000 =100.00, 15,000.00 = 150.00, 17,000.00 = 170.00 etc.)

1 b. Total contribution to qualify: at least 15% of the loan amount requested.
(E.g. 10,000.00 = 1,500.00,
15,000.00 = 2,250.00, 17,000.00 = 2,550.00, 30,000.00 = 4,500.00 etc)

  1. A total contribution of 15% of the loan amount requested applies to all types of loans
  2. Affordability will be checked to verify whether it is enough to service the loan amount you intend to pick.
  3. The effective date of implementation is Thursday 1st February, 2024.
  4. Things indeed for loan
    a. One passport-sized picture
    b. Current pay slip
    c. Two separate mandate forms ( with the messages from CAGD)
    d. Colour photocopy of Ghana card
  5. To increase your contribution above the minimum 100.00, Kindly send the following details to the District Secretary through SMS or WhatsApp:
  6. Full name
  7. Staff Id
  8. Amount to increase
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