Teachers Mutual Fund loan is a platform for private placement loans, investments in treasury bills, listed equities, and other assets. However, in financial hardship, a loan could provide a shoulder we can lean on. Loans come in a variety of forms. Also, a loan from a Ghanaian mutual fund is not a bad idea for teachers. Their members’ welfare is of the utmost importance to their mutual funds. They offer low-interest loans at affordable rates. Throughout this article, you will find the basics, how to apply, and more.
About Teachers Mutual Fund
The teacher mutual funds work by investing in treasury bills, listed stocks, private placement loans, and other assets. Meanwhile, through a check-off system, the Ghana National Association of Teachers (GNAT) takes this deduction from the members’ salaries. However, 1998 was the founding date of Teachers Mutual Fund. As a start, they deduct GHC 0.10 from each member’s checking account every month. Basically, this deduction is from the salary of the Ghana National Association of Teachers (GNAT) members through a check-off system. A teacher’s full commitment keeps growing with the progress of the class. The Board of Trustees of Teacher Mutual Fund includes fifteen members. Ten teachers represent each of Ghana’s ten regions on this board. They seek to enhance the lifestyle of their members and provide retirement benefits. However, the credit card also grants them access to credit malls that allow credit purchases and real estate purchases.
What is the eligibility of the Teachers Mutual Fund loans?
Eligibility is very important in being part of the Teachers Mutual Fund. For you to be part of them, you must:
- Be a Ghanaian teacher who is interested in the loan.
- Register and complete the membership form. There are forms available in all the districts of the GNAT Secretariat.
- The minimum contribution for members is six months.
- Membership in the Ghana National Association is a requirement to apply for loans.
What are the requirements for a Teachers Mutual Fund loan?
Teachers must meet certain requirements to qualify for mutual fund loans. Everyone who needs a loan from a financial institution has to meet requirements as well.
The requirements for Teachers Mutual Fund Loans are:
- Completion of a personal loan.
- Two passport-sized photographs.
- You need to have two signed mandate forms (different serial numbers).
- A single loan advance form.
- The two authorization notes.
- Identity card.
- A payslip from the last pay period.
Students can also have access to loans in Ghana. Read on how to apply for a student loan in Ghana.
What are the interest rates for Teachers Mutual Fund loans?
The interest rate of a loan is a determining factor, for it helps you decide whether to take the loan. For their members, Teachers’ mutual funds offer very low-interest rates on loans. On loans using the reducing balance method, interest rates are 2% monthly or 24% annually. There is an interest charge on the remaining principal.
What is the USSD code of the Teachers mutual fund loans?
The USSD codes of financial institutions allow customers to access any kind of loan on the go. Also, it can provide details about transactions anytime and anywhere. To access Teacher Mutual fund loans:
- USSD code is *718*60#.
- After you’ve dialed the code. Register by pressing 1.
- Enter your staff ID and Unique Passcode. However, you can find them in the district. Also, you can then use your Fund ID to check your contribution and total contributions. See also USSD for other quick loans in Ghana.
Note: Do not log onto the platform using any line other than the one you registered with.
What are the repayment terms for the Teachers Mutual Fund loan?
Using a repayment calculator, you can calculate the repayment terms for Teachers Mutual Fund Loans. Meanwhile, this depends on the loan amount, payment frequency, interest rate, and loan term they enter. You will see the results of your repayment term after you have submitted it. Various loan types come with different repayment terms.
What are the pros of Teachers Mutual Fund loans?
Teachers Mutual Fund comes with many benefits, which include:
- Purchase of household consumer goods on credit.
- Package of retirement benefits.
- The beneficiary who dies or becomes permanently disabled gets a package.
- Different loans are available, including personal loans, investment loans, habitat loans, and vehicle loans.
Teachers Mutual Fund provides retirement, supplement, and solidarity with teachers. Also, it provides loans to its members for personal and investment purposes, resolving the financial needs of the members. The Board of Trustees oversees the affairs of the members and the proper management of funds. Usually, platforms like this help their members as they offer loans with competitive interest for the benefit of their members.