Teachers mutual Fund comes with investments in treasury bills, listed equities, private placements, loans, and other assets. Besides that, it is a retirement, supplement and solidarity scheme for teacher. A loan could become the shoulder we could lean on in the time of financial difficulty. There are various forms of loans. Considering teachers mutual fund loan in Ghana is not a bad idea. This is different from the Nagrat online loan which is only available to graduate employees of the Ghana Education Service. The teachers mutual funds are so much involved in their members’ welfare. They offer affordable loans with low interest rates.
The basic information, how you can apply for the loan, and more are all-inclusive in this article.
About Teachers Mutual Fund
They know teachers mutual funds for investments in treasury bills, listed equities, private placements, loans, and other assets.
They established teachers mutual Fund in May 1998. However, the fund started with a monthly deduction of GHC 0.10 as basic contributions. This deduction is from the salary of the Ghana National Association of Teachers (GNAT) members through a check-off system. So the basic contributions keep increasing with time, with a full commitment of the teachers.
Teachers mutual Fund comprises fifteen members Board of Trustees. Consequently, this board comprises ten teachers representing the ten regions in Ghana. The National Council Of GNAT is to select the coordinator of the board of Trustees.
However, their major aim is to provide lifestyle enhancing facilities for members and retirement supplement. Besides that, grants them access to credit purchases from credit malls and engaging in real estate ventures.
The eligibility of the Teachers Mutual Fund loans are:
You must be eligible to get the teachers mutual fund loans. For that to happen, the following makes you eligible:
- Teachers who are members of the Ghana National Association are qualified to source for loan.
- Be a teacher who is resident in Ghana and interested in the loan.
- Complete registration membership form. You can get the form from all the districts of the GNAT Secretariat.
- A minimum of six months’ contribution for members.
The requirements for Teachers Mutual Fund Loan
For you to get the teachers mutual fund loan you must meet requirements. Financial institutions of all types also demand requirements from anyone that wants a loan.
The requirements for Teachers Mutual Fund Loans are:
- Completed personal loan
- Two passport size photographs
- Get two mandate forms (signed) with different serial numbers
- One loan advance form
- Two separate authority notes
- Identification card
- Most recent pay slip
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.
Teachers mutual fund loans have a very low interest rate depending on the type of loan for the benefit of their members. The interest rates are 2% monthly or 24% per annum on loans using the reducing balance method. This charges the interest of the remaining principal.
Repayment terms for Teachers Mutual Fund Loan
They can get the repayment terms for this loan using a repayment calculator, which provides you with some required fields to fill like loan amount, payment frequency, interest rate, loan term. When you must have submitted, the result of your repayment term pops up. Meanwhile, repayment terms vary with the type of loan.
What is the USSD code of the Teachers mutual fund loans?
USSD codes help customers of financial institutions access any form of a loan at a go. Besides that, it helps to gain information about transactions from anywhere and of the day. The USSD code for Teacher Mutual fund loans is *718*60# on all networks. However, there are other USSD loan codes in Ghana you could use to access other forms of loans from different banks.
Once you have dialled the code. Then press 1 to register for the service. Enter your staff ID and a six-digit Unique Passcode (which you can get from the district it will display your Fund ID on your phone’s screen. Then you can now use your Fund ID to check your Current Contribution and Total Contribution.
Beware not to access the platform with any other phone line apart from the one you used for registration.
Read also: Teachers Mutual Fund loan- Review
Benefits of This Loan
There are things you stand to gain from this loan, as it’s different from other loans financial institutions offer. These benefits include:
- Credit purchase of household consumer items.
- Retirement package.
- Death or permanent disability benefit.
- Various loan facilities for different purposes like personal loan, investment loan, habitat loan and vehicle loan.
Teachers mutual Fund is a retirement, supplement and solidarity scheme for teachers. This scheme resolves financial needs of its members through loans for personal needs, investment purposes and so on. There is a board of Trustees that oversee the affairs of members and the proper management of funds. They use the platform to help their members. Alternatively, you could try out loans from a credit union and compare which works for you better.