All Members of Teachers Fund, GNAT To Be Informed That Teachers Loan Limit Has Been Increased. Full Details

The Teachers Fund through the Secretary of the Ghana National Association of Teachers (GNAT) is hereby informing all members of the association that the Limit for Teacher’s Fund Loan has been  increased.

The Teachers Fund provides short, medium and long-term financing for contributors through various loan schemes such as Personal Loans, Habitat Loans, Investment Loans and Vehicle Loans.

Per this article, all members are not note that the loan limit has been increased as follows;

Loan Type       New Limit GH           Duration

Personal           35,000                       48months

Investment       50,000                      60months

Habitat              60,000                      60months

Vehicle              70,000            Up to 48months

Henceforth, the management of Teachers Fund wishes to inform all members that other terms and conditions remain the same.

Members can also contact the Teachers Fund Secretariat for further enquiries.

WHAT YOU NEED TO KNOW ABOUT  TEACHERS FUND

The Teachers Fund of GNAT is a retirement supplement and Solidarity scheme for members of 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 contribution from the salary of a member through the check-off system.

The basic contribution was increased to GH₵ 0.50 (₵5,000.00) in February, 2002 and GH₵2.50 (₵25,000.00) in October, 2004. In February 2008, the basic contribution was further increased to GH₵5.00 and then to GH₵10.00 in January 2011. Effective March 2014, the basic contribution was GH₵20.00 and in January 2015 it was increased to GHC30.00. In February 2017, the basic contribution was further reviewed upwards to GHC50.00.

NATURE OF BUSINESS
The Fund:

1. Supplements the retirement benefits of contributors;

2. Provides short, medium and long-term financing for contributors through various loan schemes;

3. Provides customer, trade and business financing;

4. Undertakes ground handling facilities at the Kotoka International Airport (KIA) and other airports in Ghana to provide other services to aircrafts in accordance with International Air Transport Association (AITA)/ International Civil Aviation (ICAO) standards; Invest in land, develops, builds, sells, rents land and/or buildings, i.e estate development; Facilitate the access of contributors to household consumer durables and electronic appliances at competitive prices.

5. The assets of the Fund have grown from about GHC 1.50 million in May 1998 to GHC 1.533Billion, as at December 2019.

6. The tremendous growth in assets is largely attributed to the commitment on the part of members (teachers) to invest towards their retirement and the Fund’s commitment to ensuring good returns on investment.

TEACHERS FUND SUBSIDIARIES
The Teachers Fund Group established the following companies as its subsidiaries;

1. Credit Mall Limited
2. TF Properties Limited:
3. TF Financial Services Limited
4. Aviance Ghana

Visit Teachers Fund Website HERE

Source: Honestynewgh.com

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