VEHICLE LOANS  

In a bid to assist teachers to acquire vehicles, the Teacher's Fund in collaboration with the Ghana National Association of Teachers (GNAT) has introduced the Teachers Vehicle Loan Scheme. Under the scheme, GNAT arranges for the supply of brand new and imported used vehicles to interested teachers and payment for these cars are financed by the Teachers Fund through the Vehicle Loan facility.

Amounts up to GH¢10,000 are currently accessible as loans under the facility. In order to qualify, an applicant must be a minimum monthly contributor of GH¢ 25 for at least two (2) years. The loans will be repaid over a period of three to seven years. It is estimated that about one hundred and fifty members will benefit from the facility yearly. The facility will be allocated on regional basis in proportion to teacher population and level of contribution to the Fund. Where the price of the vehicle exceeds the amount accessible as loan, the beneficiary would be expected to provide the remaining amount. The loan amount would be granted in relation to ones repayment capability.

 

 
 
     
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