This is a facility introduced in 2007 and jointly administered by Teachers Fund and Ghana National Association of "Teachers' (GNAT). Under the scheme, the Fund finances the purchase of vehicles on behalf of loan applicants whereas GNAT facilitates the waiver on import duties on vehicles where applicable. The current threshold for the Vehicle Finance Loan is Forty Thousand Cedis (GH₵40,000) paid over Five (5) years if the car is a slightly used one and Seven (7) years if it is a brand new car. Members interested in accessing this facility must first meet a set criterion. These are:

  •  Must be making a monthly contribution of One Hundred and Fifty Cedis (GH₵ 150)

  •  Total contribution at the time of application must be One Thousand Five Hundred Cedis (GH₵1,500)

  •   You must be a registered member of GNAT and the Fund.

  •   Having satisfied the above, applicant can proceed to pick up an application form from his/her District GNAT Office.

  •  Attach a Pro Forma invoice from the Car dealer/vendor

  •  Attach blank Form C from DVLA

  •   Photocopy of car documents

  •  Pay slip which must be able to support loan amount and repayment period

  •  Spare key of car must be provided

  •   Joint registration of car will be required (Applicant & Teachers Fund)

  •  Comprehensive Insurance will be required in joint names (Applicant & Teachers Fund)

  •  Loan amount will be paid directly to the car dealer/vendor

  •  All the above criteria must be fulfilled before the dealer/vendor would be paid.

Interested?

Visit your District GNAT Office and pick up an Application Form today once you meet the above requirements.