This facility is meant to finance the purchase of vehicles by loan applicants. It is the only loan facility at the Fund for which cheques are not written in the name of the applicant, but rather it is in the name of the vehicle vendor.
The facility currently has a ceiling of GHC 70,000 and a maximum tenor of 60 months (used vehicles) and 84 months (new vehicles).
To access the Vehicle loan facility, a member must do the following:
- Completed a Vehicle Loan Application Form provided by the GNAT District Secretariat.
- Two (2) separate Authority Notes
- One (1) Loan Advance Form
- One (1) Deductions Form
All the above documents will be supplied to you by the GNAT District Secretariat.
However, the applicant is expected to provide the following:
i. Two (2) signed Mandate Forms with different serial numbers
ii. Two (2) passport sized photographs
iii. A copy of a Valid ID
iv. A copy of your recent Affordability
v. A copy of your recent Payslip
vi. Valuation report of vehicle
Successful applicants are expected to jointly register the vehicle in the name of the Applicant and the Fund, purchase a Comprehensive Insurance Policy for the car and deposit a copy of the car’s document with the Fund. When the loan is fully repaid, transfer of full ownership of the car will be effected and the documents handed over to the applicant.