NAGRAT – Absa to provide teachers with GHS150 million revolving loan
National Association of Graduate Teachers (NAGRAT) has signed an agreement with Absa bank to provide a revolving loan worth GHS150 million to its members. The credit facility agreement is expected to bring a lot of benefits to teachers who are registered members of the union.
Per the information gathered by edulearnweb, this is the first time a teacher union has entered into an agreement of this financial magnitude with the bank. It is hoped that NAGRAT Members will through the facility have better-planned lives.
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The NAGRAT – Absa credit facility is a revolving unsecured loan to be accessed by only NAGRAT members to help them finance their specific personal needs in record time each time they transact with Absa as members under the facility.
The two institutions resolved that members of NAGRAT can access the facility to buy brand new and home used vehicles, household consumables, building materials, and land as well as ICT and electronic equipment. Others may also access the facility in the form of cash.
How to access The NAGRAT – Absa credit facility
To take advantage of the revolving unsecured loan from Absa, members of NAGRAT must complete a loan application form with the bank.
The completed form must be presented to NAGRAT for validation of membership purposes.
Absa then grants the loan if the form and membership are validated and approved by NAGRAT.
The product or item for which the loan is granted can be procured by the teacher through the scheme and the product is delivered to the teacher at the designated NAGRAT secretariat.
Those who apply for loans for other purposes apart from the products, the loan amount (Cheque) approved would be deposited with NAGRAT for collection.
Teachers registered under NAGRAT can access a loan to the tune of GHS220,000 and have up to 72 months or 6 years to pay back the loan. Per the agreement between Absa and NAGRAT, the interest rate has been made competitive, the processing fee for the facility is also very low.
The flexibility in the repayment and the ability to top up the loan or complete the repayment ahead of the repayment schedule are permitted under the agreement. However, members of NAGRAT who bank with Absa would not pay the CAGD fee of 3% charged.
Source: Edulearnweb
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