A member of the four teacher union, the National Association of Graduate Teachers (NAGRAT) has announced a 2 per cent reduction on its interest rates on fund loans effective September 7, 2020, for all its members.
The President of the NAGRAT, Angel Carbonu indicated the reduction in a statement dated September 4, 2020. The interest rate on loans has been reduced from a maximum of 14 per cent to a minimum of 12 per cent.
Online Loans Application
The leadership of the National Association of Graduate Teachers (NAGRAT) in the release said it has resorted to an online application for loans by its members.
benefits to member
It further stated the benefits of members applying for the loan using the online application process.
- No Loan Application Form
- No Loan Advance form
- No Authority Note Form
- You can apply for a loan at anytime
- You can apply for a loan at anywhere
- You can monitor your application online
- The Loan will be paid directly to your salary bank account
- No more incurring transportation cost to secure application form and picking of cheques from the regions.
- Probability of rejections of loan is very low if the loan information provided is accurate
- Faster delivery services
benefit to the Regional/Zonal Office
- No more scanning of documents
- No More Emailing of documents
- No More loan processing on the TPRS
- No more calling of members for their loan cheques
How to apply loan online
- Go to www.nagratfund.com
- Update your records if you have not done that already. Your guarantor must also update their records online
- Then click on “Apply for Loan” on the dashboard
- Provide your mandate number, your affordability, amount requested and duration of the loan.
The system will automatically check whether you qualify for the loan. You can only continue if you qualify
- Provide the staff ID and verification code sent to your guarantor.
- Then click submit (that is all)