This post will tell you how to get a student loan in Ghana Student Loan Application in Ghana, Application Process, Interest Rate and Repayment Plan for Loan Applicants.
We all agree that education is expensive, but without a doubt the fastest and safest way to gain financial freedom. This not only contributes to financial freedom, but also helps to build a good social status.
While we are all aware of the many benefits of education for individuals and for the nation as a whole, we cannot help but think of the financial obstacles that come with it. Having little to no money can ruin your dream of an apprenticeship, especially if you know little about how to use other sources of funding for your education.
By doing other part of the worldMany university students rely heavily on student loans for their education. For them, their student loan can cover tuition, housing, and some monthly grants.
In most African countries, using just one student loan for higher education can be scary. Many nations face the challenge of timely repayment by claimants, a cancer that has been affecting the smooth running of the system for years.
Although the student loan may not be enough to cover your full tuition, housing, and monthly grants, we still believe that a student loan can help ease your stress in school. Remember that you need a full-bodied mind and energy to focus fully on your studies.
Let yourself be quickly guided through all the important questions about applying for and applying for a student loan in Ghana to finance your education.
Requirements for a student loan in Ghana
As part of the consideration for the student loan, prospective applicants must ensure that both their institution and programs are qualifying them for the loan. To access the loan, the following must be taken into account:
1. The school is an accredited college Ghana National Accreditation Board.
2. The programs offered are accredited by SNAP
3. The loan is only valid for Ghanaian citizens who live and go to school in Ghana
4. Only one needy applicant will be considered
A borrower uses the loan granted by the Fund to cover personal expenses including fees, housing, meals, books, equipment, and other purposes that may be necessary for the borrower’s degree.
Other application requirements
Before an applicant applies for the loan, the following are required in order to apply successfully. Until these are available, the application is not successful.
1. Telephone number of the applicant and the guarantor
2. An e-zwich account that should be linked to your bank account at the same bank.
3. Social Security Number
4. Should be a registered student of his school
5. Must have a personal sponsor who should be either an SSNIT employee, MMDA, religious body, or corporate body. Please refer to the guarantor requirement for details.
6. Two passport photos
GUARANTEES AND GUARANTEE
Your loan application must be guaranteed by one of the following guarantors (SSNIT employee, recognized religious institution, assembly of metropolises, parishes and districts as well as corporations).
SNNIT Contributor Guarantee
on. Must be a Ghanaian
b. Must make an active contribution to the SSNIT pension system.
c. Must have contributed to the SSNIT system for at least 36 months or 3 years.
d. Must not be older than 53 years.
e. Must not have already guaranteed for more than one (1) person. (However, parents can guarantee for all of their children)
on. Must be a member of a recognized national religious body.
b. There must be evidence of the institute’s decision to warrant (decision).
Meetings in major cities, parishes and districts
on. There must be evidence of an assembly decision to guarantee student loans.
b. 2 authorized signatories should be indicated in the resolution.
c. The signatory must be the managing director.
on. The company must be a member of the Ghana Club 100 and / or a company listed on the Ghana Stock at the time of the guarantee.
b. There must be a board resolution approving the guarantee.
c. Two signatories are required and should hold at least a leadership position.
Application process for student loan in Ghana
- Sign in to the SLTF website www.sltf.gov.gh
- Follow the link on the website and apply for a loan (you can save the application and continue later if you don’t complete it in one sitting).
- Follow the general instructions for filling out forms online (upload a passport photo online)
- Print out the overview pages of your loan application form
- Print out and fill out the surety certificate and student loan
- Contract forms (only fill out all forms in BLACK INK and BLOCK LETTERS.)
- Have your fingerprints (INDEX AND THUMB) and those of your surety
- THUMBPRINT in every SSNIT office. They are assisted by an SSNIT officer. (The guarantor’s fingerprint is only valid for SSNIT guarantors).
- Attach the following photocopies:
- Student ID and letter of admission.
- SSNIT ID number or SSNIT reference number.
- e-zwich card (both sides).
- Send 2 original copies of the duly completed forms and copies of the receipts to your respective SLTF campus office.
In order to preserve the value of the money and preserve the fund for posterity, interest is charged on the loan at a greatly reduced rate. Inflation is an important factor in determining the interest rate.
The following interest breakdown is calculated for the loan:
|STUDY DURATION||NATIONAL SERVICE PERIOD||1-YEAR GRACE PERIOD||REPAYMENT PERIOD|
|* GOG182 daysT-bill rate||* GOG182 daysT-bill rate||* GOG182 days T-bill rate||* GOG182 daysT-bill rate + 2%|
* GOG – Government of Ghana.
# The maximum rate applied is 12% until verification. In fact, if the T-Bill rate exceeds 12%, the SLTF sets the rate at 12%.
Term of loan repayment
|* Number of loans taken out||National period of service (years)||Grace period (years)||Payback Period (Years)|
N / A
N / A
* The entire loan received in an academic year is counted as one borrowed loan
It is in the interest of applicants to repay their loan before the specified repayment deadline in order to reduce the interest burden.
Student loan repayment made easy. Please contact our partner banks with your social security number to make payments:
A. GHANA COMMERCIAL BANK: SMART PAY
B. NATIONAL INVESTMENT BANK: SPECIAL SLTF PAYMENT IN SLIP
C. ECOBANK GHANA: BANK – COLLECT
Borrowers can go to the headquarters of the SLTF to make the payment. 47, 3rd Crescent Avenue Asylum Down, near the Highgate Hotel.
Borrowers can now do theirs Student loan Payment through one of the following modes / platforms, stating clear Your Social Security Number (SSN)::
- MOBILE MONEY: by choosing shortcode *737 * 206 # => Follow the instructions to make payment
- MYGHPAY: by visiting the website: www.myghpay.com or download the myghpay app from the Google Play Store
=>Register / Login => click on SLTF logo => Follow the on-screen instructions to complete the payment using your account Visa, MasterCard (OR) Mobile money
- GT COLLECT: Make payment at ANY GT Bank branch across the country with Customer-specific payment slip.
In summary, by granting a student loan, we are helping to reduce your financial burden at school so that you may have full concentration for your studies.
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