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Please sir on my admission letter, it is stated that I can apply for loan From the student trust loan. As as a first year student am I qualify to apply, how many times can i apply and what are the terms and conditions about it? Thanks.
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The Students Loan Trust Fund gives loans to Ghana tertiary students who are pursuing accredited programmes in accredited tertiary institutions. These students must have gained admission to pursue undergraduate programmes only.

What are the application requirements?

In order to apply you must:
a. Register at any SSNIT office for a social security number
b. Have a personal e-mail address.
c. Provide  one guarantor.
d. Register for an e-zwich card.

You may use your social security reference number to apply for the loan

GUARANTORS AND GUARANTEE
We ask for a guarantor, someone who will back up the loan and assist the Trust Fund to trace the borrower when repayment is due. In the event of death or incapacitation of borrower, guarantor is absolved from loan repayment. Guarantor will be required to pay back any outstanding loan due as a last resort, only when the borrower cannot be traced to pay back.

The loan may be guaranteed by one of the following types of guarantors
a. SSNIT Contributor
b. Recognized Religious Body
c. Metropolitan, Municipal and District Assembly
d. Corporate Body

Loan Repayment

Interest Rate
In other to maintain the value of the money and preserve the Fund for posterity, interest is charged on the loan at a highly subsided rate. Inflation is an important factor in determining the interest rate.

The following schedule of interest rate shall be charged on the loan:

 

MORATORIUM

REPAYMENT PERIODSTUDYPERIODNATIONAL SERVICE PERIOD1-YEAR GRACE PERIODREPAYMENTPERIOD*GOG182 dayT-bill rate*GOG182 dayT-bill rate*GOG182 day T-bill rate*GOG182 dayT-bill rate + 2%

* GOG – Government of Ghana.
# Maximum rate applied will be 12% until reviewed. In effect where the T-bill rate goes beyond 12% the SLTF shall fix the rate at 12%.

Loan Repayment Period

* The total loan received in an academic year is considered as one loan taken

It is in the interest of applicants to pay off their loan sooner than the repayment period given, in order to reduce the interest charges.
Students 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 PAY IN SLIP
C. ECOBANK GHANA: BANK – COLLECT

Borrowers can also walk in to the head office of the SLTF to make payment at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.
The point above should also be placed on the home page conspicuously for visitors to easily see.

Mode of Repayment

The modes of repayment of loans are as follows:

1. Periodic deductions from beneficiary’s salary by his or her employer.
2. Direct periodic payments to the SLTF by beneficiaries who are not employees of any organization (i.e. sole proprietorship, self employed etc)
3. Outright payment of total loan amount plus interest due.

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