CCT-GH 2024 Loan Chart and Changes in Operational Policies

CHANGE IN OPERATIONAL POLICIES

First of all, thank you for being a loyal and consistent contributor to the CCT Fund over the years. Your satisfaction means a lot to us, and we hope we’ve been successful in providing you with excellent services/products, despite the economic challenges. We have reviewed our operations over the 2023 financial year, and have proposed some changes in our operational policies that will allow the Fund to better serve you and our future contributors/borrowers. We want to make sure that the Fund is always as useful, efficient, and safe as possible for our contributors/borrowers.

And, to make these happen, we have made the following changes to our policies and procedures:

  • Minimum Monthly Contribution
  • Maximum Loan Amount
  • Loan Interest Rate
  • Loan Policy
  • Full and Partial Withdrawals

 

 

Minimum Monthly Contribution: The minimum monthly contribution will increase from GHS 40.00 to GHS 80.00. The increase in the minimum contribution represents an opportunity to both increase contributor’s savings and to expand our services to existing contributors. Accordingly, upon implementation, the minimum loan amount will be GHS 8,000 subject to affordability. The new contributions and Maximum Loan Amount:

The maximum loan amount limit will increase from GHS 20,000.00 to GHS 30,000.00, subject to affordability and other terms and conditions as stated in the amended loan policy below.

 

Loan Interest Rate: Due to high operational costs, particularly recent CAGD charges, it has become necessary to marginally increase the interest rate charged on loans from 10.2% p.a to 11% p.a, (i.e. about 0.92% per month). Even with this increase, CCT Fund loans will still be the cheapest among our competitors. The new loan chart upon implementation of the 11% interest rate is given in Table 2.

 

Steps to Apply for CCT Loan on Your Phone-Online

 

Amended Loan Policy and Procedure

The guidelines and procedures governing the application, processing, and grant of CCT Fund loans have been amended as follows:

  • To qualify to apply and obtain a loan from the CCT Fund, the applicant must have been a contributor to the CCT Fund for at least six months.
  • In the case of an existing contributor increasing his or her monthly contribution, the waiting period after the increment in contributions for accessing the corresponding loan amount would be four months.
  • Loan applications shall be considered in the order in which they are received.
  • Table 1 below shows how much a borrower can ordinarily apply for based on his or her monthly contributions to the Fund. Refer to Table 2 for the corresponding monthly repayments under different maturity scenarios.

 

 

Table 1: Monthly Contributions and Corresponding Loan Limits

Monthly Contributions (GHS) Loan Amount (GHS)
80 8,000.00
90 9,000.00
100 10,000.00
110 11,000.00
120 15,000.00
150-200 20,000.00
250 25,000.00
300 above 30,000.00

 

  • Loans to applicants with less than 18 months of continuous contribution history before the loan application will be restricted to GHs 20,000, regardless of the monthly contributions. Where there are breakups in contribution history, a total of at least 24 monthly contributions will be required to access loans above GHs 20,000. Minor breakups (up to three months) in contributions will be considered on a case-by-case basis.
  • A borrower with an existing loan may apply for “top-up” loans within the permitted loan limits, after paying 60% (of the principal plus interest) of the existing loan. As a responsible lender, the CCT Fund does not encourage repeated loan “top-ups”. There shall be ONLY one “top-up” application per loan. Further “top-ups” will not be permitted, and a new loan can only be approved after the existing loan has been fully paid off.
  • Where a borrower for any reason(s) is unable to repay his or her guaranteed loans to the Fund, the borrower and his or her guarantor shall be notified within twenty-eight (28) days of the default by the Fund Management.
  • Where the borrower fails to immediately regularize his or her repayments, the Fund Management shall consider offsetting the loan balance from the savings of the borrower and the guarantor(s).

 

 

Policy on Full and Partial Withdrawal

Although the CCT Fund is set up to cultivate the habit of saving for the future, among other welfare benefits, the Fund may allow contributors to withdraw all or part of their holdings. This policy applies to all contributors who want to withdraw all or part of their contributions from the Fund.

Eligibility

A contributor on a loan does not qualify for any form of withdrawal of his or her holdings until the existing loan has been fully paid off.

 

Weekly, Termly and Annual Schemes of Work for Primary

Full Withdrawal

A contributor who seeks voluntary exit before statutory retirement age will have his or her gains subjected to a 50% surcharge plus 2.5% of the accrued balance or GHSIOO.OO (whichever is higher) as a processing fee.

A contributor who did a partial withdrawal and thereafter exited within one (1) year will be charged 5% or GHS200.00 (whichever is higher) as a processing fee.

 

Processing of full withdrawal can only begin after:

  • the contributor’s monthly contribution deduction has ceased
  • all previously deducted contributions by CAGD have been received by the Fund.
  • Full withdrawal processing may take up to three months upon receipt of the application.
  • The contributor’s account with the fund will then be closed.

 

Partial Withdrawal

Partial withdrawals shall be done on a case-by-case basis. A contributor who partially withdraws can only qualify for a new loan of up to GHS 20,000 after 12 months following the withdrawal.

A contributor who partially withdraws can only qualify for a new loan above GHS 20,000 after 18 months following the withdrawal.

Exemptions

The following persons shall be exempted from the Withdrawal Charges:

A contributor who has less than or equal to six (6) months until their statutory retirement age or retires on medical grounds.

A contributor who retires voluntarily at age 55 from employment.

A deceased contributor confirmed with death certificates or an acceptable proof of death.

Exemptions as approved by the Board on humanitarian grounds.

Once again, thank you so much for your cooperation and support throughout the year. Together, we will work to fulfill the aspirations and needs of all our stakeholders.

 

Basic 9 Second Term Lesson Notes

CCT-GH 2024 Loan Chart

Table 2: Loan Amount, Maturity, and Corresponding Monthly Repayments

 

mount                                             Maturity      (in months)
6 12 18 24 30 36 48
1 000 · 00 175 · 83 92 · 50 64 · 72 50 · 83 42 , 50 36 · 94 30 · 00
1 , 500 · 00 263 · 75 138 · 75 97 · 08 76 · 25 63 · 75 55 · 42 45 · 00
2 , 000 · 00 35L67 185 · 00 129 · 44 10L67 85 · 00 73 · 89 60 · 00
2 , 500 · 00 439 · 58 23L25 161.81 127 · 08 106 · 25 92 · 36 75 · 00
3 , 000 · 00 527 · 50 277 · 50 194 · 17 152 · 50 127 · 50 110 · 83 90 · 00
3 , 500 · 00 615 · 42 323 · 75 226 · 53 177 · 92 148 · 75 129 · 31 105 · 00
4 , 000 · 00 703 · 33 370 · 00 258 · 89 203 · 33 170 · 00 147 · 78 120 · 00
4 , 500 · 00 79L25 416 · 25 29L25 228 · 75 19L25 166 · 25 135 · 00
5 , 000.00 879 · 17 462 · 50 323 · 61 254 · 17 212 · 50 184 · 72 150 · 00
5 , 500 · 00 967 · 08 508 , 75 355 · 97 279 · 58 233 · 75 203 · 19 165 · 00
6 , 000.00 1 , 055 · 00 555 · 00 388 · 33 305.00 255 · 00 22L67 180 · 00
6 , 500 · 00 1 , 142 · 92 60L25 420 · 69 330 · 42 276.25 240 · 14 195 · 00
7 , 000 · 00 1 , 230 · 83 647 · 50 453 · 06 355 · 83 297 · 50 258.61 210 · 00
7 , 500 , 00 1 , 318 · 75 693 · 75 485 · 42 38L25 318 · 75 277 · 08 225 · 00
8 , 000 · 00 1 , 406 · 67 740.00 517 · 78 406 · 67 340 · 00 295 · 56 240 · 00
8 , 500 · 00 1 ,494 · 58 786 · 25 550 · 14 432 · 08 36L25 314 · 03 255 · 00
9 , 000 · 00 1 , 582 · 50 832 · 50 582 · 50 457 · 50 382 · 50 332 · 50 270 · 00
9 , 500 · 00 1 , 670 · 42 878.75 614 , 86 482 · 92 403 · 75 350 · 97 285 · 00
10 , 000 · 00 1 , 75833 925 , 00 64722 508 · 33 425 · 00 369 · 44 300 , 00
10 , 500 · 00 1 , 846 · 25 97L25 679 · 58 533 · 75 446 · 25 387 · 92 315 , 00
1 1 , 000.00 1 , 934 · 17 1 , 017 · 50 71L94 559 · 17 467 · 50 406 · 39 330 · 00
1 1 , 500 · 00 2 , 022 · 08 1 , 063 · 75 744 · 31 584 · 58 488 · 75 424 · 86 345 · 00
12 , 000 · 00 2 , 110 · 00 1 , 110 · 00 776 · 67 610 · 00 510 · 00 443 · 33 360 · 00
12 , 500.00 2 , 197 · 92 1 , 156.25 809 · 03 635 · 42 53L25 46L81 375 · 00
13 , 000 · 00 2 , 285 · 83 1 , 202 · 50 84L39 660 · 83 552 · 50 480 · 28 390 · 00
13 , 500 · 00 2 , 373 · 75 1 , 248 · 75 873.75 686 · 25 573 · 75 498 · 75 405 · 00
14 , 000 · 00 2 , 46L67 1 , 295 · 00 906 · 1 1 71L67 595 · 00 517 · 22 420 · 00
14 , 500 · 00 2 , 549 · 58 1 , 34L25 938 · 47 737 · 08 616 · 25 535.69 435 · 00
15 , 000 · 00 2 , 637 · 50 1 , 387 · 50 970 · 83 762 · 50 637 · 50 554 · 17 450 · 00
15 , 500 · 00 2 , 725 · 42 1 , 433 · 75 1 , 003 · 19 787 · 92 658 · 75 572 , 64 465.00
16 , 000 · 00 2 , 813 · 33 1 , 480 · 00 1 , 035 · 56 813 · 33 680 · 00 59 L 1 1 480 · 00
16 , 500 · 00 2 , 90L25 1 , 526 · 25 1 , 067 · 92 838 · 75 70L25 609 , 58 495 · 00
17 , 000 · 00 2 , 989 · 17 1 , 572 · 50 1 , 100 · 28 864 · 17 722 · 50 628 · 06 510 · 00
17 , 500 · 00 3 , 077 · 08 1 , 618 · 75 1 , 132 · 64 889 · 58 743 · 75 646 · 53 525 · 00
18 , 000.00 3 , 165 · 00 1 , 665 · 00 1 , 165 · 00 915 · 00 765 · 00 665 · 00 540 · 00
18 , 500 · 00 3 , 252 · 92 1 ,71L25 1 , 197 · 36 940 · 42 786 · 25 683 · 47 555 · 00
19 , 000 · 00 3 , 340 , 83 1 , 757 · 50 1 , 229 · 72 965 · 83 807 · 50 70L94 570 · 00
19 , 500 · 00 3 ,428 · 75 1 , 803 · 75 1 , 262 · 08 99L25 828 · 75 720 · 42 585.00
20 , 000 · 00 3 , 516 · 67 1 , 850 · 00 1 ,294 · 44 1 , 016 · 67 850 · 00 738 · 89 600 · 00
20 , 500 · 00 3 , 604 · 58 1 , 896 · 25 1 , 326 · 81 1 , 042 · 08 87L25 757 · 36 615 · 00
21 , 000 · 00 3 , 692 · 50 1 , 942 · 50 1 , 359 · 17 1 , 067 · 50 892 · 50 775 · 83 630 · 00
21 , 500 · 00 3 , 780 · 42 1 , 988 · 75 1 , 39L53 1 , 092 · 92 913 · 75 794 · 31 645 · 00
22, 000 · 00 3 , 868 · 33 2 , 035 · 00 1 ,423 · 89 1 , 1 18 · 33 935 · 00 812 · 78 660 · 00
22 , 500.00 3 , 956 · 25 2 , 08L25 1 , 456 · 25 1 , 143 · 75 956 · 25 83L25 675 · 00
23 , 000 · 00 4 , 044.17 2 , 127 · 50 1 , 488 · 61 1 , 169 · 17 977 · 50 849 · 72 690 · 00
23 , 500 · 00 4 , 132 · 08 2 , 173 · 75 1 , 520 · 97 1 , 194 · 58 998 · 75 868 · 19 705 · 00
24 , 000 · 00 4 , 220 · 00 2 , 220 · 00 1 , 553 · 33 1 , 220 · 00 1 , 020 · 00 886 · 67 720 · 00
24 , 500 · 00 4 , 307 · 92 2 , 266 · 25 1 , 585 · 69 1 , 245 · 42 1 , 04L25 905 · 14 735 · 00
25 , 000 · 00 4 , 395 · 83 2 , 312 · 50 1 , 618 · 06 1 , 270.83 1 , 062 · 50 923 · 61 750 · 00
25 , 500 · 00 4 , 483 · 75 2 , 358 · 75 1 , 650 · 42 1 , 296 · 25 1 , 083 · 75 942 · 08 765 · 00
26 , 000 · 00 4 , 57L67 2 , 405 · 00 1 , 682 · 78 1 , 32L67 1 , 105 · 00 960 · 56 780 · 00
26 , 500 · 00 4 , 659 · 58 2 , 45L25 1 , 715 · 14 1 , 347 · 08 1 , 126 · 25 979 · 03 795 · 00
27 , 000 , 00 4 , 747 · 50 2 , 497 · 50 1 , 747 · 50 1 , 372 · 50 1 , 147 · 50 997 · 50 810 · 00
27 , 500 · 00 4 , 835 · 42 2 , 543 · 75 1 , 779 · 86 1 , 397 · 92 1 , 168 · 75 1 , 015 · 97 825 · 00
28 , 000 · 00 4 , 923 · 33 2 , 590 · 00 1 , 812 · 22 1 , 423 · 33 1 , 190 · 00 1 , 034 · 44 840 · 00
28 , 500 · 00 5 , 01 L25 2 , 636 · 25 1 , 844 · 58 1 , 448 · 75 1 , 21 L25 1 , 052 · 92 855 · 00
29 , 000 · 00 5 , 099 · 17 2 , 682 · 50 1 , 876 · 94 1 , 474 · 17 1 , 232 · 50 1 , 07L39 870 · 00
29 , 500 · 00 5 , 187 · 08 2 , 728 · 75 1 , 909 · 31 1 , 499 · 58 1 , 253 · 75 1 , 089 · 86 885 · 00
30 , 000 · 00 5 ,275 · 00 2 , 775 · 00 1 , 94L67 1 , 525 · 00 1 , 275 · 00 1 108 · 33 900 · 00

 

COALITION OF CONCERNED TEACHERS FUND (CCT FUND)

P.M.B. 3 Ministries Accra

(T) +233 202336935 1 +233 549063827 | (E-Mail) cctfund4@gmail.com

January 10, 2024

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