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 PERIOD | ||
| STUDYPERIOD | NATIONAL SERVICE PERIOD | 1-YEAR GRACE PERIOD | REPAYMENTPERIOD |
| *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
| *Number of Loans taken | National Service Period (Yrs) | Grace Period (Yrs) | Repayment Period (Yrs) |
|
1 |
1 |
2 |
2 |
|
2 |
1 |
1 |
4 |
|
3 |
1 |
1 |
6 |
|
4 |
1 |
1 |
8 |
|
5 |
1 |
1 |
10 |
|
6 |
1 |
N/A |
10 |
|
7 |
1 |
N/A |
10 |
* 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:
- GHANA COMMERCIAL BANK: SMART PAY
- NATIONAL INVESTMENT BANK: SPECIAL SLTF PAY IN SLIP
- ECOBANK GHANA: BANK – COLLECT
- GT COLLECT: CUSTOMIZED PAY IN SLIP
Borrowers can walk into the head office of the SLTF to make payment at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.
Borrowers can now make their Students Loan payment by any of the following modes/platforms quoting clearly your Social Security Number (SSN):
- MOBILE MONEY: by dialing Short code *737*206# => follow prompts to make payment
- MYGHPAY: by visiting the website: www.myghpay.com or download the myghpay app on Google Play Store
=>Register/login => click on SLTF Logo => follow onscreen prompts to make payment with either your Visa, MasterCard (OR) Mobile Money. - GT COLLECT: Make payment at ANY GT Bank branch across the country, using customised pay-in slip.
