Loans may be granted subject to availability of funds. Application for loans and advances should be made on prescribed form obtainable from the Directorate of Finance. All advances and loans may be granted only on condition that the total monthly repayments do not exceed one-half of the gross monthly salary of the staff concerned.

There shall be a Loans Committee that will vet loans applications and make recommendations to Management.

Membership of Loans Committee

There shall be a Loans Committee with the following members:

1. Chairman shall be appointed by the Vice-Chancellor ·Director of Finance or his/her Representative
2. Director of Internal Audit or his/her Representative ·Deputy Registrar, Division of Human Resource or his/her Representative
3. Representative of University Teachers Association of Ghana (UTAG)
4. Representative of Ghana Association of University Administrators (GAUA)
5. Representative of Federation of University Senior Staff Association of Ghana (FUSSAG)
6. Representative of Teachers and Education Workers Union (TEWU)
7. Representative from Division of Legal Consular and General Services (DLC&GS).

Functions of Loans Committee

1. Receive and consider application for loans
2. Make recommendations to the Vice-Chancellor for approval of loans
3. Make recommendations from time to time on the rate of interest and loan scheme
4. Submit annual report to the Vice-Chancellor for subsequent dissemination to Convocation meetings and staff durbars.

Motor Vehicle Loan

1. The applicant has no outstanding amount in respect of Motor Vehicle Loan

2. A previous loan for the same purpose has not been made within the last five years

3. The amount of the loan granted shall be related to an officer's salary in his ability to repay the loan having regard to other outstanding advances against him/her

4. No staff below the rank of an Administrative Assistant or its equivalent will be deemed eligible for an advance to purchase a motor vehicle.

Advance to Junior Staff for the Purchase of Motor Cycle/Bicycle

A Junior Staff may be granted an advance to purchase a motor cycle or a bicycle where his/her work necessitates frequent movement from place to place and/or involves abnormal hours of duty.

Terms of Loan

1. The rate of interest, the amount to be granted and the repayment period shall be approved by the University Council on the recommendation of the Loans Committee
2. The Loan, together with the interest, or a rate fixed by the Finance Committee must be repaid by equal installments.

Utilisation of Loan

1. A recipient of an approved loan must purchase the means of transport not later than three months after the receipt of the loan.

2. Approved loans not utilised within the three months from the date of disbursement must be promptly returned to chest. Failure to do so shall attract interest at the ruling bank rate.

Motor Vehicle/Motor Cycle Repair Loan

An advance may be granted to entitled staff for the purpose of effecting motor repairs or overhauling of their motor vehicles on the following conditions:

1. The advance, which shall not exceed the amount approved by the University Council, shall be repaid over a period approved depending upon the size of the advance but not exceeding two years

2. All such advances shall attract the rate of interest prevailing at the time of the loan

3. Applications for such advances shall be accompanied by estimates of repair costs from a recognized workshop.

Application for Motor Car/Motor Vehicle Maintenance Allowance

1. A staff who qualifies for allowance for the use of transport applies to the Deputy Registrar, Division of Human Resource through the Head of Department

2. The Deputy Registrar, Division of Human Resource informs the applicant in writing to contact the Director of Internal Audit for inspection of the means of transport

3. The Directorate of Audit communicates the outcome of inspection to Deputy Registrar, Division of Human Resource

4. Deputy Registrar, Division of Human Resource will then advise the Director of Finance to pay the Maintenance Allowance.

Payment of Maintenance Allowance during Periods of Repairs

Motor Vehicle and Motor Cycle Maintenance Allowances shall be paid over a maximum period of three (3) months and one month for bicycle if the vehicle/cycle/bicycle of a member of staff is off the road for purposes of maintenance or repairs. In such cases the staff concerned shall inform the Director of Finance through the Heads of Department/ Section/ Unit/ Centre and provide evidence from the workshop where the repairs are being undertaken.No further payment of maintenance allowance is to be made after these periods unless the Director of Finance is informed that the vehicle/cycle/ bicycle concerned has been put back on the road.

Loan for the Purchase of Furniture and Refrigerator

Loan to purchase a refrigerator/furniture may be granted to Senior Members/Senior Staff/Junior Staff on application once in five years. The amount to be granted shall be determined by the Loans Committee from time to time.

Such an advance shall attract an interest of ruling Treasury Bills rate less 8%. The advance shall be recovered within three (3) years.

Salary Advances

Salary advances may be granted by the Director of Finance on the recommendation of the applicant's Head of Department/Section/Centre/Unit. Such personal advances shall not exceed two months' basic salary and shall be payable within twelve (12) months without interest.

A member of staff may not be granted a personal salary advance more than once every twelve (12) months.

A member of staff qualifies for another salary advance after one year of repayment.

Deduction of Loans and Advances

All loans and advances granted under the preceding paragraphs shall be deducted at source from the salaries of staff concerned.