GTBank Loan: Requirement, Interest Rate & How to Apply [year]

GTBank Loan: How to borrow money from GTBank

GTBank is a bank that specializes in loans for businesses. They offer a wide range of loan products, including short-term, long-term, and business loans.

GTBank also provides other financial services, such as banking and insurance.GTBank loans are available in various currencies, and the loan terms are typically short-term or long-term. – Finance Guide

GTBank Review

Guaranty Trust Holding Company PLC, also known as GTCO PLC, is a multinational financial services group that offers retail and investment banking, pension management, asset management, and payments services, headquartered in Victoria Island, Lagos, Nigeria.

GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company – Wikipedia

GTBank Loan

GTBank Loan

If you are looking for a way to get a loan from GTBank, you have come to the right place. Here we will explain the process step by step and answer any questions you may have.

First, you will need to create an account with GTBank. Next, find the “Loan” tab on your account page and click on it. This will take you to the loan application page.

You will need to provide information about yourself, including your name, address, and daytime phone number, on this page.

You will also need to provide information about the loan you are requesting, including the amount you want to borrow, the interest rate you are willing to pay, and the term of the loan. – GTBank Loan

GTbank Loan Interest Rates

Gtbank provides numerous types of loans to its customers. There are multiple lending options, from private to commercial. Check Out UBA Loan

A personal loan from Gtbank will cost you about 1.33% per year in interest, whereas a business loan from the same lender might cost you up to 16% per year. In Nigeria, GTbank has a reputation for having excellent loan options. – GTBank Loan

GTbank Loan code

GTBank salary loans can be accessed with the loan code *737*8*2#. The USSD code for the GTbank Quick credit loan is *737*51*51#.

Types of GTBank Loan

  • GT Salary Advance
  • GTBank School Fees Advance (GTBank Student Loan)
  • GTB Quick Credit Loan
  • GTBank MaxAdvance Loan
  • GTBank MaxPlus
  • Computer Acquisition Scheme
  • GTBank Mortgage
  • GTBank Premium Advance
  • GTBank Travel Advance
  • GTBank Vehicle Insurance Premium Financing

1. GT Salary Advance Loan

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GT Salary Advance Loan: Get as much as half of your take-home pay each month right away. GTBank provides payroll services to corporate and public sector organizations and employees with active* GTBank salary accounts.

What’s in it for you?

  • Up to of 50% of net monthly salary in advance.
  • Tenor of 30 days. Renewable monthly.
  • No collateral required.
  • Minimum salary of N 25,000 for public sector and N 50,000 for private sector employees.
  • Salary advance will be made available within 24 hours.

How to Apply

Here are the steps to Apply for GTBank Salary Advance

  • Simply login to Internet Banking
  • Dial *737*8*2# to apply
  • Visit any GTBank branch or ATM near you

2. GTBank School Fees Advance Loan

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GTBank provides a financing program called School Fees Advance, also known as GTBank Student Loan, to help you pay for your child’s or ward’s education at a school or other institution in Nigeria.

Employees of government agencies and reputable private companies whose salaries are paid by the bank are eligible to use this service.

What’s in it for you

  • Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
  • Very Competitive interest rate. Equal monthly repayments comprising of principal and interest.
  • Immediate access to funds for the prompt payment of your child/wards school fees.

How to Apply

Here are the steps to Apply for School Fees Advance

  • Submit Completed Application Form and Employer Undertaking Form.
  • Provide School Fees bill and Credit Insurance.
  • Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.

3. GTB Quick Credit Loan

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If you get regular income, you may borrow money quickly and pay it back for up to a year. Quick Credit offers loans of up to N5 million at an interest rate of 1.66% per month. There won’t be any unexpected fees.

What’s In it for You

  • Get up to 3 times your monthly salary
  • Convenient repayment plan of up to 12 months.
  • Pre-liquidation is allowed without penalty
  • Interest rate of 1.66% per month

How to Apply

Here are the steps to apply for GTBank Quick Credit

  • You can request for QuickCredit instantly by dialling *737*51*51#
  • QuickCredit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld and GTBank Mobile App)

4. GTBank MaxAdvance Loan

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MaxAdvance is designed to facilitate personal loans to a staff of select corporate and government organizations whose staff salary accounts reside with them.

Features

Facility Amount:N100,000 to N10,000,000
Tenor:3 – 48 Months
Repayment:Equal monthly repayment comprising principal & Interest. Monthly repayment shall not exceed 33.3% of net monthly
Support/Comfort:Salary Domiciliation, Credit Insurance, Domiciliation of staff terminal benefit or Corporate Guarantee

Benefits

An all purpose loan for you to meet your financial needs with a convenient repayment plan.

Documentation

MaxAdvance Application Form for Non Private Organisations

MaxAdvance Application Form for Private Organisations

Employee Undertaking Form

5. GTBank MaxPlus Loan

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With MaxPlus, you may borrow more money and choose from various flexible repayment options, making it easy to meet your financial obligations.

Accessible to Platinum customers who have their salary accounts hosted by the Bank. There are caveats, so please read on. – GTBank Loan

What’s in it for you?

  • Get loan of between N6 Million and N50 Million.
  • Tenor of up to 60 months. Monthly repayment cannot exceed 50% of net monthly salary.
  • Equal monthly repayment comprising principal & Interest.
  • No collateral required.

What you’ll need?

6. GTBank Computer Acquisition Scheme Loan

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Those already serving in the Corps whose allowance accounts are housed with the Bank are eligible to apply for a facility (time loan) through the Computer Acquisition Scheme to help pay for the purchase of mobile devices.

Features

Facility AmountMaximum loan amount is N60,000
Tenor3 – 10 months
RepaymentEqual monthly installment of principal and interest over the tenor of the facility and shall not exceed 33.3% of Corps member’s monthly allowance
Support/ComportCorps member’s allowance must be domiciled with the Bank
Interest RateCompetitive

Benefits

  • Corps members get the mobile device with a flexible repayment plan
  • It allows Corp members more information, knowledge and acquisition of skills

What you’ll need?

  • Completed Application Form
  • Employer Undertaking Form
  • Domiciliation of NYSC allowance with the Bank
  • All applications to be completed during the NYSC orientation activities

7. GTBank Mortgage Loan

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GTMortgage offers credit facilities to customers whose salaries or business proceeds are domiciled with the Bank to enable them to own a home in selected cities within the country.

Documentation

  • Completed Application Form
  • Title Document of Property
  • Offer Letter to Sell property from vendor
  • Valuation report from any of the Banks approved estate valuer
  • Search report from GTBank Legal Group

8. GTBank Premium Advance Loan

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Premium Advance is a rolling overdraft facility attached to your Debit Naira MasterCard, so the funds are available whenever you need them.

What’s in it for you?

  • Up to N1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days).
  • Very Competitive interest rate. 2% flat fee on N1million upon first utilization.
  • Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchase and web payments)
  • Monthly repayment of interest with bullet payment of principal at end of cycle.

Requirements

  • For Platinum customers only.
  • Average monthly salary should not be less than N1million in the last six months.
  • Annual turnover should not be less than N10million.
  • You should have received your salary through your GTBank Account in the last three months consecutively.
  • Please ensure that you do not have any past due obligation with GTBank or other banks.

How to Apply

9. GTBank Travel Advance Loan

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Customers whose pay accounts are held with the Bank can apply for a Travel Advance, a short-term loan designed to cover travel expenses.

Travel Advance is available for:

  • Airline Ticket
  • Hotel Reservation
  • Airport Pickup and Transfer
  • Tours and Events

Features

Facility AmountN250,000 to N3,000,000
Maximum Tenor12 months
Interest Rate20% per annum (subject to money market conditions)
Comfort/Security:Domiciliation of salaries and allowances

Eligibility

  • Customer must have their salary account domiciled with GTBank.
  • Customer must have received his/her salary through GTBank in the last three months from the same employer.
  • Salary must be paid in Naira (NGN).

How to Apply for Travel Advance

  • Login to Internet Banking
  • Click Travel Advance under Investments and Quick Loans
  • Select Travel Advance and initiate a New request
  • Fill the required details
  • Authorize your request by inputting the 6 digits on your token and submit

10. GTBank Vehicle Insurance Premium Financing Loan

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Those who have their business or salary accounts at a certain bank may qualify for a time loan called vehicle insurance premium financing, which may be used to pay for a year’s worth of auto insurance premiums all at once.

Features

  • Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
  • Tenor: Maximum of 1 year
  • Pricing: Interest Rate is 1.67% per month
  • Repayment: Equal monthly repayment comprising principal and interest
  • Equity Contribution: 20% of total insurance premium cost
  • Fees: 1% one-off flat fee

What’s in it for you?

  • Instant availability of funds to pay for insurance premium.
  • Opportunity to pay for insurance premium on monthly basis
  • Insurance cover without physically visiting insurance office

Who Can Apply

  • Individual Customers whose salary accounts are domiciled with the Bank;
  • All SME’s and Corporates with accounts domiciled with the Bank and with access to GAPs

How To Apply

  • 1. You can apply for the Vehicle Insurance Premium Financing on Internet Banking or on GAPS

Internet Banking

  • Sign On — Menu— Insurance Loans —- Vehicle Insurance

GAPs/GAPs Lite 

  • Sign On – — Single Transactions—– Collections —– Insurance Loans—– Vehicle Insurance Leadway
  • 2. Loan is availed immediately
  • 3. Insurance Service provider
  • processes policy for the customer within 48 hours.
  • 4. A copy of the insurance certificate is sent to the customer’s email address.
  • 5. Customer repays the loan on monthly basis

GTBank School Fees Advance – FAQ

Q. What is GTBank School Fees Advance?

A. School Fees Advance is designed to finance the payment of your child’s/ward’s school fees.

What type of facility is GTBank School Fees Advance?

A time loan.

What is the tenor for a GTBank School Fees Advance?

Maximum of 4 months.

What is the minimum loan amount?

N50, 000

What is the maximum loan amount?

A maximum loan amount of N1million is applicable per child.

Does the beneficiary need to have his/her salary account with GTBank?

Yes.

What is the required length of salary account relationship?

The customer must have received their salary through their GTBank account in the last 1 month.

Who can benefit from GTBank School Fees Advance?

Staff of selected private companies, Government Ministries, Parastatals and establishments whose salary accounts are domiciled with the Bank.

Can the customer apply for GTBank School Fees Advance if she/he has an existing facility with the Bank?

Yes, provided the monthly loan repayment does not exceed 50% of his/her net monthly salary.

What document is required for a GTBank School Fees Advance?

The application form, employer undertaking and school bill with details of the schools bank account.

Can I pay for my child/wards GTBank school fees abroad?

Yes, it can be used to pay for tuition fees for schools abroad

Can unconfirmed staff of an organisation apply for School Fees Advance?

No. The staff should have worked for at least 6 months and also be a confirmed staff.

Is there any insurance on the loan?

Insurance is in place against death and permanent disability.

GTBank Quick Credit Loan – FAQ

What is GTBank QuickCredit?

QuickCredit is a time loan accessible to Salary and non- salary account holders.

What is the minimum loan amount?

N5,000

What is the maximum loan amount?

N5,000

What interest rate will I be paying if I use/apply for GTBank QuickCredit?

1.66% per month

GTBank MaxAdvance Loan – FAQ

What is GTBank MaxAdvance?

MaxAdvance is a product that is designed to facilitate personal loans to staff of corporate organizations and public sector employees.

What is the minimum facility amount?

The minimum amount that the bank will avail to a customer is N100, 000.00

What is the maximum facility amount

The maximum amount for a MaxAdvance facility is N10,000,000

What documents are required under GTBank MaxAdvance?

The documents required from the customer are Application form and Employee Undertaking to domicile salary and terminal benefits.

GTBank MaxPlus Loan – FAQ

What is GTBank MaxPlus?

MaxPlus is a product that is designed to facilitate personal loans to staff of corporate organizations and public sector employees.

What is the maximum loan amount?

The maximum amount for a MaxPlus loan is 50million.

Is there a minimum salary band to qualify for GTBank MaxPlus?

Yes, minimum net annual income of N20million

What documents are required under GTBank MaxPlus Loan?

The documents required from the customer are Application form and Employer Undertaking to domicile salary.

GT Mortgage – FAQ’s

What is GTMortgage?

GTMortgage is a product which offers credit facilities (term loans) to part finance applicant’s acquisition of residential property in locations acceptable to GTBank.

Can I access GTMortgage to acquire a flat?

Yes, GTMortgage can be accessed to acquire flats in locations approved by the Bank.

What is the maximum loan amount an applicant can access on GTMortgage?

N150 million.

What is the minimum facility amount on GTMortgage?

N5 million.

What documents are required for GTMortgage Approval?

  • Offer from vendor
  • Copy of the title document
  • Duly completed GTMortgage loan request form
  • Duly completed GTMortgage Employer Undertaking form (v) Clean Search report (vi) Valuation report.

Where are approved locations by GTBank for GTMortgage?

Approved locations by GTBank for GTMortgage include: low and medium density areas in Lagos, Abuja, Port Harcourt and all states capitals.

GTBank Travel Advance Loan – FAQ

1. What is a Travel Advance?

A time loan availed to customers for Travel either for Airline Ticket, Hotel, Tours etc.

2. Who can apply for a Travel Advance?

Customers whose organisation are on the Retail Inclusion list and who receive salaries through the bank qualify for Travel Advance

3. What is my Travel Advance limit

The limit is displayed when you login to Internet Banking and input the exact amount required for payment purpose.

4. Can I request for multiple loans on my limit?

No, you can only apply for a new loan request after full repayment of initial loan has been repaid.

5. What is the Tenor of my loan?

You have the option of 30days, 60 days, 90days, 180 days, 210 days and 360 days

6. What is the interest rate?

Interest rate is 20% per annum subject to money market conditions

7. Do I get a notification of successful loan approved/disbursed?

Yes. You get a notification online as when you on the Submit button on Internet Banking

8. What happens if my loan is not approved?

Please send an email to [email protected], call our 24hours Contact Centre on 01-4480000, 08029002900, 08039003900

9. Do I need a Token to complete my loan application for Travel Advance?

Yes, you need a Token to complete the transaction

GTBank Vehicle Insurance Premium Financing Loan – FAQ

1. What is GTBank Insurance Loan?

A time loan that enable individuals and corporate part-finance insurance premiums.

1. Who is eligible to apply for an insurance loan?

  • Salary Earners
  • Small medium businesses (SME)
  • Corporate customers

2. What is the minimum loan amount?

N20,000

3. What is the maximum loan amount?

N1million for individuals and N5million for SME’s and Corporates.

4. What is the maximum tenor?

12 months

5. What charges are applicable to the customer?

1% Management Fee

6. What interest rate would I be paying if I apply for Insurance Loan?

1.67% per month (20% per annum)

7. How can I access the Insurance Loan?

  • Internet Banking
  • GAPS or GAPs Lite

8. Is there a minimum and maximum age for eligibility for individuals?

Minimum age is 18 and a maximum of 60 years.

9. How long does it take to apply for Insurance Loan?

Facility will be disbursed immediately upon successful application.

10. Am I required to provide a portion of the insurance premium

Yes, a minimum of 20% is required before loan disbursement

How to Repay a GTBank Loan

When you get a loan from GTbank, you authorize the bank to take the required payment out of your account each month’s due date. That being the case, you can sit back and relax.

A monthly payment will be automatically deducted from your GTBank account on the due date.

GTbank will still take the amount out of your account on the due date, even if there is no money to cover it. Your credit report will also display a default.

GTBank Loan Calculator

If you need assistance figuring out your monthly loan payment, you can use the GTBank loan calculator, a handy web software. The monthly payment for a loan will be established by the interest rate and type of loan taken out.

You can use the loan calculator by feeding in the pertinent details about your loan (Amount, interest rate, period of repayment).

The calculator will then assist you in determining your monthly payment, overall payment, and interest payment.

A loan calculator can be a beneficial resource. You’ll be able to choose the most acceptable loan option after having more information. – GTBank Loan

Conclusion

GTBank Loan is an excellent option for those looking for a loan. The loan process is simple and easy to understand. The loan amount is also very reasonable. However, there are a few things that you should keep in mind before you apply for a loan.

Make sure that you read the terms and conditions carefully. Also, make sure that you understand the loan process completely.

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