Guaranty Trust Bank offers a wide range of loans in Nigeria especially for their customers that have account with them. If you are a customer of GT Bank and you are in need of loan for either personal or business use, then you shouldn’t worry much as GT Bank has got you covered.
There are different types of loan that the bank offers and you can decide to go for anyone depending on which you meet the requirement.
Whether you are a salary earner, business owner, self-employed or student, GT Bank has a loan scheme for which you fall into.
In this article, we will be looking at the various types of loan that GT bank offers and how you can apply for the loans.
Without further ado, let’s proceed…
Types of GT Bank loan
GTB Quick Credit Loan
Are you a salary earner or self-employed or even if you are not a salary earner and you need cash to attend to your financial needs, as a customer that has an account with Guaranty Trust Bank, you can get an instant loan of up to N5 million and pay back in 12 months.
With the GT Bank Quick Credit, you can get up to N5 million at 1.5% interest rate per month with no hidden charges.
How to Apply for GTB Quick Credit Loan
There are three ways to apply for the GT Bank Quick Credit Loan and they are:
- The Quick Credit GTB loan code – *737*51*51#
- The GT bank mobile app
- The GT Bank internet banking
GT Bank School Fees Advance
This is also known as the GT Bank Student Loan and allows you to pay school fees for your child or ward. For you to access this type of loan, the institution must be in Nigeria.
This loan is only available to employees of private and public organizations who have their salary accounts with GT Bank.
How To Apply For The GT Bank Student Loan
- You will have to complete and submit an application form and an Employer undertaking form
- Provide the school fees bill and credit insurance
- You will have to ensure that your staff terminal benefit is domiciled in GTB
GT Salary Advance
This is a type of loan offered by GT Bank where you can get up to 50% of your monthly salary in advance. This loan is mostly available to employees in private companies and government agency who have their salary accounts with GT Bank.
This loan is based on the payday or cash advance theme and the loan tenure is up to 30 days.
The loan doesn’t need collateral for processing as it is an instant loan.
How To Apply For The GT Salary Advance
There are four different ways that you can apply for the GT Bank salary advance and they are:
- The GTB loan code – *737*8*2#
- The GT Bank mobile app
- The GT Bank internet banking platform
- Visit any GT Bank branch or ATM
GT Bank Premium Advance
This is a revolving overdraft loan scheme that is placed on your MasterCard.
You must be a platinum customer before you can assess this loan and your average monthly salary should not be less than N1 million in the last 6 months.
Your annual turnover must not be less than N10 million and your GT Bank account must have been active in the last three months.
GT Bank MaxPlus
This loan provides a larger loan facility and also has a convenient repayment plan. This loan is only for platinum GT Bank customers whose salary accounts are domiciled with the bank.
You could get loan of between N6 million and N50 million with a repayment period of up to 60 months. The interesting thing about this loan is that no collateral is required.
Computer Acquisition Scheme
This is more like an NYSC loan scheme and it is offered to corp members that are currently serving to support them in financing acquisition of tech knowledge. These corp members must have their allowance accounts domiciled with GT Bank and the loan repayment must be completed with the service year.
How to Apply for the Computer Acquisition Scheme
- Complete and submit an Application form
- Submit an Employer undertaking form
- Show proof of domiciliation of your NYSC allowance with GT Bank.
GT Bank MaxAdvance Loan
This type of loan is for selected employees of private and public organizations who have their salary accounts with GT Bank. The loan is for different purposes and it has a very convenient repayment plan.
You could take a loan amount from N100,000 to N10,000,000 and it has a loan tenor of 3 to 48 months.
For you to be able to access this loan you will have to complete the MaxAdvance Loan application form and your terminal benefits must be with GT Bank.
GT Bank Mortgage
This is a mortgage loan in Nigeria that provides loans to customers who have salary or business accounts domiciled with GT Bank. This loan enables the customers own their homes.
Requirements for the GT Bank Mortgage
- You must have completed the application form
- The property’s title document
- Offer letter to sell property from vendor
- Get a valuation report from GT Bank’s approved estate valuer
- Search report from GT Bank legal group
GT Bank Vehicle Insurance Premium Financing
This is a car loan that allows you as a salary earner with GT Bank account pay for your car insurance in advance and spread the repayment over a 12-month period.
GT Bank Travel Advance
This loan is designed to meet your travel needs as a customer of GT Bank with salary accounts domiciled with the bank. The loan will take care of your airline ticket, hotel reservation, tours, events, airport pickup and transfer.
Frequently Asked Questions
- What will happen if I don’t repay the loan at the right time?
This actually depends on the agreement you had with the lender and it is either there will be an increase of interest rate or the lender will sell off the collateral.
- What is the minimum and maximum loan amount for the Quick Credit GT Bank Loan?
The minimum loan amount for the GT Bank is N5,000 while the maximum loan amount is N5 million for salary earners and N500,000 for non-salary earners.
- How long does it take to access the Quick Credit?
If your application was successful, you will get the loan immediately.
- What is the GT Bank Loan Calculator?
This is a web application that helps you to calculate how much your loan payment will be. The loan payment will depend on the type of loan and also its interest rate.
For you to use the loan calculator, you will have to put in your loan information like the amount, repayment period and interest rate.
After that, the calculator will help compute how much you will pay monthly, the total payments and also the total interest payments.
With this loan calculator, you will be able to determine the loan package that suits you better.
We have looked at some of the loan packages offered by GT Bank and how you can actually apply. So you just have to go through the packages and see the one that suits you best so that you can start your application.
Some of these loans can be assessed online or through the USSD code *737# and so you won’t have to go to the bank before you can get the loan.