In this article, I will discuss GTBank loans. I will show you the different types of loans available for GTBank customers. This post has details on GTBank loans. They are many loans available, these loans have their terms and condition for application.
The question many people get stuck with is how to apply for a loan, and what are the requirements involved. This article will make everything possible. You will learn step by step guide on how to get a loan from GTBank.
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List of Available GTBank Loans
The following are different types of loans available for you as a GTBank customer.
- Quick Credit
- GT Salary Advance
- School Fees Advance
- Max Advance
- Max plus
- Computer Advance
- GT Mortgage
- Premium advance
- Transfer Advance
- Vehicle insurance premium financing
Above are loans available on GTBank, you can check the loan that you are qualified for. Below, I will be discussing in detail on requirements, terms, and conditions of each loan, as well as how to apply for the loan.
Quick Credit
This is a loan by GTBank, as the name implies. It is a quick loan that you are required to pay back in 6 to 12 months. This loan is available for salary and non-salary earners. In this loan, you will get 5 million naira to pay back in 6 to 12 months at an interest of 1.33% monthly. There are no other hidden charges attached to this loan.
This loan is a quick one, so if you need GTBank quick credit loan. I got you covered, now we will take our time to check out the requirements and processes involved. The quick loan allows you to get loans as low as 10,000 naira to 5 million naira maximum.
GTBank Quick Credit Loan Terms And Conditions
Below are the requirements and eligibility terms
- The Borrower shall repay the principal and interest in 6 – 12 (Six to Twelve) equal monthly installments.
- The Borrower hereby authorizes the Bank to debit [his/her] salary account for the monthly loan obligations or authorize the Payroll Service Provider to deduct the monthly loan obligation comprising principal and interest before crediting his/her account with the Bank.
- The reserved interest rate chargeable on the Borrower’s account shall be the Bank’s prime lending rate from time to time.
- In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.
- A late repayment fee of 1% flat per month (approximately 12% p.a.) over the approved lending rate shall be applied to the outstanding unpaid obligation without recourse to the Borrower.
Things You Should Know About GTBank Quick Credit Loan
- Up to N500,000 – 5 Million
- Convenient repayment plan spread over 6 – 12 months.
- At an interest rate of 1.33% per month
How To Apply For GTBank Quick Credit Loan
- You can request Quick Credit instantly by dialing *737*51*51#
- Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App, and Habari App)
GT Salary Advance Loan
This loan is for salary earners of private companies and government workers. This loan allows you to get 50% upfront of your net monthly salary. You must have active salary accounts domiciled in GTBank.
Features Of Salary Advance Loan
- Up to 50% of net monthly salary in advance.
- The tenor of 30 days. Renewable monthly.
- No collateral is required.
- Minimum salary of N 25,000 for the public sector and N 50,000 for private sector employees.
- Salary advance will be made available within 24 hours.
How To Apply For GTBank Salary Advance Loan
- Simply log in to Internet Banking – For this to work, you must have registered for internet banking using your bank account. If you haven’t, read our guide on GTBank Internet banking.
- Dial *737*8*2# to apply. If you have activated mobile banking on your device. If you have not please read GTBank Bank Mobile Banking.
- Visit any GTBank branch or ATM near you, and request a form to apply for a GTBank loan – salary advance. Fill out the form correctly and submit it.
School Fees Advance
GT School fees advance is a loan to help parents or guardians pay their children’s school fees. You can get loans as low as 50,000 to 1 million maximum per child. These loans have been set up to help improve the standard of education and make school fees payment easy. This loan is available to staff of public and reputable organizations whose salaries are domiciled with the bank.
Things You Should Know About GTBank School Fees Advance Loan
- Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
- Very Competitive interest rate. Equal monthly repayments comprising principal and interest.
- Immediate access to funds for the prompt payment of your child/ward’s school fees.
How To Apply For School Fees Advance Loan
- Download and fill out the Application form and employer undertaking form. Then submit it to the nearest GTBank branch.
- Also, make sure that staff terminal benefit is domiciled in GTBank or get a corporate guarantee.
- Remember to provide school fees bills and credit insurance.
MaxAdvance
MaxAdvance is a GTBank loan that gives personal loan to the staff of select government and corporate organizations who has salary accounts with GTBank. MaxAdvance allows you to get a loan of 100,000 to 10,000,000. You are expected to pay back the loan between 3 months to 48 months. This loan will help you meet all your financial needs.
Things You Should Know About MaxAdvance Loan
- Facility Amount – N100,000 to N10,000,000
- You are required to pay within 3 – 48 Months
- Repayment requirements – Equal monthly repayment comprising principal & Interest. Monthly repayment shall not exceed 33.3% of the net monthly.
- Support/Comfort – Salary Domiciliation, Credit Insurance, Domiciliation of staff terminal benefit or Corporate Guarantee
How To Apply For GTBank MaxAdvance Loan
Download the following forms, fill them out correctly and submit them to the nearest GTBank branch.
- MaxAdvance Application Form for Non-Private Organisations
- MaxAdvance Application Form for Private Organisations
- Team member Undertaking Form
MaxPlus
This loan is for platinum customers, you will enjoy a bigger facility with a convenient repayment plan. This loan will serve better to meet your financial needs. To enjoy this loan, you must be a platinum customer whose salary account is domiciled with GTBank.
What You Should Know About MaxPlus
- Get a loan of between N6 Million and N30 Million.
- The tenor of up to 48 months. Monthly repayment cannot exceed 33.3% of the net monthly salary.
- Equal monthly repayment comprising principal & Interest.
- No collateral is required.
How To Apply For MaxPlus Loan
You will need to download the form below, fill it and submit it to the nearest GTBank branch.
- MaxPlus Application Form
- Team member Undertaking Form
Computer Acquisition Scheme
This is a loan available for only Youth corps members. This loan allows you to acquire a computer. This will help to improve your skills and you will learn new ones. This loan will be paid with your service year allowance. The facility amount is 60,000 naira to be repaid in 3 to 10 months of service.
Things You Should Know About Computer Acquisition Scheme Loan
- The loan amount is not above N60,000. That’s the highest amount you can get.
- You are expected to pay back within 3 –10 months of the service year.
- Repayment – Equal monthly installment of principal and interest over the tenor of the facility and shall not exceed 33.3% of the Corps member’s monthly allowance.
- Corps member’s allowance must be domiciled with the Bank.
- The loan interest rate is not competitive.
How To Apply For Computer Acquisition Scheme Loan
- Visit the nearest GTBank branch, and ask them to give you Application Form for the Computer Acquisition Scheme loan and the Employer Undertaking Form.
- Fill out the form and submit it.
- Note – All applications to be completed during the NYSC orientation activities
GTMortgage
This loan helps business owners or salary earners whose accounts are domiciled with GTBank to own a property like a home. GTMortgage offers a credit facility to own a home in selected cities within the country. This loan differs according to the selected cities. Your account manager will help you discuss the loan and the interest rate applicable.
Things You Should Know About GTMortgage
Facility Amount
| Category | Description | Minimum (N) | Maximum (N) |
|---|---|---|---|
| A | Low-density residential locations in Abuja and Lagos | 5million | 150million |
| B | Medium-density residential locations in Abuja, Lagos, and other state capitals | 5million | 50million |
| Tenor | 1 – 20 years (but subject to a maximum age of 55 when the loan expires) |
|---|---|
| Repayment | Flexible repayment options: |
| a. Equal monthly repayment comprising principal and interest. | |
| b. Annual, semi-annual or quarterly principal repayment while interest will be serviced monthly. Monthly repayment shall not exceed 50% of the net monthly salary. |
How to Apply For GTMortgage
Visit the nearest GTBank branch and request the following documents. Make sure you fill them out correctly and submit them.
- Completed Application Form
- Title Document of Property
- Offer Letter to Sell property from vendor
- Valuation report from any of the Banks approved estate valuers
- Search report from GTBank Legal Group
Premium Advance
This is a loan for when you need money the most. You must have a 10 million naira monthly turnover. The loan facility is an overdraft placed on your debit naira MasterCard. This GTBank loan is for platinum customers.
Things You Should Know About Premium Advance Loan
- 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 purchases,s and web payments)
- Monthly repayment of interest with a bullet payment of principal at end of the cycle.
Requirements For GTBank Premium Advance Loan
- For Platinum customers only.
- The average monthly salary should not be less than N1million in the last six months.
- Annual turnover should not be less than a million.
- 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 obligations with GTBank or other banks.
How To Apply For GTBank Premium Advance Loan
Download the forms below, fill them and submit them to the nearest GTBank branch.
- Application Form and
- Team member Undertaking Form
Travel Advance
This is a time-based loan, designed to help customers meet their travel needs. This loan is available to customers. The travel Advance loan is available for Airline tickets, Hotel reservations, Airport Pickup and Transfer, Tours, and Events.
Things You Should Know About Travel Advance Loan
- Facility Amount – N250,000 to N3,000,000
- Maximum Tenor – 12 months
- Interest Rate – 20% per annum (subject to money market conditions)
- Comfort/Security – Domiciliation of salaries and allowances
- Customers must have their salary account domiciled with GTBank.
- The 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 Loan
- Login to Internet Banking (Read about GTBank Internet Banking – How to Register & use it)
- Click Travel Advance under Investments and Quick Loans
- Select Travel Advance and initiate a New request
- Fill in the required details
- Authorize your request by inputting the 6 digits on your token and submit
Vehicle Insurance Premium Financing
This is a GTBank loan that helps you to pay for your car insurance and repay it with less spread later. This works fine, you get it. Money to pay for your car insurance. After paying the insurance company, you will repay the money in segments.
Things You Should Know About Vehicle Insurance Premium Financing Loan
- Loan Amount – Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
- Maximum Tenor – 1 year
- Interest Rate – 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
- You will get instant funds to pay for your car insurance.
- Enjoy the opportunity to repay on monthly basis.
- Get insurance cover without visiting any physical insurance office. Though, this is optional.
How To Apply For GTBank Car Insurance Loan
- You can apply for Vehicle Insurance Premium Financing on Internet Banking or GAPS ( Read More about GTBank mobile banking)
Internet Banking
- Sign On — Menu— Insurance Loans —- Vehicle Insurance
GAPs/GAPs Lite
- Sign On – — Single Transactions—– Collections —– Insurance Loans—– Vehicle Insurance Leadway
- The loan is availed immediately
- The insurance Service provider processes the policy for the customer within 48 hours.
- A copy of the insurance certificate is sent to the customer’s email address.
- The customer repays the loan every month
I hope this article on GTBank loans was helpful. Now you can easily find the right loan that you are qualified for. We also made it easier for you to apply. You can read more about GTB loans.
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