The financial institution Guaranty Trust Bank Plc (GTBank) is well-known for offering a wide selection of industry-leading financial products and services that are designed to meet the needs of different classes of people and organizations. With its main office in Lagos, Nigeria, GTBank is a global financial organization that also has affiliates in Sierra Leone, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, and the United Kingdom.
One of the leading financial institutions in Nigeria supporting startups and small businesses is GTBank. In an effort to enrich lives, GTBank offers a number of loan programs that are intended to support the growth of both its individual and commercial clients.
We will discuss the various types of loans and how to apply for them in this article.
Let’s get started…
1. Salary Advance from GTBank
You can receive up to 50% of your net monthly pay up front with a salary advance loan. Employees of private businesses and governmental organizations who have active pay accounts with GTBank are eligible for this lending program.
Benefits of salary advance
- Up to 50% of net monthly salary in advance.
- The tenor of 30 days and it is renewable every month.
- No collateral.
- Minimum salary of #25,000 for the public sector and #50,000 for private-sector employees.
- Salary advance loans are made available within 24 hours.
How to apply for a GTBank salary advance
You can apply via any of these three mediums:
- Simply log in to Internet Banking
- Dial *737*8*2# to apply
- Visit any GTBank branch or ATM near you
2. GTBank advances for school costs
A financing facility called a “school fees advance” was created to help you pay for your child’s or ward’s tuition at schools and institutions in Nigeria exclusively. Staff employees of respected governmental and commercial enterprises whose wages are lodged with GTBank are eligible for this program.
advantages of higher education costs
You can receive a school fee advance of up to ₦5 million. Per request, a tenor of four months is the maximum.
Its interest rate is really competitive. Monthly principal and interest payments are the agreed-upon methods of loan repayment.
Additionally, you have immediate access to money so that you can pay the school costs for your kid or ward right away.
How to Apply for a GTBank Advance on School Fees
- Submit the Employer Undertaking Form and the completed Application Form.
- Send a bill for school fees and credit insurance.
- Make sure the terminal benefit for employees is domiciled in GTBank or acquire a corporate guarantee.
- Note: You can visit your nearby GTBank branch or download the forms from the GTBank website.
3. Quick Credit
Salary earners or self-employed people can quickly access the money they need with GTbank Quick Credit and repay it over the course of 6 – 12 months. With Quick Credit, you can obtain funds up to ₦5 million at a 1.33% monthly interest rate with no additional fees. Dial *737*51*51# to see if you are qualified for Quick Credit.
Advantages of a Quick Credit Loan
- You could receive between ₦500,000 and ₦5,000,000 if you qualify.
- Convenient payback schedule with a 6–12 month length.
- a monthly interest rate of 1.33%.
How to apply for GTBank Quick Credit
There are two ways to apply:
- You can request Quick Credit instantly by dialling *737*51*51#.
- Quick Credit is accessible through all GTBank online and mobile banking services (Internet Banking, GTWorld, GTBank Mobile App, and Habari App).
If you’re seeking a bigger loan facility and more flexibility to meet your financial needs with an easy payback schedule, go for GTBank MaxPlus. Platinum customers with GTBank-domiciled pay accounts are eligible for MaxPlus.
Benefits of MaxPlus
- Get a loan for ₦6,000,000 to ₦30,000,000.
- the maximum tenor of 48 months. 33.3% of the net monthly earnings cannot be paid back in repayments each month.
- equal monthly principal and interest payments
- No security is needed.
Applying for MaxPlus
Send in the completed Employer Undertaking Form and MaxPlus Application Form.
Note: You can visit your nearby GTBank branch or download the forms from the GTBank website.
GTMortgage is a financing program created to make it possible for Gtbank clients to own a property in a few selected towns around the nation. It is only available to clients whose earnings from businesses or salaries are lodged with the Bank.
Benefits of a mortgage
- Facility amounts range between ₦5million and ₦150million for low-density residential locations in Abuja and Lagos.
- Facility amounts range between ₦5million and ₦50million for medium-density residential locations in Abuja, Lagos, and other state capitals.
- The tenor of up to 20 years (but subject to a maximum age of 55 when the loan expires).
How to apply for a GMortgage
You need the following documents to apply for GTMortgage:
- 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
You can go to the nearest GTBank branch location to apply for GTMortgage.
6. GTBank Travel Advance
Travel Advance is a good option for you if you need a loan to cover your travel expenses (airline tickets, hotel reservations, airport pickup and transfer, tours, and events). Your salary account must be domiciled with GTBank in order to be eligible for this loan. Additionally, you must have received your income from the same employer through GTBank in the last three months (salary must be in Naira).
Benefits from the Travel Advance
- Facility amounts range from ₦250000 to ₦3million.
- Loan tenor up to 12 months.
How to Apply for a GTBank Travel Advance
- Login to Internet Banking
- 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.
The purpose of MaxAdvance is to make personal loans available to employees of specific business and governmental institutions whose staff salary accounts are housed with GTBank.
Benefits of MaxAdvance
- Facility amounts range from ₦100000 to ₦10million.
- The loan tenor is up to 48 months.
- Convenient repayment plan.
Applying for MaxAdvance
With the necessary documentation, you can complete your MaxAdvance loan application at any GTBank branch location close to you:
- MaxAdvance application form for non-private organizations or private organizations.
- Employee undertaking form.
8. GTBank computer acquisition scheme
The computer acquisition scheme provides existing Corps members with a facility (time loan) to finance the purchase of mobile devices to be paid for during the service year if their allowance accounts are domiciled with GTBank.
Benefits of computer acquisition scheme
- Facility amount of up to ₦60000.
- Flexible repayment plan(within 3 to 10 months).
- It allows Corp members more information, knowledge, and acquisition of skills.
Application procedures for the GTBank computer acquisition Scheme
Throughout the NYSC orientation sessions, you can finish your application. The necessary records consist of:
- Computer acquisition scheme application form
- Employer undertaking form
- Domiciliation of NYSC allowance with GTBank
9. GTBank Premium Advance
Premium advance is a revolving overdraft facility placed on your Debit Naira MasterCard for when you need funds the most. The requirements for eligibility are:
- Platinum customers only.
- Average monthly salary not less than ₦1million in the last six months.
- Annual turnover should not be less than ₦10million.
- You should have received your salary through your GTBank Account in the last three months consecutively.
- You should not have any past-due obligations with GTBank or other banks.
Benefits of premium advance
- Up to ₦1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days).
- Very Competitive interest rate. 2% flat fee on ₦1million upon first utilization.
- Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchases, and web payments)
- Monthly repayment of interest with a bullet payment of principal at end of the cycle.
How to apply for a GTBank premium advance
- Just deliver the completed Employee Undertaking form and premium advance application to the nearby GTBank branch.
- Vehicle insurance premium borrowing through GTBank
- Vehicle Insurance Premium Financing is a time loan that allows salary owners and corporate entities with access to GAPs to pay their motor insurance premiums in full up front and stretch the repayment over a 12-month period.
Benefits of vehicle insurance premium financing
- The loan amount ranges between ₦20000 and ₦1million for individuals and ₦20000 to ₦5million for corporates
- Instant availability of funds to pay for insurance premiums.
- Opportunity to pay for insurance premium on a monthly basis
- Insurance covers without physically visiting the insurance office
How to apply for GTBank vehicle insurance premium financing
Both GAPS and Internet Banking are available for applying for the financing of vehicle insurance premiums. Simply click Sign On Menu, Insurance Loans, and Vehicle Insurance to submit an application through internet banking.
- Go through to apply via GAPs/GAPs Lite; Join — Single Transactions — Collections — Insurance Loans — Leadway for Vehicle Insurance
10. GTBank QuickCredit for Small Business
This is a time loan product designed to help SMEs in the education (creche, primary & secondary schools) and healthcare sectors finance working capital (i.e., monies needed for day-to-day activities) (Hospitals, Retail Pharmacies and Diagnostic Centres). Before requesting the credit facility, you must open a corporate account with GTBank and keep it active for a full year.
Benefits of GTBank QuickCredit for Small Business
- Eligible customers can access up to 50% of the average annual turnover
- Loan tenure is up to 6 months (12 months for schools)
- Funds are disbursed instantly
- Eligible customers can apply via GAPs/GAPslite platform
- Repayment is structured in two ways: Monthly interest payments and quarterly principal repayments (option is only available for schools) Equal monthly repayment of principal and interest
How to Apply for a GTBank QuickCredit for Small Business
On the GAPs/GAPsLite portal, simply choose Loans, click on QuickCredit for Small Business, and then adhere to the on-screen instructions.
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