Written by GTBank, officially known as Guaranty Trust Bank, is a prominent financial institution in Nigeria, offering a range of banking services tailored to individual and business needs. One of the most appealing services GTBank offers is the ability to quickly and easily borrow money, providing options for both urgent financial needs and long-term financing.
Whether you need a small loan to cover an unexpected expense or a larger loan for a business venture, GTBank has options for everyone. In this guide, we’ll walk you through the simple steps required to borrow money from GTBank, covering the loan types, eligibility, application methods, and more.
How To Borrow Money From GTBank: Follow This Easy Steps
GTBank Loan Options
GTBank provides several loan products to meet diverse financial needs. Let’s look at the key loan options:
Quick Credit: Quick Credit is designed for GTBank account holders who need urgent funds. This product offers up to N5 million with a competitive interest rate and is available to salary earners and self-employed individuals.
Salary Advance: Salary Advance is a short-term loan for customers who receive their salaries through GTBank. It provides up to 50% of the customer’s monthly salary to help manage unexpected expenses.
GTBank Max Advance: This loan is geared toward salary account holders who need higher financing, with loan amounts reaching up to N10 million. Max Advance is ideal for long-term financial needs and is typically available to employees in select sectors.
SME Loans: GTBank provides several loan options for small and medium-sized enterprises (SMEs) to support business growth. These include the Food and Agro Loan, Fashion Industry Loan, and Market Moni Loan.
School Fees Advance: This loan is specifically for parents or guardians who need to cover their children’s education costs. It provides a short-term loan to ease the burden of school fees, ensuring uninterrupted education for their kids.
Eligibility Requirements for GTBank Loans
To qualify for a loan from GTBank, certain requirements need to be met. Here’s an overview:
GTBank Account: To apply for a loan, you must have an active GTBank account.
Age: Borrowers should be at least 18 years old. There may also be an upper age limit for certain loans.
Employment Status: For Salary Advance and similar products, you must be a salaried employee who receives their monthly salary through GTBank.
Credit Score: GTBank may review your credit history to assess your financial behavior. Having a good credit score can improve your chances of approval and better loan terms.
Minimum Income: Some loans may require a minimum monthly income or regular revenue for business loans.
Step-by-Step Guide to Borrowing Money from GTBank
If you meet the eligibility requirements, you can begin the application process. GTBank has made borrowing easy with options to apply online, via the GTBank app, or even by USSD. Follow these steps to apply.
Step 1: Choose the Right Loan
Evaluate your financial needs and pick a GTBank loan product that best suits your purpose. Quick Credit is great for personal or short-term needs, while the Max Advance and SME loans are better for long-term or business financing.
Step 2: Verify Your Eligibility
Ensure you meet the specific requirements for the loan you’ve selected. GTBank’s loan products each have their own eligibility criteria, so it’s wise to check this beforehand to avoid any delays.
Step 3: Initiate Your Application
There are multiple ways to apply, depending on your preference and the type of loan:
USSD Code: Dial *737# on your phone and follow the on-screen prompts. This method is usually fast and convenient for customers on the go.
GTBank Mobile App: Download and open the GTBank app, log in, and navigate to the “Loans” section to select the desired loan type.
Internet Banking: If you prefer a desktop experience, you can log into GTBank’s online banking portal, go to the loan section, and begin your application.
Step 4: Fill Out Necessary Information
Complete the application form with accurate information. You’ll need to provide details such as your name, account number, employment information, and sometimes income details.
Step 5: Review the Terms and Submit
Once your application is filled out, carefully review the terms and conditions. Make sure you understand the interest rate, repayment timeline, and any additional fees associated with the loan. If everything looks good, submit the application.
Step 6: Approval and Fund Disbursement
After submission, GTBank will process your application. For loans like Quick Credit, the approval can be immediate, but larger loans may take a few days. Once approved, the funds are disbursed directly to your GTBank account.
Loan Repayment Options
Repaying your loan is convenient with GTBank. Here are some options you can use:
Automatic Debit: GTBank can automatically deduct the repayment amount from your account each month.
Mobile App or USSD Code: Use the GTBank app or the *737# code to make repayments if you prefer to have more control over when and how much to pay.
In-Person Payment: If you’re more comfortable with in-person banking, visit any GTBank branch to make your loan repayments.
Pros and Cons of GTBank Loans
Pros
Fast Approval: GTBank processes applications quickly, especially for products like Quick Credit.
Flexible Repayment: Customers have multiple repayment methods to choose from, making it easier to stay on track.
Diverse Loan Options: With loan products for personal, business, and educational needs, GTBank offers a variety of choices.
Cons
Eligibility Restrictions: Certain loans are limited to salaried employees or existing GTBank customers.
Interest Rates: Some loans may have high-interest rates, especially for short-term borrowing, so it’s essential to compare options.
FAQs About GTBank Loans
Q1: How much can I borrow with GTBank Quick Credit?
A1: Quick Credit allows you to borrow up to N5 million, depending on your account history and income level.
Q2: What is the interest rate for GTBank Salary Advance?
A2: The interest rate for Salary Advance is typically around 1% monthly, though it may vary based on customer profile.
Q3: Can I apply for a GTBank loan if I’m self-employed?
A3: Yes, some loans, such as Quick Credit, are open to both salaried and self-employed individuals. However, you’ll need to meet the basic income requirements.
Q4: How do I check my loan balance?
A4: You can check your loan balance via the GTBank mobile app, online banking, or by dialing 7376*2#.
Q5: Are there any penalties for late repayment?
A5: Yes, GTBank may impose penalties or additional fees for missed payments. It’s advisable to keep up with your repayment schedule.
Q6: Can I repay my loan early?
A6: Yes, GTBank allows early repayments on some loans. Early repayment can help reduce interest costs, so check the terms of your loan.
Conclusion
GTBank offers a straightforward, customer-friendly loan application process with a variety of loan options to meet different financial needs. Whether you’re borrowing for personal reasons or business growth, following these steps can help you access funds efficiently and responsibly.
GTBank’s loans provide flexible repayment options, quick approvals, and tailored products that make borrowing easy for their customers. Remember, it’s always essential to review the loan terms carefully and ensure you’re comfortable with the repayment plan before borrowing.
