How to get a loan from GTBank

May 19th, 2021

GTBank remains one of the largest financial institutions in Nigeria and serves millions of customers in the country. Although well known for its excellent banking services and good customer service, the loan scheme from GTBank is also one of their top services that you can benefit from. This article explores available loans, and how to get a loan from GTBank.

how-to-get-a-loan-from-gt-bank

What are the available loan services with GTBank?

There are several loan services available with GTBank, which are:

GTSalary Advance

this loan package allows you to get up to 50% of your net monthly salary upfront, to meet urgent needs. To qualify for this bank, your salary account has to be domiciled in GTBank. It is available to private and government workers.  

What it entails:  

  • Up to 50% of net monthly salary in advance.
  • Tenor of 30 days. Renewable monthly.
  • No collateral required.
  • Minimum salary of N25,000 for employees in the public sector and N50,000 for the private sector.
  • Salary advance will be made available within 24 hours.

How to apply:

  • Simply log in to internet banking
  • Dial *737*8*2# to apply
  • Visit any GTBank branch or ATM near you

GTBank school fees advance:  

this loan package is designed to pay for your child’s fees for institutions in Nigeria only. For you to qualify, your salary account must be domiciled with GTBank, and you must be a staff or a reputable public or private organization.

What it entails:

  • Up to N5 Million School Fees Advance.
  • Maximum tenor of 4 months per request.
  • Very Competitive interest rate with 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:

  • Submit the 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.

Quick credit: 

this service caters to the needs of the self-employed and salary earners. It offers funds of up to N5 million, at an interest rate of 1.33% monthly, and a tenor of 6 to 12 months. Therefore, get the cash you need instantly, and payback later.

What it entails:

  • 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:

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

Max Advance:  

max advance is another loan service that offers personal loans to staffs of some corporate and government organizations. To benefit as a staff however, your salary account must reside with GTBank.

What it entails:

  • Facility amount of N100,000 to N10,000,000
  • Tenor of 3 to 48 months
  • Repayment equal monthly repayment that comprises of the principal and interest. This payment does not exceed 33.3% of your net monthly salary.

 How to apply:

Max plus: 

this service is available to platinum customers only, whose salary account is domiciled with GTBank. It offers a larger loan facility and more flexibility as regarding payment plans.

What it entails:

  • Get a loan of between N6 Million and N30 Million.
  • Tenor of up to 48 months. Monthly repayment cannot exceed 33.3% of your net monthly salary.
  • Equal monthly repayment comprising principal & Interest.
  • No collateral required.

How to apply:

Computer Advance: 

this service is specially designed for serving Corp members, whose allowance account is domiciled with GTBank. It enables you to acquire computer and mobile devices during your service year by paying on your behalf.  

What it entails:

  • It has a maximum loan amount of N60,000
  • 3 to 10 months tenor
  • Equal monthly repayment of principal and interest over the loan tenor, which shall not exceed 33.3% of Corps member’s monthly allowance

How to apply:

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

GT Mortgage: 

this loan specially addresses customers intending to purchase a property by providing the funds for it. To benefit, your salary account or business proceeds must be domiciled with the bank.

What it entails:

  • A sum of 5 to 150 million for low density residential areas in Lagos and Abuja, and 5 to 50 million for medium density areas
  • A tenor of 1 to 20 years which is subject to a maximum age of 55 when the loan expires
  • Flexible repayment structure

How to apply:

  • Submit the following completed form to apply or this loan
  • Completed Application Form
  • Title Document of Property
  • Offer Letter to Sell property from the vendor
  • Valuation report from any of the Banks approved estate valuer
  • Search report from GTBank Legal Group

Premium Advance:

this is an overdraft loan facility, that places the debt on your debit naira MasterCard. It helps you out during emergency needs.  

What it entails:

  • 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 a bullet payment of principal at end of the cycle.
  • For Platinum customers only.
  • Your 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 for the last three months consecutively.
  • Please ensure that you do not have any past due obligation with GTBank or other banks.

How to apply:

Travel Advance: 

Just as the name implies, a travel advance offers you a loan amount in advance, to meet your traveling expenses. It is available to only those with salary account domiciled with the bank.  

This loan service is available for the following travel expenses:

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

 What it entails:

  • Facility amount of N250,000 to N3,000,000
  • A maximum tenor of 12 months
  • 20% per annum interest rate that is subject to money market conditions
  • Your salary account must be domiciled with GTBank.
  • You must have received your salary through GTBank in the last three months from the same employer.
  • Your Salary must be paid in Naira (NGN).

How to apply:

  • 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

Vehicle Insurance Premium Financing: 

this is a time loan service that allows you to pay for your motor insurance premium upfront. It is available to corporate organizations and salary earners with salary account domiciled with the bank. You are allowed to spread the loan repayment over a 12-month period.  

What it entails:

  • 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 cos
  • Fees: 1% one-off flat fee

How to apply:

You can apply for the Vehicle Insurance Premium Financing on Internet Banking or on GAPS through aby of the following procedures: 

  • For Internet Banking

Sign On – Menu – Insurance Loans – Vehicle Insurance 

  • For GAPs/GAPs Lite 

Sign On – Single Transactions – Collections – Insurance Loans – Vehicle Insurance Leadway

On following any of your preferred process above, the following happens: 

  • The loan is made available immediately 
  • Your Insurance Service provider processes policy within 48 hours.
  • A copy of the insurance certificate is sent to your email address.

You repay the loan on a monthly basis

Conclusion

GTBank offers various loan services to meet your needs at different points in time. You can take advantage of these services to benefit in different ways by subscribing to their services today.

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