GTBank has a wide range of offers for getting a loan in Nigeria that suits personal and business needs. You might get confused in the process of choosing the right fit.
For this reason, we have created this exhaustive list of every single GTB loan available and how you can get any one of them. Let’s dive in, shall we?
GTB Loan Types And How To Borrow Money From GTBank
The types of loans you can borrow at GTBank include:
1. GT Salary Advance
This is a GTB loan that offers you up to 50% of your monthly salary upfront. It is only available to private companies and government agency employees who have their salary accounts with GTBank. We have a post that goes in-depth into the GTbank salary advance. Check it out here.
How To Borrow a GT Salary Advance from GTBank
There are 3 different ways to apply for a GT Bank salary advance. They include:
- Use the GTBank internet banking platform
- Use the GTB loan code – *737*8*2#
- Visit any branch of GTBank or ATM
2. GTBank School Fees Advance (GTBank Student Loan)
Also known as the GTBank Student loan, this is a GTB loan facility that provides you the opportunity to pay school fees for your child/ward. One of the major conditions for accessing this loan is that the institution must be in Nigeria.
This credit facility is available to staff of private and public organizations who have their salary accounts with GT Bank. You can check out this post for an in-depth look into the student loan facility.
How to Borrow a GTBank Student loan
- Complete and submit an application form and an Employer undertaking form
- Provide the school fees bill and credit insurance
- Ensure that your staff terminal benefit is domiciled in GTB
3. GTB Quick Credit Loan
Quick credit is a GTB loan for both salary earners and the self-employed. The GTB quick credit loan facility provides you the opportunity to get cash instantly and pay back over a period of 6 – 12 months at an interest of 1.33%.
We have a comprehensive review that explains everything you need to know about the GTBank Quickcredit facility. See it here.
How To Borrow a GTB Quick Credit Loan
- Use the quickcredit GTB loan code – *737*51*51#
- Use any of the GTBank online and mobile banking platforms
4. GTBank MaxAdvance Loan
The GTBank Max Advance Loan is a type of GTBank loan that provides loans to select employees of private and public organizations who have their salary accounts with GTbank. Learn more about the Max Advance loan here.
5. GTBank MaxPlus
MaxPlus is a GTB loan that provides you with a larger loan facility and a convenient repayment plan. This is only available to platinum GTbank customers whose salary accounts are domiciled with the bank.
6. Computer Acquisition Scheme
This is an NYSC loan scheme that offers loans to currently serving NYSC members to finance the acquisition of mobile devices. These corps members must have their allowance accounts domiciled with GTBank and the loan repayment must be completed within 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 GTBank.
7. GTBank Mortgage
GT Mortgage is a mortgage loan in Nigeria that provides loans to customers whose salaries or business accounts are domiciled with GTBank in order to help them own their homes.
Requirements for The GTBank Mortgage
- A completed application form
- The property’s title document
- Offer letter to sell property from vendor
- Get a valuation report from GTBank’s approved estate valuer
- Search report from GTBank legal group
8. GTBank Premium Advance
This is a revolving overdraft facility that is placed on your Debit Naira MasterCard.
Requirements for Getting A Premium Advance from GTBank
- Ensure you are already a platinum customer
- Your average monthly salary must not be less than N1million in the last 6 months
- Also, your annual turnover must not be less than N10million
- Your salary account in the last consecutive 3 months must have been with GTBank
9. GTBank Travel Advance
The Travel Advance is a GTBank loan designed to meet the travel needs of their customers with salary accounts domiciled with the bank. This loan is available for taking care of your airline ticket, hotel reservation, airport pickup and transfer, tours, and events.
10. GTBank Vehicle Insurance Premium Financing
The GTB car loan enables salary earners and companies with GTBank accounts pay for their car insurance premium upfront and spread the repayment over a 12-month period.
GTBank Loan Calculator
The GTBank loan calculator is a web application that helps you calculate how much your loan payment will be. The loan payment will depend on the kind of loan and its interest rate.
To make use of the loan calculator, you input your loan information (Amount, interest rate, period of repayment). After that, the calculator will help compute your monthly payments, total payments, and total interest payments.
A loan calculator is an invaluable tool. It enables you to make a more informed decision on what loan package suits you best.
Frequently Asked Questions
Some of the most frequently asked questions include:
What will happen if I wasn’t able to pay back at the right time?
The exact penalty that follows being unable to pay back at the right time depends on your agreement. Usually, the penalties are stated in the loan terms and conditions and are enacted once there’s a default. Most lenders either increase the interest percentage or sell off collaterals.
On the bright side, loanspotafrica do not require collaterals and don’t take brute force in enforcing repayment after the deadline passes. This is why they run a flexible repayment structure that ensures you almost never miss the deadline.
What questions will I be asked when applying for a loan?
Lenders can literally ask anything pertaining to your finance, business, or loan intent when applying for a loan. The questions usually circle around these factors and play an important role in the success of your loan application.
Modern lenders today like loanspotafrica, however, ask minimal questions and focus on getting the loans to you as quickly as possible.
How long will it take to get the money?
This duration solely depends on your lender. Once approved, expect the money to be disbursed within 24 hours. Generally, some are quicker than others and if you prefer quicker disbursement, you should look into loanspotafrica as they offer one of the fastest.
How much loan will I get on my salary?
This depends on the lender in question. Most lenders prefer to borrow individuals sums that they know they can repay within the stipulated time. For example, if it’s a payday loan, the lender may offer you about 50% of your income as a loan. In the case of huge loans too, lenders usually want borrowers with a high source of income or comparable assets.
If you opt to take a loan with loanspotafrica, you would not need to be concerned about your salary. This is because they have something for everyone, including loans for those without a source of income.
GTbank offers some of the best loans for its customers to assess. From salary advance to school fees and Maxplus, their loan services are diversified, meaning there’s something for everyone. To get started today, simply visit their app or any of their offices close to you.
Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.