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How to Qualify for GTB Loan

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Guaranty Trust Bank, popularly known as GT Bank or GTB, has numerous loan offers that target the different financial needs of its customers. These loans are designed to make life easy and better for everyone. The bank is reliable and trustworthy, and its services are seamless and efficient, so getting a loan from there will be straightforward.

See also: How to get a Fidelity Bank Loan – Step-by-step Guide

How to Qualify for GTB Loan

Since there are different types of GT bank loans, and each has different requirements, we will discuss them one after the other. Here are all the types of GT bank loans and how to qualify for them. 

How to Qualify for GTB Loan
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GTBank Salary Advance Loan

With the GT bank salary advance loan, you can get half of your net monthly salary upfront. It is available to staff of public and private sectors with an active GT bank salary account. The repayment tenor is 30 days, you can get up to 50% of your salary, and it is renewable monthly. Also, there’s no collateral requirement, and if you apply for this loan, you will get it within 24 hours.

How to Qualify for the Salary Advance Loan 

  • Have an active salary account with GT Bank that is at least one month old.
  • A minimum salary of 50,000 for employees in the private sector and 25,000 for employees in the public sector.
  • Have an employee undertaking form. 

Quick Credit Loan

If you are a salary earner and you need extra cash, this loan is an excellent option; you can get it instantly, and it has a payback time of 12 months. This loan offers up to 3 times your monthly salary, can give funds up to 3 million, and the interest rate is just 2% monthly. 

How to Qualify for the Quick Credit Loan

  • You must not have a history of dud cheques.
  • Must earn a minimum monthly salary of 10,000 or maintain a minimum monthly lodgement of 20,000.
  • You must not have any unpaid obligations.
  • You must have a satisfactory credit report.

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GTB Mortgage Loan

If you have always dreamed of owning a home anywhere in Nigeria, this GT Bank mortgage loan can make your dreams come true. If you want to take this loan, the minimum amount offered for low-density residential locations in Lagos and Abuja is 5 million, and the maximum is 150 million. The minimum amount for medium-density residential locations in Lagos, Abuja and other state capitals is 5 million, and the maximum is 50 million. The repayment period for this loan is 1 to 20 years, but the debtor must pay up before the age of 55 years.

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How to Qualify for GTB Loan
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How to Qualify for the Mortgage Loan

  • Have a Title Document of Property.
  • Search report from GT Bank Legal Group.
  • Offer letter to sell property from vendor.
  • Valuation report from any of the GT Banks’ approved estate valuers.

School Fees Advance Loan

The GT Bank school fees advance loan is designed to help customers pay their child or ward’s school fees for schools in Nigeria only. The minimum amount is 50,000, and the maximum amount is 5 million naira, but the loan can’t be more than the school fees. 

The maximum repayment time for this loan is 4 months per request. The loan is available for employees in the public and private sectors with salary accounts domiciled with GT Bank. And the interest rate is also quite favourable.

How to Qualify for the School Fees Advance Loan

  • You must be a confirmed member of staff in a recognised organisation, and you must have worked there for at least 6 months.
  • The minimum salary requirement for employees in the public sector is 25,000, and 50,000 for employees in the private sector. 
  • Have an active GT Bank account for at least 1 month.
  • Have credit insurance and an employer undertaking form.

Max Advance Loan

The max advance loan can help the staff of selected corporate and government organisations get personal financial support, that’s, if they have a salary account with GT bank. The minimum and maximum amounts for this loan are 100,000 and 10 million, respectively, and the repayment tenure is 3 to 48 months. Once your application is approved, your loan will be granted within 48 hours. 

How to Qualify for the Max Advance Loan

  • Have credit insurance and an employer undertaking form.
  • An active salary account with GT Bank for at least 1 month.
  • Your terminal benefits account must be domiciled with GT Bank.

Max Plus Loan

The GT Bank Max Plus loan is a larger loan for people with bigger earnings; it offers greater flexibility and a convenient repayment plan. However, this loan is available to platinum customers only, and they must have their salary accounts in GT Bank. The minimum amount for this loan is 6 million, and the maximum amount is 50 million, while the repayment period is 60 months with equal monthly repayments, which comprise interest and principal. There is also no collateral required for this loan.

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How to Qualify for the Max Plus Loan 

  • Have a functional salary account with GT Bank that is at least one month old.
  • Have a minimum net annual income of 20 million.
  • Get an employee undertaking form.

Travel Advance Loan

The travel advance loan is designed to help people meet their travelling needs without worrying about money. If you have a GT Bank account, you can get this loan to cover your airline ticket, hotel reservations, tours and events, airport pickup and transfer expenses. The minimum amount you can apply for is 250,000; the maximum is 3 million, and you will have 12 months to repay the loan. The interest rate for this loan is 20% per annum. 

How to Qualify for GTB Loan
Source: iStock

How to Qualify for the Travel Advance Loan

  • You must have a salary account domiciled with GT Bank.
  • Salary must be paid in Niara.
  • You must have received your salary in that account for at least 3 months from the same employer.

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Computer Acquisition Scheme Loan

GT Bank offers this computer acquisition scheme to help serving corp members finance their acquisition of mobile devices, and it is to be repaid during their service year. The maximum loan amount is 60,000, and the repayment period is 3 to 10 months, which must be with equal monthly instalments, but it shouldn’t exceed 33.3% of the corps member’s allowance monthly.

How to Qualify for the Computer Acquisition Loan

  • Have a functional GT Bank account for your NYSC allowance.
  • Have an employee undertaking form.
  • All loan applications must be completed during your NYSC orientation program.

Overdraft (Premium Advance Loan)

A premium advance loan is an overdraft that can be placed on your Naira debit MasterCard if requested. It can offer you up to 1 million overdraft with a repayment period of 1 year. The interest rate is a 2%. You can use your overdraft to purchase anything you want online or in person, and you can withdraw it from an ATM or POS. 

How to Qualify for a Premium Advance Loan

  • You have to be a platinum customer.
  • You should have a functional Gt Bank account that has received your salary consecutively in the last 3 months. 
  • Your annual turnover shouldn’t be less than 10 million
  • Your average monthly salary shouldn’t be less than 1 million
  • You must not have any past-due obligations with any bank.
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Vehicle Insurance Premium Financing

Do you have a car or vehicle you would like to insure? There is good news for you. One of the numerous loans GT Bank offers is a vehicle premium financing loan that allows customers, including organisations, to pay for their vehicle insurance premium upfront and get a generous repayment period of 12 months. 

The minimum loan amount is 20,000 for individuals and corporate organisations, while the maximum loan amount is 1 Million for individuals and 5 Million for corporate organisations. The loan interest rate is 1.67%, with an equity contribution of 20%. 

How to Qualify for GTB Loan
Source: iStock

How to Qualify for the Vehicle Insurance Loan

  • Your salary account must be domiciled with GT Bank. 
  • All SMEs and corporates must have access to GAPs and accounts domiciled with GTBank. 

How to Apply for GT Bank Loans

Now that you know the different loans GT Bank offers and their requirements, you may wonder how to apply for these loans. You don’t have to worry because it is a very seamless process; you can apply for any GT Bank loan by visiting any GT Bank branch closest to you. The mobile app and the Internet banking portal are also available for this purpose. You can also dial the USSD code *737*8*2# and follow the instructions for loan applications.

Find the loan offer that best suits your needs, submit all required documents along with the application form and wait for it to be approved. The bank will notify you when that happens. Some of the loans are granted immediately, while some may take 24 to 48 hours, and the money will be deposited into your GT Bank account. 

See also: How to Get a Business Loan in Nigeria in 2023: A Comprehensive Guide

If you ever have any need for extra cash, now that you understand how to qualify for a GTB loan, you can get all the financial support you need from GT Bank. They have a low-interest rate, an easy loan application process, and many different types of loans to meet everyone’s needs, and most of these loans do not require collateral at all. 

Whatever your financial needs are, GT Bank can provide the support you need to reach your goals. 

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