GTBank can provide assistance if you require a loan to expand or enhance your business. Established in 1991, Guaranty Trust Bank has become one of Nigeria’s largest banks, catering to millions of customers nationwide. The bank offers various services like internet banking, retail banking, corporate banking, investment banking, and more.
GTBank, or simply GTB, is its commonly known name. Other tier-1 banks in Nigeria include Access Bank, First Bank, United Bank for Africa, and Zenith Bank.
Regardless of the size of your business, GTBank offers a range of products and services such as business loans, invoice discounting, and overdrafts.
See also : 10 Instant Loan without BVN in Nigeria
- 1 Types of GTBank Loans
- 2 1. Gtbank Quick Credit Loan
- 3 2. Fashion Industry Credit
- 4 3. Gtbank Food Industry Credit
- 5 4. Build or Buy Loans for School
- 6 5. SME invoice Discounting Finance
- 7 6. Computer Acquisition Loan Scheme
- 8 7. Gtbank Hub Advance
- 9 8. Gtbank Premium Advance
- 10 How to Apply for Gtbank Loans
- 11 Documents required for Gtbank loans
- 12 How To Qualify For GTB Loan for Business
- 13 How to apply for a Guaranty Trust Bank(GTB) business loan
- 14 How to Qualify for a GTB Loan for non-salary earners
- 15 All GTB Loan Types And How To Borrow Money From GTBank
- 15.1 1. GT Salary Advance
- 15.2 How To Borrow a GT Salary Advance from GTBank
- 15.3 2. GTBank School Fees Advance (GTBank Student Loan)
- 15.4 How to Borrow a GTBank Student loan
- 15.5 Get a loan up to N100,000 at the best affordable rates in Nigeria
- 15.6 3. Gtbank Quick Credit Loan
- 15.7 How To Borrow a GTB Quick Credit Loan
- 15.8 4. GTBank MaxAdvance Loan
- 15.9 5. GTBank MaxPlus
- 15.10 6. Computer Acquisition Scheme
- 15.11 How To Apply for The Computer Acquisition Scheme
- 15.12 7. GTBank Mortgage
- 15.13 Requirements for The GTBank Mortgage
- 15.14 8. GTBank Premium Advance
- 15.15 Requirements for Getting A Premium Advance from GTBank
- 15.16 9. GTBank Travel Advance
- 15.17 10. GTBank Vehicle Insurance Premium Financing
- 16 GTBank Loan code
- 17 How to Get Loan From GTBank
- 18 GTBank Loan Calculator
- 19 How do I Repay a GTbank loan?
- 20 Frequently Asked Questions
- 20.1 How long does it take to receive funds from GTBank?
- 20.2 What is the repayment period for a GTBank loan?
- 20.3 How much can I borrow from GTBank?
- 20.4 What is the interest rate for a GTBank loan?
- 20.5 Does GTBank require collateral?
- 20.6 What happens if I fail to repay on time?
- 20.7 What kind of questions will I be asked when applying for a loan?
- 20.8 How long does it take to receive the loan money?
- 20.9 How much loan can I get based on my salary?
- 20.10 How can I get a GTBank loan?
- 20.11 What is the code for GTBank loan?
- 20.12 What is the code to liquidate a GTBank loan?
- 21 Conclusion
Types of GTBank Loans
1. Gtbank Quick Credit Loan
The Gtbank Quick Credit Loan is designed for individuals who are not receiving a fixed salary. Its purpose is to provide swift cash solutions for the day-to-day financial needs of SMEs in the Education and Healthcare sectors. This loan is accessible to Creche, Primary, and Secondary schools, as well as Hospitals, Retail Pharmacies, and Diagnostic centers.
The loan comes with an interest rate of 2.0% per month.
Features of Quick Credit
- Loans are available to pre-qualified customers.
- Gtbank customers can access up to 50% of their average annual turnover.
- Regular customers have a loan tenure of 6 months, while school loans have a tenure of 12 months.
- Customers must open a corporate account and operate it continuously for 12 months before applying for the Quick Credit Loan.
- Once the loan is approved, funds are disbursed instantly.
To be eligible for the Gtbank Quick Credit Loan.
Requirements for Gtbank Quick Credit Loan
- Maintain a consistent monthly deposit of ₦20,000 in their Gtbank account.
- Actively operate a corporate or business name Gtbank account for at least 6 months.
- The business must be at least 3 years old.
- No history of bounced cheques.
- No record of returned cheques within the last 12 months.
- No outstanding obligations with the bank.
- Have a satisfactory credit report.
Here’s how to apply for the Quick Credit Loan via USSD:
- Dial *737*51*51# on your mobile phone and follow the prompt.
- Enter 1 to view your maximum loan amount.
- Enter 0 to input your desired loan amount.
- Complete the transaction by entering your 4-digit PIN.
2. Fashion Industry Credit
This loan is specifically designed for fashion entrepreneurs and is characterized by a single-digit interest rate. Its purpose is to offer financial support to thriving businesses in the fashion industry.
Entrepreneurs in this field can avail themselves of a loan of up to 5 million naira, with a low interest rate of 9% per annum (equivalent to 0.75% per month).
Key Features of Fashion Industry Credit
- Eligible applicants have the opportunity to receive up to 5 million naira.
- No extra charges or fees are associated with this loan.
- The repayment plan is flexible, spanning over 12 months (360 days).
- Customers enjoy an average annual turnover rate of 5%.
Requirements for Fashion Industry Credit
- Your business must be registered with the Corporate Affairs Commission (CAC) and possess the appropriate Tax Identification Number (TIN) and Special Control Unit Against Money Laundering (SCUML).
- Your business must have been operational for at least one year.
- Your business must maintain a satisfactory Credit Risk Management System (CRMS) report.
- You should not have any outstanding personal or business obligations to the bank.
3. Gtbank Food Industry Credit
The Gtbank Fashion Industry Credit is a loan designed to offer financial support to small-scale businesses operating in the food and drink industry.
Through this loan, qualified customers can borrow amounts ranging from 50,000 to 2 million naira. The repayment period spans over 6 months (180 days), and the interest rate is set at 9% per year (equivalent to 0.75% per month).
Key Features of Gtbank Food Industry Credit
- You can request loans of up to 2 million naira.
- The Fashion Industry loan provides a flexible repayment plan extended over 180 days.
Requirements for Gtbank Food Industry Credit
- To be eligible for the loan, your business must have been operational for at least one year.
- Your business must be registered with the Corporate Affairs Commission (CAC).
- Your business should maintain a clean credit history, with no outstanding obligations to the bank.
- You must present a satisfactory CRMS report for the owners, sponsors, and directors associated with your business.
4. Build or Buy Loans for School
Term loans for schools, also referred to as build or buy loans, are loans specifically designed to assist well-established and organized schools in expanding their property holdings. These loans can be either short-term or long-term in nature.
The loan duration can range from 3 years to 10 years, and the borrower is required to contribute 30% of the total equity.
The interest rate for these loans is set at 2% per month.
Key Features of Build or Buy Loans
- Funds available up to 400 million.
- Competitive interest rates.
- Management and commitment fees are charged at 1% each.
- The loan term can vary from a minimum of 3 years to a maximum of 10 years.
- A 30% equity contribution is mandatory.
- Principal payments are made quarterly, while interest payments are made monthly.
- Security for the loan includes a legal mortgage on the property being financed or an alternative property in the case of a purchase, and a legal mortgage on an alternative property in the case of construction.
5. SME invoice Discounting Finance
This loan option is designed to offer quick financial solutions to businesses for a short period. With this SME loan, you can access funds by using invoices issued before your clients make payment for products or services.
Key Features of SME Invoice Discounting Finance
- Competitive interest rate
- Loan duration of 60 days
- Access to funds up to 50 million
- Bullet repayment at maturity with monthly interest
- Discounted invoice proceeds securely held by Gtbank
Requirements for SME Invoice Discounting Finance Loan
- Completed SME Invoice Discounting application form
- Stamped invoice from a reputable blue chip company endorsed by Principal (name on approved list)
- Copy of the business’s Certificate of Incorporation/Operating license for Service Providers (applicable to Contractors and professional firms, first-time only)
- Evidence of successfully executed prior contracts (applicable to Contractors and professional firms, first-time only)
- Confirmed certificate of project completion/delivery
- One-year bank statement from GTBank or another bank
- Copy of valid contract with Principal
- Personal guarantee from the Sponsor or cross-guarantee from another professional firm
- Letter confirming the irrevocable domiciliation of invoice proceeds by the customer, acknowledged by the principal.
6. Computer Acquisition Loan Scheme
GTBank offers a loan scheme called the Computer Acquisition Loan Scheme, which is designed for corp members whose allowances are handled by the bank. This loan provides funds for corp members currently serving who want to acquire mobile devices.
Features of the Computer Acquisition Scheme
- Corp members can obtain loans to purchase mobile devices, and they have a flexible repayment plan.
- The loan scheme enables corp members to acquire additional skills and knowledge during their service year.
Requirements for the Computer Acquisition Loan Scheme
- The corp members’ allowances must be handled by GTBank.
- Corp members need to submit a fully filled-out application form along with their employer undertaking form.
- All loan applications must be completed during NYSC orientation activities.
7. Gtbank Hub Advance
The Gtbank Hub Advance is a convenient loan designed specifically for business owners. It offers inventory financing that is tailored to meet the growth requirements of your business.
Features of Gtbank Hub Advance Loan
- Loan amount ranges from ?500k to ?2 million.
- Maximum repayment period of 3 months.
- Irrevocable Domiciliation of inflows is necessary.
- Monthly repayment consists of both principal and interest.
- No need for equity contribution.
- Competitive interest rate.
- No collateral required.
Requirements for Gtbank Hub Advance Loan
- The business must be officially registered with the Corporate Affairs Commission.
- Maintain an active business account with the bank for at least 1 year.
- Achieve a minimum sales volume of 1 Million and complete 10 transactions monthly on the SME MarketHub in the past 12 months.
- The business should be operational on the SME MarketHub for at least 6 months and have a minimum age of 3 years.
- Execution of domiciliation agreement for the business account.
- No outstanding obligations or more than two bounced cheques with any bank in the last year.
8. Gtbank Premium Advance
This facility is a revolving overdraft option specifically designed for GTBank platinum customers. It offers highly competitive interest rates, with a 2% flat fee for every 1 million naira utilized upon initial usage.
With GTBank Premium Advance, you have the ability to access loans directly through your debit Naira MasterCard.
The interest rate for this service is 2% per month.
Key Features of GTBank Premium Advance
- Overdraft limit of up to 1 million naira with a one-year repayment term.
- It offers a very competitive interest rate.
- The overdraft is easily accessible using your Naira debit card.
- Monthly interest repayments with the principal amount settled in one payment at the end of the cycle.
Requirements for GTBank Premium Advance
- This service is exclusively available to platinum customers.
- Your average monthly salary or deposits must be at least 1 million naira over the past six months.
- Your annual turnover should not be less than 10 million naira.
- Your salary must have been consistently credited to your GTBank account for the past three months.
- You must not have any outstanding obligations prior to applying for the loan.
How to Apply for Gtbank Loans
There are three different ways to obtain a loan from GTBank for individuals who are not salary earners. You have the option to apply for a loan using USSD codes, internet banking, or the GTBank mobile app.
To apply for a personal loan using USSD codes, follow these steps:
- Dial *737*8*2# on the mobile number connected to your GTBank account.
- Follow the prompts displayed on your screen.
- Select the desired loan amount.
- If approved, the loan will be immediately disbursed.
To apply for a loan via internet banking, follow these steps:
- Log in to your GTBank internet banking account using your unique user ID and password.
- Click on the “Loans” section.
- Choose the account where you want to receive the loan funds.
- Select “Select Eligibility.”
- Click on either “Click here for maximum eligibility amount” or “Enter loan amount.”
- Agree to the terms and conditions.
- Answer your secret question.
- Enter your token.
- Click “Submit” to complete the loan application.
GTBank Mobile App
To apply for a loan using the GTBank mobile app, follow these steps:
- Download the GT mobile app from either the Apple App Store or the Google Play Store.
- Log in to the mobile app.
- Click on “Apply for Loan.”
- Choose the type of loan you want.
- Fill in the required details on the loan application form displayed on your screen.
- Click “Submit” to finalize your request.
Note: You can also visit any nearby GTBank branch or ATM to apply for a loan.
See also: How to Check Nirsal Loan Status
Documents required for Gtbank loans
When applying for loans, it is important to furnish certain financial and personal details. This information is needed by the bank to evaluate your ability to repay the loan and decide if you meet the loan eligibility criteria. The specific documents required may vary depending on the type of loan you are applying for.
Here are some fundamental documents that you might need to submit when applying for a loan:
- A completed application form.
- A business plan.
- Bank statements.
- A cash flow budget.
- A valid form of identification.
- Proof of address.
- Information about any collateral (if necessary).
- A certificate of incorporation.
- Audited financial accounts.
How To Qualify For GTB Loan for Business
GTBank provides business loans and advances to businesses engaged in productive activities. To qualify for these products, businesses should demonstrate a certain level of profitability and consistent monthly income. Additionally, having a good credit history is crucial, especially for unsecured loans.
The general criteria for business lending with GTBank may include the following (although not always):
- Being a registered business or company with the Corporate Affairs Commission (CAC).
- Possessing a business or corporate bank account.
- Having a trading history of at least 1-3 years.
- Maintaining a positive Credit Bureau Report without any unpaid obligations or bad debt.
- Being an active customer of the bank.
It’s important to note that not all GTBank loan products are suitable for every business. For instance, if your business is not related to the fashion industry, you won’t be eligible to access credit through the fashion industry scheme.
GTBank’s business loans and advances are not limited to individuals only. If your business is not registered or if you need funds to start a business, you might consider obtaining a personal loan. A personal loan or salary advance can be utilized for business purposes.
Furthermore, GTBank offers various personal loan products that may be suitable for business use. Alternatively, SukFin can assist you in applying for a loan from other sources.
How to apply for a Guaranty Trust Bank(GTB) business loan
To apply for a loan from GTBank, you need to search for a product that matches your business’s qualifications.
You can apply for some loans online through GTB’s website, while others can be done using your mobile phone and an app or USSD. If you need a large amount of money or personalized funding solutions, you should go to your local branch.
Regardless of the loan type you apply for, your business’s eligibility and the purpose of the loan will be assessed. The assessment will follow the guidelines of the specific loan. If your application is approved, the funds will be released, provided you fulfill any conditions stated in the approval letter.
If the bank already has enough information about your business, the approval process is often automated, and the loan amount will be deposited into your account almost immediately.
Basic documents that may be requested as part of any application, may include:
- Completed application form
- Company profile
- Business plan
- Cash flow budget
- Bank statements (12 months)
- Audited financial accounts
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card)
- Proof of address
- Details of collateral offered (if any)
Note. Not all of these documents are required; it is mainly based on the credit facility in question — among other things.
How to Qualify for a GTB Loan for non-salary earners
Before accessing GTBank loans for non-salary earners, there are specific criteria that a GTBank customer must fulfil. The overall requirements for GTBank loans for non-salary earners are as follows:
- The applicant must already be a GTBank customer.
- The customer should not have a record of bouncing cheques.
- The customer must not have any outstanding obligations (such as unpaid loans) to the bank.
- The customer should be self-employed or not earning a salary.
- The customer must have been banking with GTBank for a minimum of one year.
- The customer’s credit score and history should be satisfactory.
- The customer needs to meet any additional requirements specified for each loan individually.
All GTB Loan Types And How To Borrow Money From GTBank
GTBank provides various loan options in Nigeria to meet both personal and business requirements. It can be overwhelming to select the most suitable loan among them.
To simplify the process, we have compiled a comprehensive list of all the available GTB loans and detailed instructions on how to obtain each one. Let’s explore this list together, shall we?
The types of loans you can borrow at GTBank include:
1. GT Salary Advance
This loan from GTB provides you with up to half of your monthly salary in advance. It is exclusively offered to employees of private companies and government agencies who have their salary accounts with GTBank. We have a detailed post that provides more information about the GTBank salary advance. You can find it by clicking 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)
The GTBank Student loan, also referred to as the GTBank Student loan, is a loan option provided by GTB that allows you to cover your child/ward’s school fees. One of the main requirements to qualify for this loan is that the educational institution must be located in Nigeria.
This loan opportunity is open to employees of both private and public organizations who hold their salary accounts with GT Bank. For more detailed information about the student loan facility, you can read our post by clicking here.
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
Get a loan up to N100,000 at the best affordable rates in Nigeria
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3. Gtbank Quick Credit Loan
GTB offers a loan called Quick Credit that is available to both salary earners and self-employed individuals. With the GTB Quick Credit loan, you can receive cash immediately and repay it within a period of 6 to 12 months at an interest rate of 1.33%.
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 specific type of loan offered by GTBank. It is available to chosen employees of private and public organizations who hold their salary accounts with GTbank. If you want to find out more about the Max Advance loan, you can learn about it here.
5. GTBank MaxPlus
MaxPlus is a loan option from GTB that offers a larger loan amount and a convenient repayment schedule. This loan is exclusively available to platinum GTbank customers who have their salary accounts with the bank.
6. Computer Acquisition Scheme
This loan scheme is designed specifically for currently serving NYSC members, providing them with loans to purchase mobile devices. To be eligible for this loan, these corps members must have their allowance accounts with GTBank, and the loan must be repaid 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 loan offered by GTBank to fulfill the travel requirements of their customers who have salary accounts with the bank. This loan can be used to cover expenses such as airline tickets, hotel reservations, airport transfers, 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 code
The loan code for the GTbank salary loan is *737*8*2#. While for GTbank Quick credit loan, the USSD code is *737*51*51#.
How to Get Loan From GTBank
You can apply for a GTbank loan using USSD Code, Internet banking and the GTbank mobile app. Here are the steps to follow for each method:
Step 1: Apply for GTBank Loan Using USSD Code
You can use this GTB loan code: *737*8*2# to apply for any type of GTBank loan. While for the GTbank Quick Credit loan, use this USSD code *737*51*51# to apply.
Step 2: Apply for GTBank Loan Using Internet Banking
- Login to your GTBank Internet banking
- Click on Loans
- Next, Click on “New Request”
- Select the account the loan should enter
- Then click on determine eligibility
- Next. Click on “Click here to Apply for maximum eligibility amount” or Enter “loan amount”
- Select “Click here to Agree to Terms & Conditions”
- Provide the answer to Secret Question
- Then Click Continue
- Enter your Token Code
- Finally Click Submit
Step 3: Apply for GTBank Loan Using GTBank Mobile App (GTWorld)
- Login to any of the GTbank mobile app
- Click apply for the loan option
- Select the loan type you want
- Then complete the displayed form with your loan amount and loan tenor
- Click submit to complete your loan request
GTBank Loan Calculator
The GTBank loan calculator is a web tool that assists you in determining your loan payment amount. The payment amount is influenced by the type of loan and its interest rate.
To utilize the loan calculator, you enter your loan details, including the amount, interest rate, and repayment period. The calculator then computes your monthly payments, total payments, and total interest payments.
A loan calculator is a valuable resource as it enables you to make a better-informed decision about which loan package is most suitable for you.
How do I Repay a GTbank loan?
When you obtain a loan from GTBank, you grant them permission to automatically deduct your monthly loan repayment from your bank account. This means you don’t have to take any action yourself.
On the specified due date each month, GTBank’s system will deduct the amount that is due for that month. However, if you don’t have sufficient funds in your bank account on the due date, GTBank will still withdraw the required amount, resulting in a negative balance in your account. Failing to make the repayment as scheduled will also have an impact on your credit report.
Frequently Asked Questions
How long does it take to receive funds from GTBank?
The time it takes to receive funds from GTBank varies depending on the application process. If you apply online or through mobile apps, decisions are often made instantly, especially for current GTB customers. On the other hand, if you apply in person at a branch, the process may take longer.
What is the repayment period for a GTBank loan?
GTBank offers both short-term and long-term loan products. The duration of the repayment period generally depends on the nature of your business and the purpose of the loan. Repayment periods longer than 3-5 years are generally uncommon.
How much can I borrow from GTBank?
The amount you can borrow from GTBank depends on the specific credit facility you apply for. The size and turnover of your business also play a role. Generally, you will only be granted a loan that your business can comfortably repay.
What is the interest rate for a GTBank loan?
GTBank interest rates vary. Government-backed GTBank loans usually feature single-digit interest rates, often around 9%. Loans directly from GTBank’s ledger tend to have higher interest rates. Additional charges, such as service fees, may also apply.
Does GTBank require collateral?
Some GTBank credit facilities may require collateral, while others may not. Unsecured loans are possible for smaller loan amounts if your business has a good trading history and you have a good credit score. Larger loan amounts commonly require some form of security, such as government obligations, physical assets, or third-party guarantors.
What happens if I fail to repay on time?
The specific penalties for late repayment depend on the terms and conditions of your loan agreement. Typically, the penalties are outlined in the loan terms and are enforced in the event of default. Lenders may increase the interest rate or sell off collateral as a consequence.
What kind of questions will I be asked when applying for a loan?
Lenders may ask a range of questions related to your finances, business, or loan purpose when applying for a loan. These questions typically revolve around these factors and play a crucial role in the success of your loan application.
How long does it take to receive the loan money?
The duration of receiving the loan money solely depends on your lender. Once approved, you can expect the funds to be disbursed within 24 hours.
How much loan can I get based on my salary?
The loan amount you can get based on your salary depends on the lender. Most lenders prefer to lend amounts that they believe can be repaid within the specified time frame. For example, in the case of a payday loan, the lender may offer you around 50% of your income as a loan. Similarly, for larger loans, lenders typically look for borrowers with a high income source or comparable assets.
How can I get a GTBank loan?
You can obtain a GTBank loan by logging into Internet Banking, dialing *737*8*2# to apply, visiting a nearby GTB branch, or using an ATM.
What is the code for GTBank loan?
The code for GTBank loan is *737*8*2#.
What is the code to liquidate a GTBank loan?
The code to liquidate a GTBank loan is *737*51*55#. Dial the code and follow the instructions.
GTBank provides a range of excellent loan options for its customers to explore. They offer various loans, including salary advances, school fees loans, and Maxplus loans, ensuring that there is something suitable for everyone. To begin the process today, you can easily visit their app or any of their nearby offices.