GTbank is a Nigerian banking system that offers loans to its consumers who wish to access their loans. Are you in need of a loan in GTbank and don’t know how to go about it? In this article, we will reveal to you all you need to know about GTBank loans, the type of loans they offer, and how you apply for them.
The first criterion to access the GTBank loan is to have a GTBank account you are operating. So create a new account with them if you don’t have a GTB account before proceeding to apply for their loan. The GTBank offered loan can either be a personal loan or a business loan. But before then what is the interest rate of GTB loans like? Is it friendly to repay? Ok, let’s find out.
GTBank loan interest rates.
As we know the bank gives out different types of loans, the interest rates of personal loans and of business loans are not the same.
Personal loan interest rate is about 1.33% while that of the business loan is about 16% per annum.
How do I borrow money from GTBank?
There are three different ways you can borrow money from GTB and they are as follows;
- Using GTBank USSD code
- Online GTB banking app
- GTBank Mobile App
Borrowing money from GTBank using USSD code.
These are the step-by-step guides to accessing the GTBank loan using their USSD code.
- The USSD code number to borrow money is *737*8*2# but you must dial the number with the mobile line link to your GTBank account.
- For instant credit loan, daily *737*51*51# to apply and enjoy your loan.
how to borrow money from GTBank using an online banking.
To access a loan using the GTBank online banking, follow the steps below.
- From your mobile browser or laptops with Internet connections, Login to GTbank Internet banking.
- Go to loans and click on it
- Select New Request.
- Select the account the loan should be transferred to, preferable GTBank account.
- Then click on Determine eligibility
- “Click here to enter the maximum eligibility” or enter the amount you want to borrow, making sure it does not exceed your eligible loan.
- Go through the terms and conditions for the loan and click accept/agree to continue.
- Provide the answer to the secret questions.
- Select Continue and enter your token number.
- Click on submit and you are done.
Borrowing from the GTBank Mobile App.
To borrow from the GTbank using the GTB mobile app(GTWorld), these are the steps to follow.
- Login to your GTbank mobile App from your phone.
- Go to apply for loan and click there.
- Select the loan type you want.
- Fill out the displayed form with your loan amount and the loan tenor.
- Click the summit button to complete the loan request.
How do I repay a GTbank loan?
When taking loan from the GTBank, you gave them the authority to automatically deduct from your salary account to repay your loans when it is due.
so the bank will be deducting some percentage of your account to service your loan.
Types of GTBank loan Products
The bank have many types of loan they give out which comprise both personal and business loans.We shall talk about the whole loan accessible in GTB banks.
GT Personal loans.
GTB salary advance.
This type of loan is specifically made for salary earners. To be able to access this loan, you must be an employer in the public or private sector and have GT Bank as your payment-receiving account bank.
GTBank can offer you 50% of your salary when you apply for this type of loan and you don’t need collateral before you become eligible. The loan tenor is 30 days and you have the option to continue renewing it monthly.
For you to be eligible for this type of loan, your salary as a government worker should not be less than N25,000 per month. For the private worker, you must be earning not less than N50,000 monthly.
GTB school fees advance
Schools fees advance loan is a GTB loan specifically made for those who want to borrow to pay their child/ward school fees. To have access to this loan your ward school or institution must domiciled here in Nigeria.
You must be a salary earner before you can access this loan and must be using GT bank to receive your salary.
GTB cam offer you a maximum of N5 million for school fees and the maximum tenor of this loan is 4 months per request.
Quick credit loan. Best GTB loan for non-salary earners.
This type of GTB loan is for both salary earners and non-salary earners. You can instantly take this loan and pay later within 6 – 12 months with a monthly interest rate of 1.33%. You can access up to N5 million with the GTB quick credit loan.
This is the best loan for non-salary earners.
You can instantly take this loan and pay later within 6 – 12 months with an interest rate of 1.33%.
GTbank Max advance loan.
GTbank max advance loan is a personal loan designed for a select staff of corporate or government organizations that have their salary account with GTBank.
N100,000 to N10,000,000 can be given under this loan with a repayment period of 4 – 48 months with equal monthly repayment comprising the principal and interest of the loan.
GTB premium advance loan.
This loan is for the platinum card-carrying members only with an average salary of N1 million in the last 6 months. Before applying for this loan GTB requires that you should have received your salary through the GTbank account three consecutive times in the last three months.
The GTBank premium advance loan is a revolving overdraft facility place on your Debit Naira MasterCard.
GTB Mortgage loan
GTB mortgage loans are for the GTB staff or customers who’s business proceeds are domiciled with the bank.
With the mortgage loan, you can own a house or vehicle in the selected cities within the country
GTBank Business loans.
Here is the list of loans GTB can give you to manage or start your business. Is different from the personal loans.
GTBank Food Industry credit.
The food industry credit loan in GTB is a single-dight loan for about 9% per annum. The loan is a product of food businesses.
You can access a loan of up to N2 million from this type of loan.
Build or buy loans for schools.
This is a long-time loan facility given to people to establish well-structured schools or expand their institutions or landed properties to meet anticipated business demand. The loan tenure for this type of loan is 3 to 10 years.
The accessible amount for this type of loan is from N20,000,000 to N400,000,000. The school will control 30% equity and have to make a quarterly repayment of principal and a monthly repayment of interest
Fashion industry credit.
The type of loan is being given to entrepreneurs in the fashion industry. It is a single fight rate loan at 9%.
Entrepreneurs in fashion can access up to N5 million with the GTBank fashion industry credit. The repayment plan is spread over the 360days