All Your Questions Answered: GTB Personal Loans
Guaranty Trust Bank (GTB) offers a variety of Personal Loans to Nigerians. These loans are designed to provide quick and easy access to funds for a variety of purposes, such as paying for unexpected expenses, consolidating debt, or starting a business.
There are four main types of GTB Personal Loans:
1. MaxAdvance
2. Travel Advance
3. School Fees Advance
4. Premium Advance
MaxAdvance
GTB MaxAdvance is a long-term loan that can be used for a variety of purposes, such as paying for a car, home improvement, or education.
The loan amount is up to NGN5 million and the repayment period is up to 12 months. The interest rate on MaxAdvance is 7% per month, which is fixed for the duration of the loan.
To be eligible for MaxAdvance, you must:
1. Be a Nigerian citizen.
2. Be at least 21 years old.
3. Have a valid bank account.
4. Have a monthly income of at least NGN100,000.
To Apply for the MaxAdvance Loan, you need the following documents:
1. Valid ID – Driver’s ID, National ID or International passport.
2. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
3. Utility bill (within the preceding 3 months).
4. Signed post-dated cheques.
5. Three (3) months stamped statement of account.
6. BVN.
GTB Travel Advance
GTB Travel Advance Loan is a convenient and affordable way to finance your travel expenses.
Similar to the MaxAdvance loan, the maximum amount for the Travel Advance loan amount is NGN5,000,000 and the repayment period is up to 12 months. It comes with an interest rate of 7.0 % per month, which is fixed for the duration of the loan.
There are no upfront fees associated with the loan, but there may be late fees if you do not repay your loan on time.
To be eligible for GTB Travel Advance Loan, you must:
1. Be a Nigerian citizen.
2. Be at least 18 years old.
3. Have a valid bank account.
4. Have a monthly income of at least NGN50,000
To Apply for the Travel Advance Loan, you need the following documents:
1. Have a monthly income of at least NGN50,000.
2. Signed post-dated cheques.
3. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
4. BVN.
5. Valid ID – Driver’s ID, National ID or International passport.
6. Three (3) months stamped statement of account.
GTB School Fees Advance
GTB School Fees Advance is a loan facility that helps parents and guardians pay school fees for their children or wards.
The loan is available to GTBank customers who are salary earners or have a business account with the bank.
The amount of loan you can borrow depends on your salary or business income and your creditworthiness. However, it is typically N5 million.
The repayment period is up to 12 months, and the interest rate is 7.0 % per month.
To Apply for the School Fees Advance Loan, you need the following documents:
1. Signed post-dated cheques
2. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
3. Utility bill (within the preceding 3 months)
4. Valid ID – Driver’s ID, National ID or International passport.
GTB Premium Advance
GTB Premium Advance is a loan facility offered by GTBank to its Platinum customers.
It is a short-term loan that can be used for a variety of purposes, such as paying for unexpected expenses, consolidating debt, or starting a business.
The loan amount is up to N5 million, and the repayment period is up to 12 months. The interest rate is 7% per month, which is fixed for the duration of the loan.
To be eligible for GTB Premium Advance, you must:
1. Be a GTBank Platinum customer
2. Have a monthly income of at least N1 million
Some of the documents you will need to apply for a GTB Premium Advance include:
1. Valid ID
2. Proof of income
3. Proof of address
FAQs About GTB Personal Loans
Here are some frequently asked questions about GTB Personal Loans:
What are the eligibility requirements for a GTB Personal Loan?
To be eligible for a GTB Personal Loan, you must:
1. Be a Nigerian citizen.
2. Be at least 18 years old.
3. Have a valid bank account.
4. Meet the required monthly income.
What is the maximum amount I can borrow?
The maximum amount you can borrow from GTB for a Personal Loan depends on the loan facility you are seeking. Generally, it runs between N50,000 to N5 million.
What is the interest rate on GTB Personal Loans?
The interest rate on GTB Personal Loans is 7% per month, which is fixed for the duration of the loan.
What are the repayment terms for GTB Personal Loans?
The repayment terms for GTB Personal Loans are up to 12 months.
What are the fees associated with GTB Personal Loans?
There is a processing fee of N1,000 for GTB Personal Loans. There may also be late fees if you do not repay your loan on time.
How long does it take to get approved for a GTB Personal Loan?
The approval process for GTB Personal Loans is typically quick and easy. You can usually get approved for a loan within minutes.
How do I pay back a GTB Personal Loan?
There are a few ways to pay back a GTB Personal Loan. You can:
1. Make a one-time payment in full.
2. Make monthly payments over the agreed-upon term.
3. Set up a direct debit from your bank account.
4. Pay at any GTB branch.
What is the GTB Loan Code?
The GTB loan code is 73751*51#. You can use this code to check your loan balance, make a payment, or apply for a loan.
Please note that you will need to have a GTB bank account in order to use the GTB loan code.
What happens if I am unable to repay my loan on time?
If you cannot repay your loan on time, GTB may charge you late fees.
However, the bank does offer a grace period of 7 days, during which you can repay your loan without being charged any fees.
What are the benefits of taking out a GTB Personal Loan?
There are several benefits to taking out a GTB Personal Loan. These include:
1. Quick approval process.
2. Competitive interest rates.
3. Flexible repayment terms.
4. No collateral required.
5. Easy application process.
How to Apply for a GTB Personal Loan on nairaCompare
1. Click ‘GTB Loans’.
2. Select the desired ‘GTB Personal Loan’ from the list of available Personal Loan options.
3. Read through the information on the product page to get more details about the product.
4. Click on ‘Apply’ to begin the application process.
5. Fill in your personal details.
6. Submit your application form for review and processing.
7. After a successful review of your application, you will receive an email notification confirming your application.
If the bank approves your application, you will receive the money in your bank account within 24 hours.
Visit nairaCompare to know more about the GTB Personal Loans and other loans available.
