Accessing financial assistance when you need it most can be a game-changer in achieving your goals, whether it's for starting a business, pursuing higher education, or handling unexpected expenses. Guaranty Trust Bank, often referred to as GTBank, is a renowned financial institution that offers various loan products to help individuals and businesses realize their ambitions.
In this guide, we will walk you through the ins and outs of securing a loan from GTBank. From understanding eligibility criteria to navigating the application process, we've got you covered. Let's dive into the world of GTBank loans and empower you to take the next step toward your financial objectives.
It's important to note that the specific requirements and procedures for obtaining a loan from GTBank may vary based on the type of loan and your individual circumstances.
GTBank Quick Credit
QuickCredit is an innovative product developed to give GTBank’s retail customers instant access to cash for their pressing needs.
Through the loan, customers with salary accounts with the Bank can borrow up to 100% of their monthly salary at only 18% per annum interest rate and enjoy up to 12 months flexible repayment plan.
Requirements
Getting a loan from GTBank typically involves several steps and may require meeting certain eligibility criteria.
Here is a general outline of the requirements for obtaining a loan from the bank.
- Utility bill (within the preceding 3 months).
- Valid ID – Driver’s ID, National ID or International passport.
- BVN.
- Means of ID (Driver's License, int’l passport, voter’s card, National ID).
- Three (3) months stamped statement of account.
How To Borrow a GTB Quick Credit Loan
Use the quick credit GTB loan code – *737*51*51#
Use any of the GTBank online and mobile banking platforms.
GTB School Fees Advance
The GTBank School Fees Advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools/institutions in Nigeria only.
Requirements
- Signed post-dated cheques.
- 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.
- Utility bill (within the preceding 3 months).
- Valid ID – Driver’s ID, National ID or International passport.
GTB Personal loan (Travel Advance)
Do you need to travel to that holiday but require additional cash to make that happen? Then the GTB Travel Advance loan is for you.
It is a time loan designed to meet the travel needs of the bank’s customers. It is offered at a minimum amount of N100,000 and a 7% monthly interest rate.
Requirements
- Utility bill (within the preceding 3 months).
- Signed post-dated cheques.
- 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.
- BVN.
- Valid ID – Driver’s ID, National ID or International passport.
- Three (3) months stamped statement of account.
GTB Max Advance
Max Advance is a personal loan offer from GTB with a slight difference. Max Advance offers a larger loan facility and greater flexibility to meet your financial needs with a convenient repayment plan.
At a 7% monthly interest rate, the minimum amount borrowers can access is N100,000.
Requirements
- Valid ID – Driver’s ID, National ID or International passport.
- 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.
- Utility bill (within the preceding 3 months).
- Signed post-dated cheques.
- Three (3) months stamped statement of account.
- BVN.
GTB Premium Advance
Premium Advance is another personal loan offer from GTBank for customers who need urgent funds.
Premium Advance is a revolving overdraft facility placed on your Debit Naira MasterCard.
Requirements
- 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.
- Valid ID – Driver’s ID, National ID or International passport.
- Utility bill (within the preceding 3 months).
- Three (3) months stamped statement of account.
- Signed post-dated cheques.
- BVN.
Assessing GTBank loan on nairaCompare
1. Select ‘GTBank’ from the list of available loan options.
2. Read through the information on the GTBank page to understand more about the provider, and its products.
3. Select a product.
4. Click on ‘Apply’ to begin the application process.
5. Fill in your personal details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After a successful review of your application, you will receive an email notification confirming that your application has been approved!
A guide to understanding loans in Nigeria.
A loan is a type of debt that you take out from a lender. There are many different types of loans available in Nigeria, each with its own advantages and disadvantages.
To properly understand how loans work and get the best offer, the following information may come in handy.
● Shop around for the best interest rate
The interest rate is the percentage of the loan amount that you will pay in interest over the life of the loan. The interest rate will vary depending on the type of loan, the lender, and your credit score.
It is important to shop around and compare interest rates from different lenders before you choose a loan.
● Consider your repayment ability
Before you take out a loan, you need to make sure that you can afford the monthly payments. The monthly payments should not exceed 30% of your monthly income.
● Read the terms and conditions carefully
Before you sign any loan documents, be sure to read the terms and conditions carefully. This includes the interest rate, repayment period, and any fees associated with the loan.
● Be prepared to provide documentation
When you apply for a loan, you will need to provide documentation of your income, assets, and debts. This will help the lender assess your creditworthiness and determine whether you are a good risk.
● Build your credit score
A good credit score will make you a more attractive borrower and qualify you for lower interest rates. You can build your credit score by paying your bills on time and keeping your credit utilization low.
● Get a co-signer
If you have bad credit, a cosigner with good credit can help you get approved for a loan. The cosigner will be responsible for repaying the loan if you default.
● Consider a secured loan
A secured loan is backed by collateral, such as a car or a home. This can make you a more attractive borrower and qualify you for lower interest rates.
● Be patient
It may take some time to find the best loan terms for you. Don't rush into anything and make sure you understand all the terms of the loan before you sign anything.
Alternatively, you can visit nairaCompare to get the best loan offers.
