To borrow money from GTBank, there are different processes one has to follow. They include using the loan code *737*51*51# for non-salary earners, filling out online forms, using GAPs, and visiting any branch of GTBank. With a GTBank loan, one can get as low as ₦5,000 to as high as several million without necessarily having collateral.
The bank’s loan comes in handy for individuals and business owners who need immediate cash for the purpose of meeting up with day-to-day financial needs or to boost one’s business. Interestingly, to borrow money from GTBank, one must not necessarily have to own a big business or earn a salary as they come in different forms and packages. In a nutshell, one of the major criteria needed for a person or an organization to get a loan from the bank is to meet a particular demand given by the bank. Some of the demands are having correct documents or a net income.
How to Get a Loan from GTBank
There are 4 major ways to get a loan from GTBank, depending on the type of loan one needs. They include:
- Using of GTBank loan code
- Using GAPS
- Through internet banking
- Or by filling out forms at the bank and presenting other important documents that are necessary to the type of loan one intends to take
What Are All The Available GTBank Loans?
There are 2 types of loans available at GTBank known as personal loans and GTBank business loans. While the personal loans are used for personal needs such as school fees, mortgage, travel, and insurance, business loans at GTBank are used to finance businesses such as fashion design and the food industry business among others.
1. GTBank Salary Advance Loan
With the salary advance loan, one can get up to 50% of their monthly salary. However, this type of loan is exclusive to people who have a salary account with the bank and it is available to people who either work with the government or private sector.
Before you apply for GTBank salary advance, you may want to know the following:
- The loan is renewable monthly
- Collateral is not needed
- The person seeking the loan must have a minimum salary of ₦25,000 (public worker) and at least ₦50,000 (private sector employee)
- The loan is made available by the bank within 24 hours of application.
2. GTBank School Fees Advance
This type of loan comes in handy for parents and guardians in need to pay school fees for any school. However, one important thing to note is that you must have a salary account with the bank to enjoy this type of loan.
What to know about GTBank School Fees Advance
- The minimum amount one can take is ₦50,000 while the maximum is 1 million per child
- The loan seeker must have received a salary from the GTBank account
- You cannot get access to the loan if you’re paying for a Master’s or Doctorate degrees
- There is an insurance on the loan in case of disability or death
- You must receive at least ₦25,000 as a public employee or not less than ₦50,000 as a private sector employee
- You cannot get access to an amount that is more than the school fees of your ward
3. Max Advance
This type of loan is awarded to the staff of an organization – whether private or public. The condition, nevertheless, is for the intended borrower to have a staff-salary account with GTBank.
The facility amount for this type of loan is ₦100,000 on a minimum and ₦10,000,000 on maximum to last for 3-48 months. There are 2 important documents needed for this type of loan such as filling and submitting the loan application form and the employee undertaking form.
This type of GTBank loan is available to individuals whose salary account is domiciled at GTBank and who earn at least ₦20 million annually. The minimum amount for this loan is 6 million while the maximum is ₦50 million to be paid within 3-60 months.
There are 2 documents needed for this type of loan such as the application form and the employer undertaking to domiciliary salary.
5. Computer Acquisition Scheme
This is a loan offered to National Youth Service Corps members with allowance accounts in GTBank. The benefit of this loan, according to GTBank, is that a corp member gets a mobile device and may get more information, knowledge, and acquisition of skills.
The tenor for this type of loan is 3-10 months and the maximum is ₦60,000. The payment for this sort of loan is done in installments of not more than 33.3% of the monthly allowance of the corp member
The process of getting the loan involves filling out an application form and an employer undertaking form and completing them at the time of NYSC orientation activities.
This type of GTBank loan is available for people who intend to get a home in a number of cities within Nigeria. This form of loan is only available to people who have a salary account with GTBank.
The minimum of the loan is N5 million while the maximum is ₦150 million to be paid within 1-20 years. Payment of the GTMortgage can be done monthly, quarterly, semi-annually, or annually.
7. Premium Advance
The premium advance loan at GTBank is available for platinum customers only. This means that only customers who have received salaries through GTBank account within the last 3 months prior to the month of loan application can gain access to the loan.
8. Travel Advance
Once one has a salary account with GTBank, he/she can get a loan to cover travel expenses that include airline tickets, hotel reservations, airport pickup, and transfer, and tours and events.
The interest rate for the travel advance is 20% every year but it is subject to change depending on money market conditions. In spite of this, GTBank gives a 10-day prior notice before changing the interest rate.
9. Vehicle Insurance Premium Financing
When it comes to payment of one’s motor insurance, GTBank vehicle insurance premium financing comes in handy for people who do not have money at hand or intend to pay up within 12 months. Interestingly, the loan is available to individuals and corporate bodies with salary accounts at GTBank.
What to know about Vehicle Insurance Premium Financing
- The interest rate for this type of loan is 1.67% every month
- The minimum loan amount for individuals is ₦20,000 while the maximum is 1 million
- Corporate bodies can take a loan of up to ₦20,000 minimum and a maximum of ₦5 million
- The loan is to be repaid every month while there is a 1% one-off flat fee
1. Build or Buy Loans for School
This type of loan is given at a minimum of ₦20 million to a maximum of ₦400 million to schools for a period of 3 to 10 years. The loan is aimed at breaching the financial gaps of schools for the sake of expansion or buying of landed property.
What to know about the build or buy loan
- The loan is expected to be paid quarterly while its interest be paid every month
- The loan comes with a 1% management fee and a 1% of commitment fee
- The build or buy loans for school comes with a 30% equity contribution
2. Fashion Industry Credit
The time loan is created by GTBank to boost the fashion industry through financing fashion businesses for a 9% interest in 360 days. The interest is spread to be paid monthly at 0.75%.
GTBank fashion industry credit minimum is ₦250,000 while the maximum is 5 million and can be obtained through GAPS. To get this loan, however, one must have registered with Corporate Affairs Commission, and have a business account that must be at least a year old and operational.
3. SME Invoice Discounting Finance (SME IDF)
Business owners have access to a maximum of ₦50 million in loans for sake of meeting up with consumer needs before they pay up. The 60-days loan is only available to customers with irrevocable domiciliation of discounted invoice proceeds with GTBank and is available after several processes including:
GTBank overdraft gives the opportunity for business owners to write cheques for more money than their accounts have. Before gaining access, however, one must have applied with the bank to create funds for a year.
5. Food Credit
People in the food business can get access to as high as ₦2 million with an interest of 9% yearly (0.75% monthly). GTBank expects that the borrower should be paying the loan at a stretch of 180 days (about 6 months).
Before the loan is handed to the food business owner through GAPS, he/she must have registered the business with Corporate Affairs Commission and the business must be in existence for at least a year before the time of application among other requirements.
How to Apply for GTBank Loan
Once you identify the type of loan you want, the next thing is to identify how to get the loan and the methods available for application. Here are GTBank loans and how to apply.
How to Apply for Salary Advance Loans
- Login to GTBank internet banking platform
- Use GTBank loan salary advance loan code *737*8*2#
- Visit any branch of the bank
- Use an ATM
Ways to Apply for School Fees Advance
- Get the school fees advance application form and fill it correctly
- Your employer is expected to also fill the Employer Undertaking form
- Provide school fee bills and credit insurance
- Make sure that staff terminal benefit is domiciled in GTBank or obtain a Corporate Guarantee
How to Apply for MaxAdvance Loans
- Get a MaxAdvance application form and duly complete it
- Get a copy of an employer’s undertaking form
How to Borrow Money From GTBank Using the MaxPlus Personal Loan Offer
- Visit any branch of GTBank or go online to print 2 forms
- MaxPlus application form
- Employee undertaking form
Computer Acquisition Scheme
- Walk into any GTBank branch or call the bank for inquiries
- Complete an application form handed to you by the bank through any available medium
- Fill in an employer undertaking form
- Show proof that one’s allowance account is with the bank
- The application must be completed during the NYSC orientation activities
How to Borrow Money Using the GTMortgage
Visit any branch of GTBank with the following documents
- Correctly filled forms
- A letter of offer from the mortgage vendor
- Title document of property
- Submission of valuation report from any of the banks approved estate valuer
- Hand over a search report from GTBank legal group
How to Get a Premium Advance GTBank Loan
- Fill in the Premium advance loan form
- Submit the Employee Undertaking form
- The average salary of the borrower must be at least ₦1 million in the previous 6 months before the loan application date
- You should have a salary account with GTBank
- The intending borrower should not have any past due obligation with any bank
Ways to Get Travel Advance GTBank Loan
- Visit GTBank internet banking page and log in
- Under investments and quick loans click on Travel
- Choose Travel Advance and initiate a New request
- Fill in every available empty space that needs to be filled
- Correctly enter your token to continue
- To complete the loan processes, get a Passenger’s name; Booking Reference (PNR)
How to Apply for GTBank Vehicle Insurance Premium Financing
Use internet banking or GAPS to instantly get the loan. If both available methods seem difficult, visit any of GTBank branches.
For Internet Banking:
- Sign in if you have an existing account or create an account
- Go to menu
- Click on “Insurance loans”
- Click on “Vehicle Insurance”
- Sign on
- Go to “single transaction”
- Go to collections
- Click on Insurance Loans
- Enter Vehicle Insurance Leadway
SME Invoice Discounting Finance (SME IDF) Loan Application
Visit any GTBank branch with the following documents:
- Filling out the loan form
- Getting a duly stamped invoice from an established company
- For business owners who are seeking this loan for the first time, one needs to have a copy of incorporation of business/operating license for service providers as well as submit evidence of former successful contracts
- Must show bank statement with any bank
- Evidence of contract
Other GTBank Loans and Ways to Get Them
- Term Loans for Schools – visit any branch of GTBank
- SME Invoice: Visit any branch of GTBank
- Fashion Credit, Food Industry Credit, and Quick Credit for Small Businesses: Go to GAPS Lite and select the type of loan to continue
What is the Code to Borrow Money from GTBank?
There are 2 codes one can follow to get a loan from GTBank – *737*51*51# and *737#.
Steps to follow for using *737*51*51# code to borrow from GTBank
- Using the phone number that is active on your GTBank account, dial *737*51*51#
- The amount you are eligible to borrow will display on your screen
- Press 1 to confirm the displayed maximum amount
- Enter 0 to enter an amount you prefer
- Enter your 737 PIN to continue
Steps to follow for using *737# code to borrow from GTBank
- Dial *737# on your mobile device
- Press 11 (next)
- Select the mode of the loan -whether salary advance or auto top-up
- Enter the desired amount to borrow
- Enter your 737 PIN for authentication
Is There a GTBank Loan for Non-Salary Earners?
QuickCredit For Personal Needs
This is a GTBank Loan that non-salary earners can easily get access to as low as ₦5,000 and as high as N500,000 for an interest rate of 1.5% monthly and a 1% credit insurance fee. Salary-earners are also eligible for this type of loan and can get up to 5 million.
Regardless of the fact that non-salary earners can get this type of loan from GTBank, the account holder must have up to ₦20,000 monthly in the account prior to the time of the loan. Salary earners on the other hand must have a monthly salary of up to 10,000.
Quick Credit For Small Businesses
One does not need to have a salary account or an existing business to get this type of loan. Regardless, the bank can give a loan of up to 50% of one’s average turnover in a year. As the name implies, it is a quick loan that is aimed at providing loan capital for small and medium scale businesses in the education and healthcare sectors to be paid in a year with 16% total interest to be divided into 1.5% monthly.
In conclusion, there is the availability of using several modes of borrowing from GTBank with interest ranging from 0.75% and above. However, the banks give the option of contacting GTBank customer care services for complaints or inquiries by calling +234 1 4480000, 0700 48266328, +234 802900 2900, +234 803900 3900 or +234 1 271 5227 (corporate enquiry). You can also send a WhatsApp message to +234 701 697 4994.