When it comes to achieving financial goals or tackling unexpected expenses, securing a loan from a reputable financial institution can be a valuable solution. Whether you’re planning to start a business, purchase a new home, fund your education, or simply need some extra cash for personal reasons, GTB offers a range of loan products tailored to meet diverse financial requirements.
In this guide, we will walk you through the process of applying for and getting a loan from GTBank, you’ll also learn about the eligibility criteria, types of loans available on GTBank, and the benefits and downsides of any GTBank loan. Whether you’re looking for a personal loan, business loan, or any other financial assistance, GTB bank has various loan options tailored to suit your specific needs.
About GTBank
Guaranty Trust Bank (GTB) is one of Nigeria’s leading banks known for its customer-centric approach and wide range of financial products and services. Guaranty Trust Bank has a rich history and a strong presence in the African banking sector. The bank was established in 1990 and commenced operations in February 1991. GTB has grown to become one of the leading banks in Nigeria and has expanded its operations to several other countries.
The bank has gained a reputation for its commitment to innovation, excellent customer service, and a wide range of financial products and services designed to meet the diverse needs of its customers. Guaranty Trust Bank is now part of the Guaranty Trust Holding Company PLC also known as GTCO PLC. GTCO is a multinational financial services group that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria.
Does GTB Bank Give Loan
Yes, Guaranty Trust Bank offers a wide range of different types of loan products to its customers. These loan products come with different interest rates depending on the type of loan. GTB loans are offered to both
Types of GT Bank Loans
There are several types of loans offered by Guaranty Trust Bank to its millions of customers across Nigeria and all other countries where Guaranty Trust Bank operates.
- GT Salary Advance: This is a loan type that provides borrowers with 50% of their net monthly salary upfront before the salary is paid. This loan is available to staff of private corporations and government agencies.
- Quick Credit: This is an instant loan given to salary account holders who seek the quick credit loan. With quick credit, you can get loans up to 5 million Naira from GT Bank, with no hidden charges provided you meet the eligibility requirements for getting a quick credit loan from GT Bank. The GT quick credit loan is offered at an interest rate of 2% per annum and can be paid over 12 months.
- MaxAdvance: This is a personal loan designed and targeted at staff of select corporate and government organizations, these organisation’s staff are to have an account domiciled with a guaranty trust bank.
- School Fees Advance: As the name implies school fee advance is a loan facility that is designed to help the borrower pay for school fees of their ward’s school in any Nigerian school only. This loan facility is open to staff of public and reputable private organisations whose salary accounts are domiciled with guaranty trust bank.
- MaxPlus: This is a loan facility that provides you access to a larger amount of funds and flexibility to attend to your financial needs. This loan comes with a convenient repayment plan that is up to 60 months. This loan facility is available to platinum guaranty trust bank customers, whose salary accounts are domiciled with guaranty trust bank.
- GTMortgage: This loan facility is provided to customers to enable them to own homes in select cities across Nigeria. This means that you need to buy the property in any of these select cities and have your salary account or business proceeds domiciled in a guaranty trust bank.
- Computer Advance: This is a loan facility that is designed as a computer acquisition scheme, this scheme is targeted at serving corp members who have their allowance account domiciled with a guaranty trust bank, to help them acquire mobile devices during their service year. The loan is to be repaid during the service year.
- Premium Advance: This is a loan facility that is designed as a revolving overdraft facility placed on your Debit Naira MasterCard, meaning that guaranty trust bank customers with a valid Naira MasterCard can have access to the premium advance.
- Travel Advance: This loan is designed for holiday seekers and people who want to take time off work to get needed rest, this loan is meant to meet the travel needs of guaranty bank customers who have their salary account domiciled with the bank.
- Vehicle Insurance Premium Financing: This is a time loan designed to help Guaranty Trust Bank corporate customers and salary earners, with their salary accounts domiciled with GTBank to pay for their vehicle insurance premium upfront while spreading the remaining repayment over 12 months.
GTB Bank Loan Interest Rate
The interest rate on loans provided by Guaranty Trust Bank varies depending on the type of loan you are applying for and requesting from Guaranty Trust Bank. The Guaranty Trust Bank loan interest rate ranges from 2% to 24% or more depending on the type of loan.
GTB Bank Loan Eligibility
The eligibility requirements for applying for the different types of loans offered by Guaranty Trust Bank often vary slightly. The eligibility criteria for the various loan types offered by GT Bank are listed below:
Quick Credit
- You must have a Guaranty Trust Bank account
- The customer must maintain a minimum monthly lodgement of N20,000 or earn a minimum net monthly salary of N10,000
- You must not have any history of dud cheques
- You are required to have satisfactory credit reports
- You need to have no outstanding loan obligations
- You must be 18 years old at the time of loan application and must not be older than 59 years at the loan maturity date.
GT Salary Advance
- You need to be a staff of a private company or government agency
- Your salary account must be domiciled in a guaranty trust bank
- Your salary account needs to be active also aside from being domiciled in GT bank
MaxAdvance
- You must have an account domiciled with a guaranty trust bank
- This is an all-purpose loan to meet your financial goals
School Fees Advance
- You must have your salary account domiciled with a guaranty trust bank
- You must be a confirmed staff of your organisation and need to have worked at your organisation for at least six months
- The requested loan amount must not exceed the school fee to be paid
- Your salary needs to be at least ₦25,000 if you work in the public sector or ₦50,000 if you work in the private sector for you to be able to apply for the school fee advance loan
MaxPlus
- You need to have your salary account domiciled with guaranty trust bank
- You do not need to define the purpose of requesting or applying for a maxplus loan facility
- You need to agree to the terms and conditions of this loan facility without which you cannot get the loan
GTMortgage
- Your business proceeds account or salary account needs to be domiciled with guaranty trust bank
- You need to have a valuation report from any of the guaranty trust bank-approved estate valuer
- You need to be a confirmed staff of your organisation and must have worked with your organisation for at least one month.
Computer Advance
- You need to be a serving corp member in the NYSC scheme
- You need to have your allowance account domiciled with guaranty trust bank
- Interested corp members need to apply for this loan during the orientation course
Premium Advance
- You need to be a Platinum customer of the bank
- You are required to have an average monthly salary of not less than ₦1million in the last six months.
- Your account annual turnover should not be less than ₦10million.
- You are required to have received your salary through your GTBank account in the last three months consecutively
- You need not have any outstanding due obligations with GTBank or other banks.
Travel Advance
- You must have your salary account domiciled with GTBank
- You must have received your salary through GTBank in the last three months from the same employer.
- Your salary must be paid in Naira (NGN)
Vehicle Insurance Premium Financing
- You need to be a guaranty bank customer and have your salary account domiciled with guaranty trust bank
- You need a minimum of 20% which is required before loan disbursement of the premium
GTB Bank Application Process
The application process for the various types of loans offered by GT Bank differs depending on the type of loan. The loan application steps for the various loan types offered by GT Bank are below:
Quick Credit
- Customers can request Quick Credit instantly by dialling the USSD code *737*51*51# and then following the prompts
- You can also apply for the QuickCredit loan through the bank website online and through the bank’s mobile banking platform via internet Banking and GTWorld app
GT Salary Advance
- You can apply by login into your internet banking account and following the prompt for salary advance application
- You can also apply by dialling *737*8*2# and then following the prompts
- You can also apply by visiting any GTBank branch or ATM near you
MaxAdvance
- You need to fill out the maxadvance application form on the maxadvance website for non-private organisations or private organisations depending on the organisation you work for
- Fill out the employee undertaking form to make your salary account domiciled with GTBank as the loan applicant if your account is not domiciled with guaranty trust bank.
School Fees Advance
- Fill and submit your completed Application Form and Employer Undertaking Form to the nearest guaranty trust Bank near you
- Provide the school fees bill and credit Insurance to the bank
- Make sure that your terminal benefit is domiciled in GTBank if not you can obtain a corporate guarantee.
MaxPlus
- Fill out the MaxPlus Loan Application Form
- Complete the employee undertaking form
- Then submit both to any guaranty trust bank near you
GTMortgage
To apply for a GTMortgage loan you need to provide these documents to the bank for your loan to be approved:
- Offer from vendor
- Copy of the title document
- Duly completed GTMortgage loan request form
- Duly completed GTMortgage Employer Undertaking form
- Clean Search report
- Valuation report.
Computer Advance
- Complete the loan application form
- Fill employer undertaking form
- Then submit your filled forms
Premium Advance
- Complete the application form
- Complete the employee undertaking form
- Then submit your completed forms
Travel Advance
- Login to Internet Banking
- Click Travel Advance under Investments and Quick Loans
- Select Travel Advance and initiate a New request
- Fill in the required details in the provided fields
- Authorize your loan request by entering the 6 digits on your token and submit
Vehicle Insurance Premium Financing
You can apply for the Vehicle Insurance Premium Financing on Internet Banking or on GAPS
To apply through Internet Banking follow these steps:
- Click on Sign On
- Head to Menu
- Click on Insurance Loans
- Vehicle Insurance
To apply through GAPs/GAPs Lite follow these steps:
- Click on Sign On
- Click on single transactions
- Click on collections
- Click on insurance loans
- Then click on vehicle insurance leadway
- When you’re done submit your application and your loan will be disbursed immediately
Benefits of GTB Bank Loan
There are several benefits of getting a loan from Guaranty Trust Bank depending on the type of loan. Some of the pros of the different types of loans offered by GTBank include:
Quick Credit
- You can get up to 3 times your monthly salary as quick
- Flexible repayment plan spread for up to 12 months
- You are allowed to pre-liquidate your loan without incurring any penalty
- The interest rate is very low and favourable
GT Salary Advance
- You can get up to 50% of your net monthly salary in advance
- The loan tenor is of 30 days, which is also renewable every month
- The salary advance loan requires no collateral for the application
- The eligibility minimum salary for the loan is ₦25,000 for public sector employees and ₦50,000 for private sector employees.
- On request, your salary advance loan is credited to your account in less than 24 hours
MaxAdvance
- Maxadvance is an all-purpose loan for all those qualified, this means that you can use this loan for whatever you have need of
- The repayment plan for the maxadvance loan is very flexible and convenient
School Fees Advance
- You can get up to ₦5 million in School Fees Advance, and have up to 4 months tenor per school advance request for repayment
- You get the opportunity for equal monthly repayment in four installments if you want
- You get your requested advance immediately after your loan is approved.
MaxPlus
- No collateral is required for this loan
- You can get a loan of 6 million Naira minimum and 50 million Naira maximum
- The loan has a tenor of up to 60 months
- Your monthly repayment is not allowed to exceed 50% of your monthly net salary
- On approval of your loan, you get your requested loan facility within 48 hours of applying
- You do not need to make any equity contribution for this loan facility
GTMortgage
- You can get up to ₦150 million in mortgage loans in the low-density residential locations in Abuja and Lagos
- The loan tenor is between 1-20 years subject to a maximum age of 55 when your loan expires, which is time enough for you to be able to repay the loan
- The loan allows you very flexible repayment options, you can repay monthly comprising principal and interest or annual, semi-annual or quarterly principal repayment while you make interest payments monthly.
- You cannot pay more than 50% of your net monthly salary if you are operating a monthly repayment
Computer Advance
- You get funding to buy mobile devices as a corp member while undertaking your orientation course
- The repayment plan for the loan is flexible
Premium Advance
- You always have access to funds provided you are a platinum customer
- There is no limit to how many times you to request this loan provided you are eligible
Travel Advance
- With this loan, you get access to funds to sort your travel expenses when you cannot pay from your pocket
- With the travel advance loan, you can get up to ₦3 million to cater for your travel and holiday spending
Vehicle Insurance Premium Financing
- This loan helps you to get your vehicle insurance financed very easily
- The interest rate on this loan is very low and highly affordable
Cons of GTB Bank Loan
GT Bank loan has some downsides some of which include:
- The quick credit loan is only available to existing GT bank account holders with a minimum monthly earning of ₦10,000
- You cannot get more than three times your salary for a quick credit loan
Conclusion
Guaranty Trust Bank is a go-to bank when you require credit be it quick credit, short term long and long-term financing of businesses, mortgages and any other funds-consuming endeavour. The bank provides you with loans to fund your dreams provided you meet the eligibility requirements for the type of loan you apply for with the financial institution. Visit any GT Bank close to you today to apply for the type of loan that is suitable to your financial needs. You can also apply for some of the guaranty trust bank loan types online
