How To Borrow Guaranty Trust Bank Loan.
The Guaranty Trust Bank (GT Bank) is one of the leading banks in Nigeria that offers various banking and financial services, including loans. This article aims to provide a comprehensive guide on the different types of loans offered by GT Bank, as well as how to apply for them.
Overview Of Guaranty Trust Bank
GT Bank has operated since February 1991 and has established itself as a trusted and reputable bank with excellent customer service. To borrow money from GT Bank, there are specific steps that you need to follow. First, you need to determine the type of loan that suits your needs, which we will discuss later in this article.
Next, you need to gather all the necessary documents required for the loan application. Finally, you can submit your application through the bank’s website, mobile app, USSD loan code, or in person at a GT Bank branch.
Now let’s discuss the different types of loans offered by GT Bank.
Types Of GT Bank Loan
The loans below are the significant loans offered by GT Bank.
1.GT Salary Advance:
This loan scheme is designed for employees of private and government agencies who need financial assistance. Borrowers can receive up to 50% of their monthly salary, with a minimum amount of N25,000 for public sector employees and N50,000 for private sector employees. No collateral is required, and the loan is disbursed within 24 hours of approval.
2. GT Bank School Fees Advance:
This loan is intended to help parents or sponsors pay for their children’s education. Borrowers can receive up to N5,000,000, with a repayment tenor of four months. The interest rate is competitive, and there is no need for collateral.
3. GT Bank Quick Credit:
This loan is for salary earners who need funds to meet their financial needs. Borrowers can receive up to N5,000,000, with a low-interest rate of 1.80% and a repayment plan of 12 months. You can borrow up to three times your monthly salary, and there are no penalties for pre-liquidation.
4. GT Max Advance:
This loan is an all-purpose loan designed for staff in corporate and public sectors whose accounts are domiciled with the bank. Borrowers can receive up to N10,000,000 for a tenor of up to 48 months.
5. GT Mortgage:
This loan is designed for individuals or organizations who want to purchase or build a house. Borrowers can receive up to N200,000,000, with a repayment tenor of up to 20 years.
6. Premium Advance:
This loan is intended for premium banking customers who need financial assistance. Borrowers can receive up to N15,000,000, with a repayment tenor of up to 48 months.
7. Computer Advance:
This loan is for employees who must purchase a computer for personal or work use. Borrowers can receive up to N5,000,000, with a repayment tenor of up to 12 months.
8. Travel Advance:
This loan is for individuals who want to travel for leisure or business. Borrowers can receive up to N5,000,000, with a repayment tenor of up to 12 months.
9. Max Plus:
This loan is for employees needing to pay rent or purchase household appliances. Borrowers can receive up to N1,000,000, with a repayment tenor of up to 12 months.
10. Vehicle Insurance Premium Financing:
This loan is for individuals who want to purchase comprehensive insurance coverage for their vehicles. Borrowers can receive up to N2,500,000, with a repayment tenor of up to 12 months.
In conclusion, GT Bank offers a variety of loan schemes tailored to meet the needs of individuals and organizations. By following the steps
How to borrow Guaranty Trust Bank Loan
Borrowing money from Guaranty Trust Bank (GTBank) is a straightforward process that can be done either through their physical branches or through their online banking platform. Here are the steps to follow:
1.Check if you are eligible: Before applying for a loan, you must meet GTBank’s eligibility criteria, including factors such as your credit score, income level, and employment status.
- Choose a loan type: GTBank offers various types of loans, including personal loans, business loans, and mortgage loans. You should choose the loan type that best suits your needs.
- Prepare your documents: To apply for a loan, you must provide certain documents, such as your ID card, bank statement, and proof of income. Make sure you have all the necessary documents before applying.
- Apply for the loan: You can apply for a loan either by visiting a GTBank branch or through their online banking platform. If you apply online, log in to your account, select the loan type, and provide the required information.
- Wait for approval: After submitting your loan application, GTBank will review your application and determine whether to approve or reject it. This process may take several days or weeks, depending on the loan type and your request amount.
- Receive the loan: If your loan application is approved, the funds will be disbursed to your bank account. You will then be required to make repayments according to the terms and conditions of the loan agreement.
It is important to note that borrowing money from any financial institution comes with its risks and responsibilities. Before applying for a loan, make sure you understand the terms and conditions of the loan, including the interest rate, repayment period, and penalties for defaulting on the loan.
The GTbank USSD Code
GTBank USSD code is a convenient way to perform banking transactions without an internet connection or mobile app. To use the GTBank USSD code, follow these steps:
- Dial *737# on the mobile phone number linked to your GTBank account.
- Select the option for the type of transaction you want to perform, such as transferring funds, buying airtime, paying bills, and more.
- Follow the prompts on the screen to complete the transaction.
Frequently Asked Questions
How do I repay my GT Bank loan?
You can repay your loan through automatic deductions from your GT Bank account or by making manual payments through GT Bank’s online banking platform, mobile app, or at a GT Bank branch. It is essential to make payments on time and in full to avoid any late fees or penalties.
Can non-GTBank customers apply for a GTBank loan?
No, only existing GTBank customers can apply for a loan. However, if you are not a customer, you can easily open an account with GT Bank and apply for a loan.
How much can I borrow from GT Bank?
The amount you can borrow depends on your income, creditworthiness, and the type of loan you are applying for. GT Bank has minimum and maximum loan amounts for each loan type, which you can check on their website or by contacting a GT Bank representative.
What are the interest rates and repayment terms for GT Bank loans?
The interest rates and repayment terms may vary depending on the type of loan and your creditworthiness. You can check the current rates and terms on GT Bank’s website or contact a GT Bank representative for more information.
In conclusion, borrowing a loan from GTBank is a straightforward process. Check your eligibility, choose the loan type, submit the application, and provide the necessary documents. GT Bank offers affordable loans with favorable terms. Understand the terms before signing. Follow these steps and borrow responsibly to meet your financial needs.
Feel free to ask questions in the comments section. We shall respond swiftly.