Are you looking for how to get a loan from GTBank for personal use or business?
Guaranty trust bank (GTB) allows you to borrow money and payback within 6-12 months intervals with an interest rate of 1.5% monthly for both personal and business loans.
In this article, you will learn everything you need to know about the GTBank loan, how to apply for the loans and answers to frequently asked questions that you may have.
You should read this article to the end before applying for the GTBank loan as there are lots of things to learn and know before applying.
Let’s get started;
Table of Contents
- Quick Intro on GTBank Loan
- Features of a GTBank Loan
- How to Get a Loan from GTBank Quick Credit Personal or Self employed Loan
- How to Apply for GTBank Quick Credit Loan for Business
- How to Repay a GTBank Loan
- Frequently Aksed Questions
Quick Intro on GTBank Loan
GTBank loan is known as Quick credit. This loan is only available to GTBank customers for business or personal usage. For the personal loans, you can borrow as high as 500,000 to 5,000,000 Naira while the Quick credit for SME’s allows business owners to borrow from 250,000 Naira to 10,000,000 Naira maximum.
The amount of money you can borrow here depends on how often you use your GTBank account to receive funds or the annual turnover of your business if you are applying for a business loan.
Although GTBank claims that the personal loans can be accessed by salary earners and self-employed customers, reports have it that it is not easy to be approved for a GTBank personal loan.
For instance, to access the Zenith bank loan, all you need to do is to use your account more frequently. By the time you have reached a satisfactory transaction threshold, you will be eligible to apply. The case is not the same with GTBank; the algorithm used in calculating loan eligibility is more strict. However, it is not impossible to get a loan from GTBank.
Features of a GTBank Loan
Longer Repayment Plan
Unlike Zenith Bank and Access bank that allows you to borrow personal loans for just one month, GTBank loan has a longer repayment period of 6-12 months. This means your loan repayment will be spread out to 6-12 months; you will pay a certain amount monthly until you have repaid the full loan and interest accrued.
Fintech apps like Carbon and Fairmoney charge as high as 6% per month for shorter durations. GTBank quick loan allows you to borrow money and pay it back at an incredible 1.5% interest monthly. If you are a salary earner or self-employed person that receives a moderate amount regularly in your GTBank account, you should consider the GTBank quick loan.
Huge amount on first application
Yes, that is right. If your GTBank account does a lot of huge transactions, you may qualify for a significant amount of money on your first application. The minimum amount for a GTBank loan is 10,000 Naira for personal loans and 250,000 Naira for SME loans.
Once you apply, the monies will be disbursed instantly to your GTBank account. You can withdraw immediately or do whatever you wish with the money.
No paperwork Required
To get approved for GTBank Quick credit personal loans, you do not need to visit the banking hall to submit any documents. Simply apply online via mobile banking, internet banking or USSD. If you qualify, the money will be sent immediately to your account.
How to Get a Loan from GTBank Quick Credit Personal or Self employed Loan
Before you can apply for the GTBank Quick loan for personal use, you need to know if you are eligible to access the loan. We have compiled the requirements to access this loan below.
Eligibility for GTBank Quick Credit Loan
- You must be a salary earner (If you are self employed you have to pay yourself salaries often).
- You must have received your salary from the same employer in the last 6 months.
- Your salary must be paid in Naira.
- The minimum loan amount is 10,000 Naira.
- You must be ready to pay an interest rate of 1.33% per month.
There are various methods to apply for the GTBank loan, you can apply via USSD, Internet banking or mobile banking.
Choose a method that suits you and follow the procedure below it;
How to Apply for GTBank Loan via USSD
Simply dial *737*51*51# on your phone number registered with the Bank. If you qualify for this loan, the amount that you can borrow will be displayed on the screen. Follow the instructions to complete your loan application via USSD.
If successful, you will get a credit alert with the approved amount.
How to Apply for GTBank Loan via Mobile App
You must have registered for GTBank mobile app to access the feature. You can check our article on how to register for GTBank Mobile banking if you are yet to register.
Login to your GTBank mobile app.
Click on Apply for loans.
Select Quick credit from the list of options.
If you are eligible, you will see the amount of loan that you qualify for. Accept the terms and conditions to receive the loan.
How to Apply for GTBank Loan Via Internet Banking
Guaranty trust bank internet banking platform allows you to perform basic to advance bankng transactions online. One of the many things you can do with GTB online banking is the ability to apply for loans.
If you have not registered for internet banking, read our article on how to apply for GTBank internet banking feature.
Now that you can access internet banking, follow the procedures below to apply for a GTBank loan via internet banking;
Step 1: Visit the GTBank internet banking portal.
Step 2: Enter your login details and click login.
Step 3: On the onboarding page, click on proceed to internet banking.
Step 4: Click on Quick credit at the left hand side.
Step 5: Click on new request.
Step 6: Click on determine eligibility to see how much you can borrow.
Step 7: On the next page, you will see the maximum amount you can borrow from the bank. Fill in the form to your specification.
Step 8: Agree to the terms and conditions
Step 9: Answer your secret question and click on continue.
Once the GTBank loan is approved, your salary account will be credited. This happens almost immediately.
How to Apply for GTBank Quick Credit Loan for Business
This loan is for small and medium-sized businesses in the education and healthcare niche. To qualify for this loan, you must meet the requirements before you can apply.
Eligibility for GTBank Quick Credit Loan for Business
- You must own a registered business.
- You must have a corporate account domiciled with GTBank.
- The company must have operated the corporate account for a period of 12 months.
- The company is eligible to access upto 50% of its average annual turnover.
How to Apply
The business must have access to GTBank GAPS. If you are not registered, you can apply for GTBank GAPS online.
Login to GTBank GAPS here. Once you are logged in, click on Quick credit and follow the instructions on the page to complete your application.
How to Repay a GTBank Loan
For personal and self-employed loans, you have to pay monthly for the period of time agreed. All you have to do is to make the required funds available in your GTBank account at the right time.
GTBank will automatically debit your account monthly until the loan is paid back in full.
For Business loans, the repayment period is either monthly interest payments and quarterly principal repayments (available for schools only) or equal monthly payment of principal and interest.
All you need to do to repay this loan is to make the funds available in your GTBank corporate account at the right time.
If you do not know how much you need to pay periodically, check out his financial calculator tool from GTBank.
Frequently Aksed Questions
If I have an Existing Loan Can I Apply?
For personal and self-employed loans, you can apply even when you have an existing loan on other platforms like Carbon and Fair money while for Business loans, you cannot apply until you have settle your running loans with the other platforms.
What is the minimum loan amount?
The minimum amount you can borrow for Quick credit personal is 10,000 Naira while your business can borrow at least 250,000 Naira from GTBank Quick credit for business.
What is the Maximum loan amount?
For personal, you can borrow from 500,000 to 5,000,000 Naira while businesses can borrow a maximum of 10,000,000 Naira.
What is the maximum tenor for repayments
You must pay back within 6-12 months.
Thank you for reading our article. We hope you enjoyed our article on how to get a loan from GTBank. You can also check our other articles on 10 best loan platforms in Nigeria and How to download videos from Pinterest.