In today’s world, it is almost inevitable for Nigerians to seek loans for personal or business purposes. Therefore, it is crucial to understand how to access bank loans with ease. GTBank loans, known for their speed and efficiency, provide one of the fastest loan solutions in Nigeria. This article presents a step-by-step guide on obtaining instant loans from GTBank, ensuring you have the necessary knowledge to access the funds you need promptly.
An Overview of GTBank
Established in 1990 as a limited liability company, Guaranty Trust Bank plc (GTBank) became authorized to provide banking services to Nigerians. The bank commenced operations in February 1991 and has since grown to become one of the most respected financial institutions in Nigeria. In February 2002, GTBank was granted a universal banking license by the Central Bank of Nigeria (CBN) and subsequently designated as a settlement bank.
Today, GTBank is renowned for its commitment to providing exemplary banking services to the Nigerian public. In addition, the bank offers instant loans, ensuring that individuals can access the necessary funds efficiently and without unnecessary delays. By adhering to the prescribed documentation requirements, anyone can benefit from GTBank’s loan offerings.
What are the types of GTB loans?
Basically, there is a range of GTB loans available for you to select from. Here is a comprehensive list of the various loan offerings that GTBank offers:
1. Salary Advance
The salary advance is one of the best GTB loans specially made for salary earners to access up 50% of their net monthly salary before the due date. However, this loan type is only available to staff companies whose salary accounts are domiciled with GTBank.
What is the minimum amount I can borrow on the GTBank salary advance loan?
The minimum salary advance loan you can access on GTB as an employee of a government agency is N 25,000. On the other hand, if you work for the private sector, your minimum amount is N 50,000.
What is the loan duration on the GTBank salary advance loan?
The loan tenor on GTB’s salary advance loan is 30 days and you get 50% of your total monthly income upfront.
How can I apply for GTB’s Salary Advance?
There are three different ways to apply for this loan. They include:
- Just log in to Internet Banking, click on “Loans” and start the application process for a salary advance. You will find a detailed guide on how to access internet banking subsequently.
- Dial *737*8*2# with the sim linked to your account to apply
- Alternatively, visit the nearest GTBank branch or ATM.
2. School Fees Advance
School Fees Advance is one of GTB’s loan facilities that was created to fund the expense of your child’s school fees. However, you must note that you can only access this loan if you are an employee of a repeatable organisation and have your salary account domiciled with GTB.
How can I apply for GTBank School Fees Advance?
To apply for this GTB loan, you have to submit the following documents to the nearest GTB branch:
- Duly completed school fees advance loan application form and your Employer Undertaking Form.
- Your child’s school fees bill and your credit insurance.
- Make sure that your staff terminal benefit is already domiciled in GTBank or you can obtain a Corporate Guarantee.
What are the minimum and maximum loans amount for a GTB School Fees Advance?
The minimum loan amount for GTB’s school fees advance is N50,000. However, the maximum loan amount is as high as N1million. Also, you have a loan tenor of at most 4 months.
What document do I require to obtain a School Fees Advance?
You need the school fees advance credit application form, your employer undertaking as well as your child’s school bill with the school’s bank account.
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3. Quick Credit
Here’s good news for salary earners. With the Quick Credit package, you can access the money you need immediately and reimburse it in installments within 12 months.
How can I apply for Quick Credit by GTB?
There are primarily three different means of applying for a quick credit loan. They include:
- Request for QuickCredit immediately by dialling *737*51*51#
- QuickCredit is available on all GTBank online and even mobile banking platforms (Internet Banking, GTWorld and GTBank Mobile App)
What is the minimum loan amount on QuickCredit?
The minimum amount of money you can obtain on QuickCredit is N5,000. On the other hand, the highest is N5million. Also, it has a loan duration of 12 months with an interest rate of 1.80% per month.
How can I access the QuickCredit loan?
Three ways you can get access to QuickCredit loan are:
- USSD code *737*51*51#
- Mobile Banking App
- Internet Banking
How Do I Know I am Eligible for QuickCredit?
To be eligible for this loan, you must be an existing GTBank active customer with a total salary of at least N20,000 every month. Also, your credit score has to be satisfactory and you must not have any unpaid obligations.
4. MaxAdvance
MaxAdvance is a kind of quick loan designed to boost personal loans to employees of some select corporate and government companies whose employees’ salary accounts reside with GTB. Basically, it is a purpose loan that aims to satisfy your financial needs as a staff while providing you with a convenient reimbursement plan.
What documents do I need to obtain a MaxAdvance loan from GTB?
- Completed MaxAdvance application form for either non-private companies or private companies depending on your category
- Employee Undertaking Form
The amount of MaxAdvanve loan you can take out from GTB is between N100,000 to N10,000,000 with a tenor of 3 – 48 Months
5. MaxPlus
MaxPlus GTB loans provide you with larger amounts of loans that are more flexible to fulfil your financial needs. These loans also have a very convenient repayment plan. However, only platinum customers with GTB Can access them.
What are the minimum and maximum loan amounts for a MaxPlus?
The maximum loan amount obtainable for MaxPlus loan is 50 million while the minimum amount is as high as N6 Million.
What documents do I need to access a MaxPlus loan?
- Completed MaxPlus Application Form
- Employee Undertaking Form
MaxPlus Loan tenor
The MaxPlus loan tenor spans for 3-60 months. However, your monthly reimbursement cannot surpass 50% of your total monthly salary.
How can I qualify to be a GTB platinum customer?
To be eligible for this package, your average salary per month should be at least N1million in the past six months. Also, your annual turnover should be at least N10million and you must have been be receiving your salary through your GTB account for 3 consecutive months.
6. Computer Acquisition Scheme
The Computer Acquisition Scheme offers serving corps members loans. As long as you are a corp member and your allowance account is domiciled with GTB, you are eligible for this loan.
What documents do I need to obtain the Computer Acquisition Scheme loan from GTB?
As a serving corp member, you need these documents:
- Completed Application Form
- Domiciliation of your NYSC allowance with GTBank
- Employer Undertaking Form
You must complete all applications during the course of NYSC orientation activities. Also, the maximum loan amount accessible is N60,000 with a 3 – 10 months tenor.
6. GTMortgage
GTMortgage provides loan facilities to customers whose business proceeds or salaries are alreadydomiciled with GTBank. Basically, this loan allows them to own a home in designated cities within Nigeria.
What documents do I need to obtain a GTMortgage?
As long as you have your business or salary account domiciled with GTBank, you can apply using these documents:
- Completed application form
- Title Document of Property
- A valuation report from any GTBank-approved estate valuer
- Offer letter to sell the said property from the dealer
- Search report from the GTBank Legal Group
What are the minimum and maximum loan amounts I can access on GTMortgage?
You can take out a minimum loan amount of N5 million. However, the maximum limit obtainable is as high as N150 million.
What is the maximum and minimum tenor on GTMortgage?
The maximum loan tenor on a GTMortgage is up to 20 years. However, this is liable to your number of years before retirement. Based on the standard retirement age of 55 years, if you are that is 40 years old, you can only borrow for a tenor of 15 years. GTMortgage minimum tenor is 1 year.
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7. Premium Advance
Always there for you, when you need money the most, the GTB Premium Advance is a revolving credit facility that is placed on your active Debit Naira MasterCard.
How can I apply for GTB Premium Advance?
Here’s how to apply for GTB Premium Advance:
1. Visit their website, www.gtbank.com
2. Next, open the menu and tap on “personal”
3. Thereafter, tap on “loans” and then on “premium advance”
Simply fill out the application form and employee undertaken form you find there and submit them. Alternatively, you can visit the nearest GTBank around you.
What is the maximum amount and Loan tenor on a GTB premium advance?
The maximum amount obtainable is as high as N1 Million with a 1-year loan tenor and a competitive interest rate of 2%.
8. Travel Advance
Travel Advance is a type of GTBank time loan specially designed to satisfy the travel needs of customers with active salary accounts residing in GTBank. The GTB travel advance is available for:
- Airline Ticket
- Airport Pickup and Transfer
- Hotel Reservation
- Tours and Events
The credit amount obtainable is N250,000 to N3,000,000 for a duration of 12 months. Also, the interest rate on a GTBank travel advance is 20% per annum
What is the Eligibility requirement for a travel advance?
- You must have your salary account domiciled with GTBank.
- Your salary account must have been active for at least 3 months and you must have received three months’ salary from the same employer.
How can I apply for Travel Advance?
Here’s how to Apply for GTB Travel Advance:
- Login to GTB Internet Banking
- Next, tap on “Travel Advance”. You will find this under “Investments and Quick Loans”.
- Choose Travel Advance and start a new request
- Enter the mandatory details
- Approve your request by entering the 6 digits on your token and then submit it
9. Vehicle Insurance Premium Financing
The Vehicle Insurance Premium financing by GTB is a time loan designed to enable corporate companies and salary owners (who have accounts with GTB) to fund their vehicle insurance upfront. Thereafter, they can spread the payment over a period of 12 months.
What are the features of the GTBank Vehicle Insurance Premium Financing?
Here is the important feature of this loan package:
- Loan Amount: For Individuals is N20,000 – N1,000,000. For Corporate, it is N20,000 – N5,000,000
- Loan tenor: Maximum of 1 year
- Interest rate: 1.67% per month
Who can apply for the GTBank Vehicle Insurance Premium Financing?
You are eligible to apply if you meet the following criteria:
- Have a salary account domiciled with the Bank
- Corporates with active accounts that are domiciled with the Bank and have access to GAPs
How can I apply for GTBank Vehicle Insurance Premium Financing?
Here’s how to apply for this loan through the GTB internet banking platform:
- Sign into the platform and go to the menu
- Next, tap on “Insurance Loans” and on Vehicle Insurance to kickstart your application
To apply through the GAPs/GAPs Lite, follow these steps:
- Sign on to the platform and select “Single Transactions”
- Next, tap on “Collections” and then on “Insurance Loans”
- Once it opens, tap “Vehicle Insurance Leadway” and start your application.
Alternatively, you can visit the nearest GTBank office around you for directions.
What is GTBank Internet banking?
This is a strong channel specially designed to provide you with unlimited access to your GTB accounts. Also, it allows you to easily execute more than 90% of your banking transactions online and in real time.
How can I sign up for GTBank internet banking?
Follow these easy steps to sign up GTBank internet banking:
1. Follow this link to get to the sign-up page for GTB internet banking https://ao.gtbank.com/IBankReg/Start.aspx.
2. Next, fill in the internet banking sign-up form correctly and click on “continue” once you are done.
3. Lastly, wait for GTB to verify your details and send you your internet login details via e-mail.
You can log in to GTBank internet banking with these unique details and access various types of loans instantly
What documents do I need to obtain GTB loans?
The documents you need to obtain GTB loans vary depending on the type of loan you are applying for. Check the information above to see the various documents you require for different types of loans.
GTB App Customer Review
Positive Reviews
Olawale Adigun – “This app is a very great improvement from Gtco. Aside the beautiful outlook, the app is very easy to navigate, transactions are much easier to initiate and complete. There are a lot of features people who don’t update will be missing. If there is any other rating above the 5star, I will gladly give to this app.”
Lacreame MUA – I love the New app and the features included too.. I didnt have to update, I just logged in and viola! everything looked different.. My first experience was smooth and I hope it stays the same.. I feel the few features could have been added to the old look but this new look is also not bad as far as it works perfectly.
Angel Ehinmitan – Transfer made easy. With an accurate phone number, money can be sent to our loved ones. Smooth transition from the previous app to the upgraded app. Very commendable. Thank you for your willingness to grow and improve so that we can enjoy better services despite many limitations.
Negative Reviews
Ayo – “The old app worked. It was plain, it was clear, you could access everything you needed. Then someone decided to “reinvent the wheel,” and this new app is the most frustrating experience so far. Crashes, says there’s no data when there is, you can’t see your transaction history as seamless as before, and some transactions take a while to post, making you second guess yourself. It’s like GT had a meeting to discuss, how can we make our user experience more annoying, well done.”
Laju Tuedor “Slower than a snail! Shows this message at login and for transfers after inputting password: “We are looking for your data, it might take a moment”. Sometimes loads at login for over 30 mins! I use 2 fast & stable 5G networks. I know it’s not a network issue on my phone cos other apps work well (including Netflix, which streams without buffering). Also, the option to login using biometrics has disappeared. At least with biometrics login, this annoying never-ending loading wasn’t an issue.”
Aliyu Alhassan “Very poor. I updated the app with hope of getting a better one, but i ended up being unable to access my account. I was left in a market of regret. There was no feature loaded on the app. It was blank. Anytime i tried to chose from the features loaded at the bottom, it kept saying it seems something went wrong, please try again later. The app I ever downloaded on my phone. I have no choice other than yo revert back to the old app. Very poor.”
How can I contact GTBank?
For more information about GTBank loans, just contact them through any of the following:
- Head Office Address: Plot 635, Akin Adesola, Victoria Island, Lagos. Also, you can visit the nearest GTBank around you.
- Tel: +234 1 2715227
- GTConnect: +234 1 4480000, 0700 48266328, +234 802900 2900, +234 803900 3900
- Email Address: gtassistant@gtbank.com
- Website: www.gtbank.com
Bottom Line
GTB loans are a variety of loans that the bank provides for customers to enable them to meet their financial needs. To get detailed information on how to access this loan, go through the information above. However, you are not eligible to take out any of these loans except if you have an active salary account with GTBank.
