Undoubtedly, many Nigerians are bound to run into financial crises at some point in their lives. In this situation, most people turn to loans to serve as a soft landing for them until they get back on their feet. As an entrepreneur or salary earner whose account is domiciled with GTBank, you can now get the money you need immediately, and pay it back in instalments, thanks to the wide range of soft loans that the bank has to offer. Take a look at this guide to learn about the GTBank soft loans you are eligible for and how to obtain them.
An Overview of GTBank
Guaranty Trust Bank plc, also known as GTBank, is one of the most prominent commercial banks in Nigeria with millions of customers. The bank was integrated as a limited liability company authorized to offer commercial and other banking services to Nigerians in 1990. Subsequently, the bank commenced operations in February 1991. Since then, GTBank has grown to become one of the most reputable and service-centred banks you can find in Nigeria.
This multinational financial institution provides people, businesses, private and public organizations across Africa and the United Kingdom with a wide range of market-leading banking and financial products and services. In 2019, GTBank was acknowledged as the Best Bank in Nigeria and in Africa at large by the Euromoney Magazine. Also, the bank was awarded the Best Retail Bank Nigeria and Best Banking Group by World Finance Magazine. They’ve also received other noteworthy awards that have made them to be one of the best banks in Nigeria.
What is a Soft Loan?
A soft loan, also called “soft financing” or “concessional funding,” is simply a loan with a below-market rate of interest or no interest. Generally, soft loans have lenient terms and conditions, such as extended grace duration in which just interest or service charges are owed, as well as interest holidays.
What Are the Different Kinds of GTBank Soft Loans?
When it comes to GTBank soft loans, you have a wide variety to select from. Check out the top 10 soft loans that you can access from GTBank as a customer:
1. Salary Advance
The salary advance loan package offers you up to 50% of your total monthly salary upfront. This loan package is available to employees of both private companies and government agencies that have their active salary accounts domiciled in GTBank. The best part is that there is no collateral required for this loan and the disbursement will just take 24 hours.
What is the Minimum and Maximum Salary Advance Loan I Can Obtain From GTBank?
The salary advance package offers you up to 50% of your net monthly salary upfront. This means that if you earn 100,000 Naira, you are eligible to borrow 50,000 Naira as salary advance.
What is the Loan Tenor For GTBank Salary Advance Loan?
The loan tenor for this package is a maximum of 30 days, which is renewable monthly. This means that the bank gives you a grace period of 30 days. However, you can renew your loan every month.
What is the Eligibility Requirement to Borrow GTBank Salary Advance Loan?
Before you can access this loan package, you must meet certain requirements. For public sector workers, they must have a minimum salary of N25,000 while private sector employees should have a minimum salary of N 50,000 for them to be eligible for this package.
How Can I Apply for Salary Advance GTBank Soft Loans?
There are three ways you can apply for this loan. They include:
A. Through Internet Banking
- Simply log in to Internet Banking
- Navigate to the menu and tap on “Loans”
- Thereafter, click on “Salary Advance”
- Fill out the necessary details and submit it. You will receive your loan within 24 hours.
B. Through USSD Code
- Start by dialling *737*8*2#
- Next, follow the prompt to apply for a salary advance loan
- Wait for your loan to get disbursed within 24 hours
C. Visit a GTBank Branch
- Visit any GTBank branch near you
- Tell the customer service that you want to apply for a salary advance loan
- The bank will give you a form. Fill out the form with the accurate details and submit it.
- Wait for your loan to get disbursed within 24 hours
2. School Fees Advance
School Fees Advance is a GTBank soft loan facility that was specially designed to fund the cost of your child’s school fees. This package can only fund schools in Nigeria. The School fees advance facility is only available to members of staff of public and reputed private organizations in Nigeria whose salary accounts are domiciled with GTBank. As for the fee, it will be paid through direct transfer from GTBank to your ward’s or child’s school.
What is the Minimum Maximum and School Fees Advance Loan I Can Obtain From GTBank?
The school fees advance package offers you up to N1 million Naira for you to pay your child’s school fees. Nonetheless, the minimum amount of school fees advance loan you have access to is 50,000 Naira. This money will be transferred directly to the school’s account. Only Nigerian schools are eligible for this offer.
What is the Loan Tenor For School Fees Advance Loan?
You have a maximum tenor of just 4 months per each school fees advance request you make. This means that you must pay back the loan in 4 months.
What is the Interest Rate For GTBank School Fees Advance Loan?
The School Fees Advance loan comes at a very competitive interest rate. The bank offers you a chance to make equal monthly reimbursements comprising both principal and interest.
What is the Eligibility Requirement For GTBank School Fees Advance Loan?
Before you apply for the salary advance loan package from GTBank, ensure that your staff terminal benefit is domiciled in GTBank. This makes you eligible for the loan. Alternatively, you can obtain a corporate guarantee.
How Can I Apply For GTBank School Fees Advance?
Follow the steps below to apply for GTBank school fees advance:
- Visit any GTBank around you and request for the salary advance loan form from customer service.
- Submit the completed application form as well as your employer undertaking form.
- Provide your child’s school fees bill and credit insurance.
- Wait for the bank to process and disburse the loan
What is the Required Length of Salary Account Relationship For the GTBank Salary Advance Loan?
You must have received your salary through your GTBank account in the past 1 month for you to be eligible for this offer.
What Document is Required for a School Fee Advance?
Here is a list of the documents you must provide to obtain this loan facility:
- The application form
- Employer undertaking
- School bill
- School bank account details.
Is there a Minimum Salary Amount that I Need to Earn to be Able to Apply for School Fees Advance?
Yes, the minimum monthly salary of N25, 000 for public sector employees and N50,000 for private sector employees.
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3. MaxAdvance
MaxAdvance is specially designed to facilitate personal loans to employees of specific corporate and government institutions that have their staff salary accounts residing with GTBank. So your organisation has to have all salary accounts domiciled with GTBank to be eligible for this offer.
What is the Minimum and Maximum Loan Amount I Can Access From the GTBank MaxAdvance Loan Facility?
The minimum amount of loan you can access in the MaxAdvance package is N100,000.00 while the maximum loan amount you can get from this package is N10,000,000.
What is the Mode of Repayment and Interest Rate For the GTBank MaxAdvance Loan?
This package offers you equal monthly reimbursement of principal and interest not more than 33.3% of your net monthly salary.
What is the Loan Tenor For GTBank MaxAdvance Loan?
The minimum tenor for this loan facility is just 3 months while the maximum loan tenor is just 48 Months. Your specific loan tenor will depend on the amount of loan you borrowed.
4. Quick Credit Loan
QuickCredit is one of the soft loans in this bank that is accessible to both salary and non-salary account holders. Essentially, this facility offers you cash up to N5 million to settle your emergency bills with no hidden charges involved.
How Much Quick Credit Loan Can I Borrow From GTBank?
The GTBank Quick Credit loan facility offers you up to 3 times your monthly salary as a loan. To be specific, you can borrow a minimum amount of N5,000 and a maximum amount of N5 million as a loan depending on your income.
What is the Loan Tenor For GTBank Quick Credit Loan?
The loan tenor for this plan is between 1 to 12 months. So your specific loan tenor depends on the amount of loan you obtained.
What is the Interest Rate For GTBank Quick Credit Loan?
The interest rate for GTBank Quick Credit loan is just 2.0% per month. So if your loan tenor is 5 months, your interest rate will grow by 2% every month until you finish your payment.
How Can I Apply For GTBank Quick Credit Loan?
You can apply for For GTBank Quick Credit loan via any of the ways listed below:
A. USSD
To apply for Quick Credit via USSD, follow these steps:
- Dial *737*51*51#
- Next, follow the prompts and select “Quick Credit”.
- Fill out the amount of loan you want to obtain.
- Wait for the loan to be disbursed into your account.
B. Internet Banking
To apply for Quick Credit via Internet Banking, follow these steps:
- Log into your Internet banking account
- Next, navigate to the menu
- Click on “Loans” and then on “Quick Credit”
- Enter the loan amount and submit
- Wait for the disbursement of the loan
C. Mobile Banking App
To apply for Quick Credit via the mobile banking app, follow these steps:
- Log into your GTBank mobile banking app
- Next, navigate to the menu
- Click on “Loans” and then on “Quick Credit”
- Enter the loan amount and submit
- Wait for the disbursement of the loan
What Are the Other Fees to be Paid on QuickCredit?
Application for this loan facility attracts a credit insurance fee of just 1%, which is a one-off charge that you have to pay.
Is there a Minimum and Maximum Age for Eligibility For the Quick Credit Loan?
Yes, to be eligible for the Quick Credit loan by GTBank, you must not be less than 18 years old and must not be older than 59 years.
What are the Eligibility Criteria to Access the Quick Credit Loan?
Here is a list of the eligibility criteria you must meet to access the Quick Credit loan:
- You must sustain a minimum monthly lodgement of just N20,000 or make a minimum monthly salary of N10,000
- As a borrower, you must not have any past history of dud cheques
- You must have good or satisfactory credit reports
- Lastly, you must not have any unpaid loan obligations
5. MaxPlus
MaxPlusis a package that offers you a larger loan amount and greater flexibility to satisfy your financial demands with a very convenient repayment plan. This facility is exclusive to platinum clients whose active salary accounts are domiciled with GTBank. With MaxPlus, you can get a huge amount of loan without any collateral.
What is the Minimum and Maximum Loan Amount I Can Access From the GTBank MaxPlus Loan Facility?
The minimum amount of loan you can access from this facility is N6 Million, while the maximum amount of loan that you can access is N50 Million.
What is the Loan Tenor For the GTBank MaxPlus Loan Facility?
Essentially, MaxPlus offers you a tenor between 3 months to 60 months depending on the amount of loan you obtained.
What is the Interest Rate of the GTBank MaxPlus Loan?
GTBank promises borrowers competitive interest rates and equal monthly repayment consisting of both principal and Interest. However, you can rest assured that your monthly repayment for this loan will not exceed 50% of your net monthly salary.
What Documents are Required to Obtain MaxPlus Loan Facility?
The documents you require to obtain this loan include:
- Application form and Employer
- Undertaking to domicile salary
6. Computer Acquisition Scheme
Computer Acquisition Scheme is a loan that is exclusively reserved for serving Corps members whose NYSC allowance accounts are domiciled with GTBank. Their allowance account will help to finance the loan borrowed for the purchase of mobile devices which is to be paid during their service year.
What is the Minimum and Maximum Loan Amount I Can Access From the GTBank Computer Acquisition Scheme?
The minimum amount of loan you can borrow from the GTBank Computer Acquisition Scheme is N10,000, while the maximum loan amount you can borrow is N60,000.
What is the Loan Tenor For the GTBank Computer Acquisition Scheme?
The loan tenor for this facility is between 3 – 10 months, depending on the amount of loan you borrow. Higher amounts of loans will attract higher amounts.
What is the Interest Rate and Repayment Term of the GTBank Computer Acquisition Scheme?
According to GTBank, you will pay an equal monthly instalment of both the principal and interest over the loan tenor of the facility. This rate will not exceed 33.3% of your monthly allowance as a Corps member. As for the interest rate, it is a competitive one.
What Documents Do I Need To Apply For the GTBank Computer Acquisition Scheme?
Here is a list of the documents and requirements you need to apply for this loan facility as a Corp member:
- Completed Application Form
- Employer Undertaking Form
- Domiciliation of NYSC allowance with the Bank
Note that all applications must be concluded during the NYSC orientation activities so that you can finish your repayment before your service year runs out.
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7. GTMortgage
GTMortgage is a loan facility that caters to homes. Essentially, this facility is meant for customers who desire to buy a home in specific cities in the country and have their salaries or business earnings account domiciled with GTBank.
What Documents Do I Need to Obtain a GTMortgage Loan?
Here is a list of the documents you need to present to GTBank to obtain this loan facility:
- Completed Application Form
- Title Document of Property
- Valuation report from any of GTBank’s authorized estate valuer
- Offer Letter to Sell property from vendor
- Search report from GTBank Legal Group
What is the Minimum and Minimum and Maximum Loan Amount an Applicant can Access on GTMortgage?
The minimum amount of loan you can access from GTMortgage is 5 million Naira while the maximum amount of loan you can access from the GTMortgage is just The minimum amount of GTMortgage loan you can borrow is 5 million Naira, while the maximum amount you can borrow is 150 million Naira.
What is the Minimum and Maximum Tenor on GTMortgage?
The minimum loan tenor on GTMortgage is just 1 year. On the other hand, the maximum loan tenor for GTMortgage is just 20 years. However, this duration can change depending on the number of years to your retirement, whichever period is shorter. Based on the standard retirement age of 55 years in Nigeria, a 40-year-old applicant can just borrow this loan for a maximum of 15 years.
8. Premium Advance
Premium Advance is a unique revolving overdraft facility that is placed on your GTBank Debit Naira MasterCard. Essentially, this facility gives you access to overdraft at any time you need it.
What is the Loan Amount For GTBank Premium Advance Loan?
This loan facility offers you up to N1 Million overdraft whenever you need it. This loan will be placed on your GTBank credit card.
What is the Interest Rate For GTBank Premium Advance Loan?
GTBank’s Premium Advance interest rate is just a 2% flat fee of N1 million upon your first application.
What is the Loan Tenor For GTBank Premium Advance Loan?
Essentially, this facility offers borrowers a tenor of 1 year only. Note that this tenor is subject to intense clean-up every 30 days.
What are the Eligibility Requirements for GTBank Premium Advance?
Listed below are the basic eligibility requirements for obtaining this kind of loan:
- You must be a Platinum customer.
- Your average monthly salary must not be less than
- N1 million in the previous six months.
- You must have received your salary via your GTBank salary account in the last three months successively.
- Your annual salary turnover must not be less than N10 million.
- You must not have any past unpaid loan obligation with either GTBank or any other commercial bank.
How Can I Apply for GTBank Premium Advance?
Here’s how to apply for GTBank Premium Advance facility:
- Visit any GTBank around you
- Next, request for the Premium Advance loan application form. Note that you must meet the eligibility criteria to obtain this form.
- Complete and submit the application form as well as your Employee Undertaking Form.
- Wait for your application to get processed and disbursed
9. Travel Advance
Travel Advance is a GTBank soft loan that was specifically designed to meet the travel needs of customers who have their salary accounts domiciled with GTBank. If you fit into this category, then you can get a travel advance available:
- Airline Ticket
- Hotel Reservation
- Airport Pickup and Transfer
- Tours and Events
What is the Minimum and Maximum Loan Amount For GTBank Travel Advance?
Essentially, the minimum amount of GTBank travel advance you can get is N250,000, while the maximum amount you can get is N3,000,000
What is the Loan Tenor For GTBank Travel Advance?
This facility offers you a maximum loan tenor of 12 months. This means that your loan tenor cannot exceed 12 months.
What is the Interest Rate For GTBank Travel Advance?
The interest rate for the Travel advance loan is 20% per year. Note that this interest rate can vary depending on money market conditions.
What are the Eligibility Requirements For GTBank Travel Advance?
Here are the things that make you eligible for obtaining a Travel Advance from GTBank
- You must have your salary account domiciled with GTBank.
- Your account must have received your full salary consistently for the last three months (90 days) from the same employer.
- The salary paid into the account must be paid in Naira (NGN).
How Can I Apply for GTBank Travel Advance?
To apply for your Travel Advance, follow the steps below:
- Login to Internet Banking
- Next, navigate to “Investments and Quick Loans”
- Tap on “Travel Advance” and prompt a new request
- Fill out the required details
Lastly, authorize your application by entering the 6 digits on your token, then submit it. Wait for processing and disbursement.
Who can Apply for a GTBank Travel Advance?
GTBank customers who work in organisations that are on the Retail Inclusion list in the bank and who have their salaries account domiciled in the bank are eligible for Travel Advance.
What is my GTBank Travel Advance Limit?
Generally, Travel Advance limits vary depending on factors like your credit score or credit history. Nonetheless, your specific limit will be displayed when you sign into Internet Banking and enter the precise amount needed for payment purposes.
What is the Tenor of my GTBank Travel Advance?
When it comes to Travel Advance loans, GTBank offers you a wide range of tenors. You can select 30 days, 60 days, 90 days, 180 days, 210 days, or even 360 days depending on your capacity. However, your loan tenor cannot exceed one year.
10. Vehicle Insurance Premium Financing
Vehicle Insurance Premium financing is a unique GTBank soft loan that allows corporate institutions and salary owners (whose salary accounts are domiciled with GTB) to pay for their car insurance premium upfront and also spread the reimbursement over a period of 12 months.
What is the Minimum and Maximum Loan Amount For the GTBank Vehicle Insurance Premium Financing?
The GTBank Vehicle Insurance Premium Financing loan amount varies depending on the kind of borrower. Here is the minimum and maximum loan limit for the two types of borrowers:
- Individuals – N20,000 – N1,000,000
- For Corporate – N20,000 – N5,000,000
What is the Loan Tenor For the GTBank Vehicle Insurance Premium Financing?
The bank offers you a maximum of just 1 year. This means that you must repay your Vehicle Insurance Premium Financing loan before the one-year grace period ends.
What is the Interest Rate For the GTBank Vehicle Insurance Premium Financing?
The interest rate for this GTBank soft loan is just 1.67% per month. This interest will be calculated based on your loan tenor. Also, note that this loan attracts a 1% one-off flat fee. Note that you have to repay this loan on a monthly basis.
Who Can Apply For the GTBank Vehicle Insurance Premium Financing?
The people qualified to apply for this kind of loan include:
- Individual customers who have their salary accounts domiciled with Guaranteed Trust Bank
- All SMEs and Corporate bodies with active accounts domiciled with GTBank and have access to GAPs.
How Can I Apply For the GTBank Vehicle Insurance Premium Financing?
There are primarily two ways you can apply for the Vehicle Insurance Premium Financing. You can apply for this loan via the Internet Banking or on GAPS
A. Via Internet Banking
To apply for the Vehicle Insurance Premium Financing via internet banking, follow the steps below:
- Sign into Internet Banking
- Next, tap on “Menu”
- Navigate to “Insurance Loans”
- Lastly, click on “Vehicle Insurance” and enter your details to apply for the insurance loan.
B. Via GAPs/GAPs Lite
To apply for the Vehicle Insurance Premium Financing via GAPs/GAPs Lite, follow the steps below:
- Sign in to GAPs/GAPs Lite
- Next, tap on “Single Transactions”
- Click on “Collections” and then on “Insurance Loans”
- Tap on “Vehicle Insurance Leadway” then apply for the loan
After you follow any of the steps listed above, your application is processed and the loan will be disbursed immediately into the salary account domiciled with GTBank.
Who is Eligible to Apply for a GTB Insurance Loan?
The three customers eligible to obtain this loan include:
- Salary Earners
- Small and medium businesses (SME)
- Corporate customers
Is there a Minimum and Maximum Age for Eligibility for Individuals Who Want to Apply For the GTBank Vehicle Insurance Premium Financing?
Yes, there is an age limit for customers who want to obtain this kind of loan. The minimum age for this loan is 18, while the maximum age limit is 60 years.
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What Would Happen If I Didn’t Pay Back My GTBank Soft Loan At the Right Time?
The penalty that follows when a borrower is unable to pay back their loan from GTBank at the right time primarily depends on your agreement. Generally, the penalties incurred are declared in the terms and conditions of the loan and are acted upon once there’s a default. So it’s in your best interest to read through the terms and conditions of the loan before you apply.
Most lenders either sell off collaterals or increase the interest percentage. However, it is very unlikely that you’ll owe since your salary account is domiciled with the bank and they can deduct repayment from it.
What Questions Will I Be Asked When Applying for a Loan?
Lenders and banks in Nigeria can decide to ask anything related to your finances, business, or even the intent of the loan when you are applying for it. The questions to expect are generally related to these aspects and your answer plays a very important part in the success of your loan application.
How Long Will It Take to Receive GTBank Soft Loans?
Once you apply and your loan is approved, expect the funds to be disbursed into your account within 24 hours. Generally, the bank disburses their loans within 24 hours.
Bottom Line
GTBank soft loan offers you access to funds to meet a wide range of daily needs. There are different kinds of loans in this category so all you need to do is to go through the list provided above, select the one that is suitable for your current need, and apply for the loan if you meet the eligibility requirements. Lastly, don’t forget that you must have your salary account domiciled with GTBank to be qualified for any of the soft loans that the bank has to offer.
