Unlocking Financial Flexibility: A Comprehensive Guide to Borrowing Money from GtBank

Introduction

Are you a GtBank account holder in need of a quick loan? The GTB loan service has got you covered. GtBank offers one of the best bank loan services in Nigeria, catering to both businesses and individuals. What sets it apart is the accessibility of some of its loans without requiring collateral or a guarantor. Moreover, with just your phone, you can dial the GTB loan code and have your loan disbursed into your account within minutes. Whether you’re seeking the code to borrow money from GtBank, wondering how to get a loan from GTB using your phone, or how to apply for a GtBank loan at a bank branch, this comprehensive guide has you covered.

In this post, you’ll discover how to become eligible for a loan, how to apply, the interest rates, and how to repay a GTB loan.

About GtBank Loan

GtBank is one of the largest financial institutions in Nigeria, offering a wide range of products and services to meet customer needs. Among its sought-after services is its loan facility, designed to provide financial assistance to individuals and businesses. Similar to some regular quick loan apps in Nigeria, using the GtBank loan code to apply for loans doesn’t require collateral or a guarantor. The loan application and disbursement process is swift, with funds credited to your account within minutes upon approval. Keep in mind that GtBank offers different types of loans, and not all can be accessed through the GTB loan code.

Types of Loan Offered By GtBank

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For Personal Loans:

1. GT Salary Advance:

  • Up to 50% of your net monthly salary upfront.
  • Loan tenure of 30 days, with the option to renew monthly.
  • No collateral required.
  • Minimum salary requirement: N25,000 for the public sector and N50,000 for private-sector employees.
  • Apply using the GtBank quick loan code.

2. GtBank School Fees Advance:

  • Specifically for school fees payments in Nigerian institutions.
  • Available to those with salaries domiciled with the bank.
  • Up to N5 million for school fees.
  • Maximum tenor of 4 months.
  • Equal monthly repayments of principal and interest.

3. GtBank Quick Credit:

  • Suitable for non-salary earners, including self-employed individuals.
  • Up to N5 million at an interest rate of 1.33% monthly.
  • Tenor ranges from 6-12 months.
  • Apply using the GTB quick loan code.

4. GtBank Max Advance Loan:

  • For select corporate and government organizations’ staff with salary accounts at GTB.
  • Up to N10,000,000 repayable in 3-48 months.
  • Equal monthly repayment of principal and interest.

5. GtBank Premium Advance:

  • For Platinum cardholders with an average salary of N1 million in the last six months.
  • Salary received through GtBank Account for the last three consecutive months.
  • Accessible via Naira Debit MasterCard for ATM withdrawals, POS purchases, and web payments.

For Business Loans:

1. Build or Buy Loans for Schools:

  • Long-term loan for established schools to expand their properties.
  • Tenor: 3 to 10 years.
  • Loan amounts: N20,000,000 to N400,000,000.

2. Fashion Industry Credit:

  • Single-digit interest rate loan at 9% for fashion industry entrepreneurs.
  • Up to N5 Million with a flexible repayment plan over 360 days.
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3. Food Industry Credit:

  • Single-digit interest rate loan at 9% per annum for food businesses.
  • Up to N2 million with a repayment plan spread over 180 days.

4. SME Invoice Discounting Finance (SME IDF):

  • Helps businesses manage cash flow by providing quick access to cash from invoices.
  • Up to 80% of the invoice value upfront.

5. GtBank Overdraft:

  • A line of credit allowing customers to write cheques for more than the actual balance with a finance charge on the excess.

Among these, Salary Advance and Quick Credit are accessible through the GtBank loan code.

How to Be Eligible for GtBank Loan

To apply for a GtBank loan using the GTB loan code or any other method, certain eligibility criteria must be met:

  • Minimum age of 18 years.
  • An active GtBank account.
  • A source of income.
  • A good credit history.

Once these requirements are met, you can proceed to apply for a GtBank loan.

How to Borrow Money from GtBank

Borrowing money from GtBank is a straightforward process, and you can apply via USSD code, GtBank Mobile App, GtBank Website, or GtBank Branches.

Using the USSD Code:

  • Dial 7378*2#.
  • Follow the prompts.
  • Enter your personal details, desired loan amount, and preferred loan tenor.
  • Confirm your loan request.

Your loan application will be reviewed, and if approved, the loan will be disbursed into your GtBank account.

Using the Mobile App:

  • Log in to the Gt Bank app.
  • Click on the “Apply for Loans” option.
  • Select your preferred loan type.
  • Enter the desired loan amount.
  • Choose your preferred loan tenor.
  • Submit your loan application.
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Once approved, the loan amount will be disbursed into your GtBank account.

Applying at a GtBank Branch:

  • Visit your nearest GtBank branch with a valid form of identity and address verification.
  • Inquire about their loan service and request a loan application form.
  • Fill out the form and submit it along with required documents.
  • Your loan application will be reviewed and approved if it meets the bank’s criteria.

GtBank Loan Interest Rate

Interest rates for GtBank loans vary depending on the type of loan:

  • Personal loan interest rate: 1.3% to 2% per month.
  • Business loan interest rate: 9% to 16% per annum.

These rates may be subject to periodic reviews in line with market conditions.

How to Repay GtBank Loan

Repaying a GtBank loan is hassle-free. Ensure you have sufficient funds in your account on the due date, and the bank will automatically deduct the loan amount. You’ll receive a notification (SMS and/or Email) confirming your loan repayment. Once the loan is cleared, you can use the USSD code to borrow money from GtBank for another loan.

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