How to Qualify for a GTBank Loan: A Comprehensive Guide

GTBank, also known as Guaranty Trust Bank Plc, is a leading financial institution in Nigeria offering a diverse range of loan products to cater to various personal and business needs. Whether you’re looking to finance a personal project, cover unexpected expenses, or grow your business, GTBank might have the perfect loan solution for you. However, securing a loan requires meeting specific eligibility criteria and understanding the application process.

This comprehensive guide delves into everything you need to know about qualifying for a GTBank loan, including:

  • Types of GTBank Loans: Gaining an overview of the different loan options available will help you choose the one that best suits your specific needs.
  • Eligibility Requirements: Understanding the essential criteria for each loan type is crucial for determining your qualification.
  • Application Process: Familiarize yourself with the steps involved in applying for a GTBank loan to ensure a smooth and efficient experience.
  • Additional Tips: Discover valuable insights to enhance your chances of loan approval.

Types of GTBank Loans

How to Qualify for a GTBank Loan

GTBank offers a variety of loan products tailored to individual and business requirements. Here’s a brief overview of some popular options:

Salary Advance

Get up to 50% of your net monthly salary upfront. Available to staff of private companies and government agencies with active salary accounts domiciled in GTBank.

What’s in it for you?

  • Up to of 50% of net monthly salary in advance.
  • Tenor of 30 days. Renewable monthly.
  • No collateral required.
  • Minimum salary of N 25,000 for public sector and N 50,000 for private sector employees.
  • Salary advance will be made available within 24 hours.

How to Apply for Salary Advance

  • Simply login to Internet Banking 
  • Dial *737*8*2# to apply
  • Visit any GTBank branch or ATM near you

School Fees Advance

School Fees Advance is a loan facility designed by GTBank to finance the payment of your child’s/ward’s school fees for schools/institutions in Nigeria only. This facility is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Bank. 

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What’s in it for you

  • Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
  • Very Competitive interest rate. Equal monthly repayments comprising of principal and interest.
  • Immediate access to funds for the prompt payment of your child/wards school fees.
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How to Apply for School Fees Advance

Quick Credit

As a salary earner, you can now get the cash you need instantly, and pay back in up to 12 months. Quick Credit gives you funds up to N5million at an interest rate of 2.0% monthly.

What’s In it for You

  • Get up to 3 times your monthly salary
  • Convenient repayment plan of up to 12 months.
  • Pre-liquidation is allowed without penalty
  • Interest rate of 2.0% per month

How to Apply

  • You can request for QuickCredit instantly by dialling *737*51*51#
  • QuickCredit is also available on all GTBank online and mobile banking platforms (Internet Banking and GTWorld)

MaxAdvance

MaxAdvance is designed to give out personal loans to staff of notable companies and government organizations whose staff salary accounts reside with GTBank.

Features

Facility Amount:N100,000 to N10,000,000
Tenor:3 – 48 Months
Repayment:Equal monthly repayment comprising principal & Interest. Monthly repayment shall not exceed 33.3% of net monthly
Support/Comfort:Salary Domiciliation, Credit Insurance, Domiciliation of staff terminal benefit or Corporate Guarantee

Benefits

GTBank maxadvance loan is for you to meet your financial needs with a convenient repayment plan.

MaxPlus

MaxPlus offers you a larger loan facility and more flexibility to meet your financial needs with a convenient repayment plan. Available to platinum customers whose salary accounts are domiciled with the Bank. 

What’s in it for you?

  • Get loan of between N6 Million and N50 Million.
  • Tenor of up to 60 months. Monthly repayment cannot exceed 50% of net monthly salary.
  • Equal monthly repayment comprising principal & Interest.
  • No collateral required.

Computer Acquisition Scheme

Computer Acquisition Scheme offers a facility (time loan) to currently serving Corps members whose allowance accounts are domiciled with the Bank to finance the acquisition of mobile devices to be paid during the service year.

Features

Facility AmountMaximum loan amount is N60,000
Tenor3 – 10 months
RepaymentEqual monthly installment of principal and interest over the tenor of the facility and shall not exceed 33.3% of Corps member’s monthly allowance
Support/ComportCorps member’s allowance must be domiciled with the Bank
Interest RateCompetitive

Benefits

  • Corps members get the mobile device with a flexible repayment plan
  • It allows Corp members more information, knowledge and acquisition of skills

What you’ll need?

  • Completed Application Form
  • Employer Undertaking Form
  • Domiciliation of NYSC allowance with the Bank
  • All applications to be completed during the NYSC orientation activities

GTMortgage

GTMortgage offers credit facilities to customers whose salaries or business proceeds are domiciled with the Bank to enable them own a home in selected cities within the country.

Features

Facility Amount

CategoryDescriptionMinimum (N)Maximum (N)
ALow density residential locations in Abuja and Lagos5million150million
BMedium density residential locations in Abuja, Lagos and other state capitals5million50million
Tenor1 – 20years (but subject to a maximum age of 55 when loan expires)
RepaymentFlexible repayment options:
a. Equal monthly repayment comprising principal and interest.
b. Annual, semi-annual or quarterly principal repayment while interest will be serviced monthly.Monthly repayment shall not exceed 50% of net monthly salary.

Premium Advance

Premium Advance is a revolving overdraft facility placed on your Debit Naira MasterCard.

What’s in it for you?

  • Up to N1 Million overdraft with a 1 year Tenor (subject to clean-up every 30 days).
  • Very Competitive interest rate. 2% flat fee on N1million upon first utilization.
  • Overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchase and web payments)
  • Monthly repayment of interest with bullet payment of principal at end of cycle.
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Requirements for Premium Advance

  • For Platinum customers only.
  • Average monthly salary should not be less than N1million in the last six months.
  • Annual turnover should not be less than N10million.
  • You should have received your salary through your GTBank Account in the last three months consecutively.
  • Please ensure that you do not have any past due obligation with GTBank or other banks.

How to Apply for Premium Advance

Simply submit completed Application Form and Employee Undertaking Form.

Travel Advance

Travel Advance is a time loan designed to meet the travel needs of GTBank customers whose salary accounts are domiciled with the Bank.

Travel Advance is available for:

Airline Ticket

Hotel Reservation

Airport Pickup and Transfer

Tours and Events

Features

Facility AmountN250,000 to N3,000,000
Maximum Tenor12 months
Interest Rate20% per annum (subject to money market conditions)
Comfort/Security:Domiciliation of salaries and allowances

Eligibility

  • Customer must have their salary account domiciled with GTBank.
  • Customer must have received his/her salary through GTBank in the last three months from the same employer.
  • Salary must be paid in Naira (NGN).

How to Apply for Travel Advance

  • Login to Internet Banking
  • Click Travel Advance under Investments and Quick Loans
  • Select Travel Advance and initiate a New request
  • Fill the required details
  • Authorize your request by inputting the 6 digits on your token and submit

Vehicle Insurance Premium Financing

Vehicle Insurance Premium financing is a time loan that enables corporate organizations and salary owners (whose accounts are with the bank) to pay for their motor insurance premium upfront and spread the repayment over a 12 months period.

Features

  • Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
  • Tenor: Maximum of 1 year
  • Pricing: Interest Rate is 1.67% per month
  • Repayment: Equal monthly repayment comprising principal and interest
  • Equity Contribution: 20% of total insurance premium cost
  • Fees: 1% one-off flat fee

What’s in it for you?

  • Instant availability of funds to pay for insurance premium.
  • Opportunity to pay for insurance premium on monthly basis
  • Insurance cover without physically visiting insurance office

Who Can Apply

  • Individual Customers whose salary accounts are with the Bank;
  • All SME’s and Corporates with accounts domiciled with the Bank and with access to GAPs

How To Apply

1. You can apply for the Vehicle Insurance Premium Financing on Internet Banking or on GAPS

Internet Banking

• Sign On — Menu— Insurance Loans —- Vehicle Insurance 

GAPs/GAPs Lite 

• Sign On – — Single Transactions—– Collections —– Insurance Loans—– Vehicle Insurance Leadway

2. Loan is availed immediately 

3. Insurance Service provider processes policy for the customer within 48 hours.

4. A copy of the insurance certificate is sent to the customer’s email address.

5. Customer repays the loan on monthly basis

Eligibility Requirements for GTBank Loans

While specific requirements vary depending on the loan type, here are some general eligibility criteria applicable to most GTBank loans:

  • Minimum Age: You must be at least 18 years old to apply for a loan.
  • Nationality: You must be a Nigerian citizen or resident with a valid proof of residence.
  • Employment Status: Salaried individuals must be employed with a reputable organization for a minimum period, while business owners must have a registered business with a good operating history.
  • Income: You must meet the minimum income requirement set for the specific loan type.
  • Banking Relationship: Maintaining a satisfactory banking relationship with GTBank, such as having an active account with a consistent inflow, can strengthen your application.
  • Credit History: A positive credit history with no outstanding debts or defaults is crucial for loan approval.
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GTBank Loan Application Process

The loan application process at GTBank can be completed through various channels:

  • Online Banking: Existing GTBank customers can conveniently apply for certain loan products through the bank’s online banking platform.
  • Mobile Banking App: The GTBank mobile app also offers loan application options for eligible customers.
  • Branch Visit: You can visit any GTBank branch and meet with a customer service representative to discuss your loan requirements and initiate the application process.
  • USSD Code: Specific loan products, like Salary Advance, can be accessed by dialing *737# code from your registered mobile phone.

Required Documents for GTBank Loan Application

The specific documents required for your loan application may vary depending on the loan type and your individual circumstances. However, some commonly requested documents include:

  • Completed loan application form
  • Valid proof of identification (e.g., National ID card, international passport)
  • Proof of address (e.g., utility bill, bank statement)
  • Salary slips or income statements (for salaried individuals)
  • Business registration documents and financial statements (for businesses)
  • Bank statements reflecting your financial transactions

Tips to Increase Your Chances of Loan Approval

Here are some helpful tips to enhance your chances of securing a GTBank loan:

  • Maintain a good credit history: Regularly review your credit report and address any discrepancies or outstanding debts promptly.
  • Build a strong banking relationship: Maintain an active account with GTBank and demonstrate consistent financial activity.
  • Meet the minimum income requirements: Ensure your income meets or exceeds the set threshold for the desired loan amount.
  • Provide accurate and complete information: Ensure all details provided in your application are accurate and up-to-date.
  • Prepare necessary documents: Gather all required documents beforehand to expedite the application process.
  • Consult a GTBank representative: If you have any questions or require assistance with the application process, don’t hesitate to consult a GTBank representative for guidance.

FAQ

How to Apply for Salary Advance?
  • Simply login to Internet Banking 
  • Dial *737*8*2# to apply
  • Visit any GTBank branch or ATM near you.
How can I borrow money from GTBank?

How to Apply

  1. You can request for QuickCredit instantly by dialling *737*51*51#
  2. QuickCredit is also available on all GTBank online and mobile banking platforms (Internet Banking and GTWorld)
What is the code for GTB quick loan?

Dial *737*51*51# now! More information: https://www.gtbank.com/personal- banking/loans/quick-credit. 

How can I check my GTB loan status?

Simply dial *737*6# to make enquiries on the following:

  1. Account balances, BVN & Account Number (*737*6*1#)
  2. Loan balances (*737*6*2#)
  3. Card status (*737*6*3#)
  4. Cheque book status (*737*6*4#)
How can I borrow money from my GTB account?

How to Apply

  1. You can request for QuickCredit instantly by dialling *737*51*51#
  2. QuickCredit is also available on all GTBank online and mobile banking platforms (Internet Banking and GTWorld)
How to get a quick loan for credit?

How to Apply

  1. Dial *737*0#
  2. Select option 1 (Payday Credit)
  3. Agree to Terms and Conditions.
  4. Enter amount to borrow.
  5. Enter Tenure (up to 12 months)
  6. Enter your PIN to confirm transaction.
What is Gtbank Max advance?

MaxAdvance is a product that is designed to facilitate personal loans to staff of corporate organizations and public sector employees.

How do I pay my GTB loan back?

Since you can use ussd code to apply for loan, you can also use it to make repayment. Dial the code *737*51*55# on the network connected to your bank account and follow the prompt. You must have activated the code before you can use it to pay back. To activate, dial *737# and follow the prompt.

How much is GTB limit?

You have a daily transaction limit of N50,000 and a maximum cumulative account balance of N300,000.

How much is GTB salary advance?

Get up to 50% of your net monthly salary upfront. Get the funds you need to pay the tuition fees for your children instantly. Get up to 3 months of your salary at an interest rate of 2.0% monthly to pay back over 6 months or a year. Available to you, when you need to spend more with your GTBank Naira MasterCard.

What is the interest rate for GTBank?

5.25%

What’s in it for you. 24/7 Banking services via our various e-channels. 5.25% interest rate per annum and additional 1% bonus interest to customers who maintain Standing Order deposit for 1 year.

How do I liquidate my GTB quick loan?

Internet Banking

  1. Log on to Internet Banking with your User ID/Email and password.
  2. Click Quick loans >> Loan Liquidation​
  3. Under “loan liquidation request“, tick the box of the loan to be liquidated.
  4. Provide answer to your secret question.
  5. Enter generated Token Code.
  6. Click “Submit”
What code can I use to get loan from GTBank?

*737*51*51#

GTBank’s loan USSD code: *737*51*51# 

Richard okechukwu Chinedu

FinTech enthusiast with a passion for making financial technology accessible and understandable. I break down complex concepts into actionable insights to empower readers to navigate the ever-evolving world of FinTech.

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