GTbank Loan Application And Eligibility

GTbank Loan Application And Eligibility

The Nigerian financial system was designed to accommodate as much financial actors as possible, that’s why today you have mini financial outlets like the POS business operational. One can actually argue that the system can be discriminatory given that some of the bigger institutions (with larger assets) control a large chunk of the customers base, although in Nigeria, an individual can have as much bank account as they wish to have, since all the account numbers are connected via BVN number.

In Nigeria today, a mention of the top 10 banks in the country brings a few names to mind and GTbank is definitely one of the most important financial actors in the Nigerian business sector. With an asset seize of about 8.80 trillion naira. The bank is registered as a subsidiary of GTCO holdings, a corporation that boasts of assets seize of over 13 trillion, impressively ranked 6^th by Nairametrics in their article titled top 10 Nigerian banks using asset seize.

Guaranteed Bank as one of the most recognised banks in Nigeria has numerous banking services, that includes deposit services, buying and selling of securities, bullion trading, lending or borrowing of funds to qualified individuals, etc.

Focus will be on the Gtbank loan application, also I will list all the possible requirement as in how to qualify for the GTbank Loan Application, also I will list all the eligibility criteria. First, I will list all the types of loans available. You will then be required to calculate or figure out which of the soft loans best suit your need.

Here are a list of all the available loan facilities at Gtbank, also note that this list will be updated, inline with the bank either removing or adding to the list;

MaxAdvance – On the official Gtbank website, you will find the MaxAdvance as one of the Gtbank loan customers can apply for. According to the explanation, this type of loan has a strict criterion that must be followed. There is a category of customers who can only access this type of loan, they include staff of a selected government agency, parastatals, or organisation. This means for you to access this loan, you must at least work for any of this organisation, that also means your salary account is with Gtbank. Simply means this loan is not for non-salary earners.

Features of MaxAdvance Loan

• Eligible applicants can access between N100,000 to N10,000,000 (one hundred thousand to ten million naira)
• Loan tenor is 3 to 48 months max
• Repayment on a monthly basis will not go beyond 33.3%, this monthly payment will be equal across the months, this includes both the principle and interest etc

Benefits

Every loan facility has its ups and down, however, with this Gtbank maxadvance loan, applicants will be sure to access an all-purpose loan facility that guarantees a convenient repayment plan.

MaxPlus – This loan type has a bigger financial pool, it also offer applicants a more flexible method of repaying the loan. This is also similar to Max advance loan, however, the qualification to access this is that the platinum customer must have his salary account with Gtbank in order to access the loan. Check out for the terms and conditions.

Features Of MaxPlus

Here are the features of this loan facility,

1. The loan fund available is higher as you get to access between N6 Million and N50 Million, remember your salary account has to be with this financial house.
2. Loan tenor is about 60 months long.
3. Repayment will be don monthly, however, the percentage on repayment will not go beyond 50% net of your monthly salary.
4. Repayment will be monthly and equally across the repayment period, this will include both the principal & Interest.
5. The best feature of this loan is that applicants can access this loan without collateral.

Computer Acquisition Scheme – This loan covers only for Corps members that are currently serving, also applicants that fall into this category are required to have their allowance account (Allawee account) with Guaranteed bank. The idea of this loan is to grant access to Corps members an opportunity to be able to get brand new mobile gadget. Note that all payment will be done during the applicants service year.

Features Of Computer Acquisition Scheme

Here are some interesting features of this facility;

1. Applicants are eligible to access a maximum loan amount of N60,000 during the service year of the Corps member. This is subject to change when the new minimum wage is implemented, hence corps members allowance will no longer N33,000, but will be N70,000.
2. Loan tenor will be during corps member serving period, in essence it will be between 3 and 10 months.
3. Repayment plan will be on a monthly basis, that is an equal installmental payment which will include both the principal as well as the interest. Repayment will not go beyond 33.3% and shall be paid from the Corps member’s monthly allowance.
4. As stated in the introduction, to be eligible, the Corper must have their allowance account domiciled with Guaranteed Bank.

Salary Advance

Gtbank loan application can be a bit complicated, however, applicants of salary advance have it easy. This is because the procedure less tedious, a notable feature of this type of loan is that you must have your account with GTbank, this gives you access to up to 50% upfront of your net monthly salary. To be qualified you should at least be a staff at any private company, it is also available to government agencies. The salary account must be active.

Features Of Advance

1. You can apply to receive 50% of your monthly net salary in advance. The bank gets their money back when you’re paid your salary
2. Loan tenor is 30 days only, the process can be continued, for example monthly renewal.
3. Collateral are not required for all the applicants.
4. Minimum salary upfront for public sector us N 25,000 while the sum of N 50,000 for employees in the private sector.
5. You can access the Salary advance loan almost immediately, (at least 24 hours period).

How to Apply

The next question should be how do I Apply for the Salary Advance loan scheme, here are the three available procedures;

• Visit the Gtbank Internet Banking website and login, further instruction is on the website.
• Another option is to Dial the loan application code which is *737*8*2# gives you access to express application.
• The most efficient is to simply go to any nearby GTBank branch around you, you can go to any ATM near you, but I’ll prefer you visit the bank.

Other Loan Facilities Include the following;

Vehicle Insurance Premium Financing – This loan gives applicants access to between N20,000 to N1,000,000 for individuals while a corporate body can access between N20,000 – N5,000,000, other feature includes a tenor of 1 year max, a 1.67% monthly interest rate on pricing, an equity contribution that amounts to 20% of the total insurance premium cost, check the bank’s website for more information.

Premium Advance – this is reserved for premium customers only, this is for those that need an overdraft facility, this will be on your Debit Naira MasterCard. This loan has some great features, like the access to up to a 1 million naira over draft, tenor of 1 year etc. Refer to the Gtbank login page to see the requirement for Premium advance.

GTMortgage – This is only for clients that have their salary and business account with Guaranteed bank. As the name implies, you can own your own house using this loan facility. For terms and condition visit www.gtbank.com

Quick Credit – With this loan facility, you can get up to N5,000,000, pay back in 12 months, interest rate = 2.45% every month until payment is completed. There are no hidden charges on this loan. How to Apply for this loan? Use the Gtbank QuickCredit loan cade to apply (*737*51*51#). For more information, contact the bank.

School Fees Advance Loan – This facility can help you finance your child’s tuition fee. Simply refer to the banks links above to access the remaining information.