Are you looking for a way to secure a very quick loan from Guaranty Trust Bank in Nigeria? If so, bother no more, you have come to the right Source. In today’s blog post, we’ll discuss the term ‘ How to get a loan from GTBank in Nigeria.’
By the end of this post, you’ll have a good understanding of how to get a loan from Guaranty Trust Bank Plc in Nigeria. So let’s get started!
What is Guaranty Trust Bank Nigeria?
Guaranty Trust Bank Plc (GTBank) is one of the leading financial institutions in Nigeria. It was in 1990, and has grown to become a reputable financial services provider with operations across Africa.
GTBank provides a range of banking services such as loans, deposits, payments, and investments. With its reputation, it has gained one of the most standard banks in Nigeria.
The bank is committed to fostering economic growth in Nigeria and other African countries by empowering small businesses, promoting financial inclusion, and encouraging sustainable development. Is that all about GT Bank? No, read more to learn more.
What type of loan does GTB offers?
Guaranty Trust Bank Nigeria offers different types of loans. They include the following:
- Personal Loans: GTBank offers loans to individuals for purchasing consumer goods such as cars, furniture, appliances, and other personal items.
- Home Loans: GTBank also offers home loans for individuals looking to purchase or refinance an existing home.
- Car Loans: GTBank provides car loans for individuals who need financing for purchasing a new or used car.
- Small Business Loans: GTBank provides financing options to small business owners who need capital to expand their businesses.
- Debt Consolidation Loans: If you have multiple debts, you can use a debt consolidation loan from GTBank to pay them off.
- Corporate Loan: If you’re looking for corporate finance, GTBank offers corporate loan products for businesses that need funding for expansion and development.
- Agriculture Loans: GTBank provides agriculture loans for farmers who need funds for their farming activities.
- Education Loans: Education loans are available for students looking for financial assistance for their college tuition fees.
- SME Loan: Small and medium enterprises can access SME loans from GTBank to help grow their businesses.
GT bank has different loans to meet your personal needs. Explore and choose any of your choices.
What are the requirements for getting a loan from Guaranty trust bank?
- A valid government-issued identification document, such as a driver’s license, passport, national ID card, BVN, and more.
- Evidence of regular income such as salary slips, proof of business ownership, or bank statements showing regular deposits.
- Business plan if you are requesting a business loan
- Security documents such as title deed or registered lien depending on the type of loan you’re requesting.
- Proof of current address (utility bills, rental agreements etc).
- Completed loan application form.
- Recommendation letters from two people with known addresses.
- At least three months’ worth of bank statement for the account where your salary is paid into.
- For existing GTBank customers, an additional 6 months’ worth of bank statement is required.
- Collateral/security depending on the amount and purpose of the loan.
What are the repayment terms for a loan from GTB?
Guaranty Trust Bank offers flexible repayment terms for loan customers, depending on the type of loan taken.
The repayment period can range from one month up to a maximum of 48 months. Customers are expected to make regular monthly payments until the loan amount has been completely repaid.
What are the interest rates for a loan from GTB?
GTBank offers competitive interest rates depending on the loan type and repayment plan. For example, for personal loans, the interest rate is typically between 10% and 25%, while for mortgages the interest rate can range from 5% to 10%.
In addition, short-term loans may have slightly higher interest rates than long-term loans.
It is important to speak to a GTBank representative to get more information on the specific interest rate that would be associated with your loan.
What You Need to Know Before Applying for a Loan From GTB
- Understand your financial situation: Before you apply for any loan from Guaranty Trust Bank (GTB), it’s important that you understand your current financial situation and have a good idea of what kind of loan you need. This means taking into account your current income, expenses, assets, liabilities, and credit history.
- Know what kind of loan you need: GTB offers several different types of loans, such as personal loans, car loans, and home loans. It is important to do your research and make sure that you are applying for the right type of loan for your needs.
- Check eligibility requirements: Different loans will have different eligibility requirements and conditions. Make sure that you read the fine print and understand the eligibility criteria before applying for a loan from GTB.
- Gather the necessary documents: To apply for a loan from GTB, you will need to provide certain documents to prove your identity, address, employment status, income, etc. Make sure to have all the necessary documents ready before you start the application process.
- Consider alternatives: Before you apply for a loan from GTB, consider other options such as borrowing money from family or friends, getting a credit card, or using a balance transfer to reduce existing debt.
How to apply for a loan from Guaranty Trust Bank
The easiest way to apply for a loan from GTB is to visit your local branch. At the branch, you will need to fill out an application form that provides information on your financial history, creditworthiness, and employment status.
If you’d rather apply online, GTB offers an online application that allows you to fill out your information electronically. All you need to do is provide the necessary documents such as proof of identity, proof of residence, and proof of income.
Once your application is completed and submitted, it will be reviewed and a decision will be made within 24 hours.
When applying for a loan from GTB, it’s important to keep in mind that certain requirements must be met.
These include having a minimum income of N100,000, a minimum monthly salary of N200,000, a valid Nigerian bank account with at least three months’ worth of bank statements, and a good credit score.
You may also need to provide collateral such as land or property to secure the loan.
Once your application is approved, you will receive the funds in your bank account within 24 hours.
FAQs about Loans from GTBank
What is the code to borrow loan from GTBank?
GTBank offers loans to both individuals and businesses using the code “*737*51*51#”. This code allows you to access their loan services through a secure offline platform. All you need to do is dial the code, answer a few simple questions and you can receive your loan within minutes. Once you have completed the application process, the funds will be transferred to your bank account within 24 hours.
Does GTBank gives student loan?
Yes, Guaranty Trust Bank offers student loans in Nigeria. GTBank has a range of loans designed to meet the financial needs of students who need funds for their studies. This includes the Student Support Loan and Graduate Support Loan.
The Student Support Loan is specifically designed for undergraduates who need to finance their tuition, living expenses and other related costs.
The Graduate Support Loan is specifically designed for post-graduates who need to finance their tuition, living expenses and other related costs.
In order to be eligible for the GTBank Student Support Loan, applicants must be between 18 and 25 years of age and have completed their secondary school education or equivalent.
The loan is offered in Nigerian Naira and applicants must provide proof of identity, current employment status, address and educational status.
The loan amounts can range from N50,000 to N2 million and the repayment period is 36 months or less.
The interest rate is based on the applicant’s credit profile but can range from 12-19% per annum. The processing fees are 2.5% of the loan amount and there is no collateral required.
Applicants should bear in mind that the loan amounts are subject to credit assessment and verification.
How do I know I qualify for a loan?
To qualify for a loan from GTBank, you must be a Nigerian citizen, registered an account with the bank, have proof of income and be able to demonstrate that you can make timely repayments.
In addition, you may be required to provide additional documents such as ID, bank statements and payslips. Before applying for a loan, make sure you understand the criteria set out by GTBank so that you can determine if you are eligible.
If you have all these requirements, you’re on the safer side and thereby qualify for some types of loan.
I hope this guide is helpful. Thanks for reading.