Recently updated on August 1st, 2023 at 08:10 am
Last Updated on August 1, 2023
Are you a budding entrepreneur looking to take your business to new heights? In this comprehensive guide, we’ll walk you through the step-by-step process of getting a GTBank business loan today.
Say goodbye to financial worries and hello to endless possibilities! At GTB (Guaranty Trust Bank), they understand the dreams and aspirations of small and medium-sized businesses. With their flexible loan options and competitive interest rates, funding your business ventures has never been easier.
Whether your business needs capital to expand operations, purchase new equipment, or inject working capital, GTB has your back.
GTBank loans are very popular in Nigeria. To access a GTBank loan, it will either have to be a personal loan or a business loan. And these GTB loans come in different packages.
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GTbank business loan is a business loan that is suitable for all types of SMEs in Nigeria.
GTBank Business loan service offers loans like Like Build or Buy Loans for Schools, Fashion Industry Credit, SME Invoice Discounting Finance (SME IDF), Overdraft & QuickCredit for Small Businesses.
In this guide, We’ll explain the GTBank Business loan application process, giving you valuable insights and tips on how to increase your chances of approval. No more endless paperwork and sleepless nights! Let’s dive in and make your business dreams a reality with GTB’s business loans. Your success story awaits!
How to Get a Business Loan from GTBank
To get a GTBank business loan, you can follow these steps:
- You first need to determine the GTBank business loan product that is suitable for your business (that it qualifies for).
- Then you need to apply for the business loan either online through GTB’s website or the GTB mobile app or the GTB USSD code.
- If the loan amount you’re requesting is large, you’ll need to visit the nearest GTbank branch or call your GTB account officer for more info on applying.
- After applying for the GTbank business loan, the suitability of your business and the purpose for seeking the loan will be evaluated and assessed as per the guidelines of the business loan you’re seeking.
- If your application is successful, gtbank will release the funds will be released to your account.
List of GTBank Business Loan Types
Here is the list of all the GTBank business loans available for you in Nigeria:
1. GTB Build or Buy Loans for Schools
Thisgtbank business loan is a long-term loan facility for assisting established and well-structured schools in expanding their landed properties to meet obvious or anticipated business demand. The loan tenure for this loan is 3 to 10 years.
The loan amounts are from N20,000,000 to N400,000,000. The school will have to contribute 30% equity. They will also have to make a quarterly repayment of principal and a monthly repayment of Interest.
2. Fashion Industry Credit
GTbank Fashion Industry Credit is a single-digit interest rate loan at 9% that is strictly for entrepreneurs in the fashion industry.
With this Gtbank business loan, you can get up to N5 Million for your fashion business with this GTbank loan product. It also confirms a flexible repayment plan spread over 360 days.
3. GTbank Food Industry Credit
GTbank Food Industry Credit is a single-digit interest rate loan of just 9% per annum. It is a loan product for food businesses.
If your business is not registered with CAC, and you urgently need the funds, you should consider a personal loan. You can use a personal loan for business purposes.
You can get up to N2 million from this GTbank business loan. The repayment plan of this loan is spread over 180 days and it comes with zero fees.
4. GTbank SME Invoice Discounting Finance (SME IDF)
This gtbank business loan allows businesses to borrow money against their receivables (invoices). GTBank SME Invoice Discounting Finance facility offers SMEs an advance of up to N50 million.
With this GTB business loan, businesses can discount or finance 70% of an invoice’s value. GTbank SME Invoice Discounting Finance (SME IDF) has a loan tenor of 60 days.
GTbank Overdraft is a line of credit that allows a customer (business) to write cheques for more than the actual balance on the account with a finance charge on the excess. It is an open credit that can be used repeatedly until the balance on the account reaches a certain pre-arranged limit with a specific repayment date, usually one year.
The funds available through GTbank Overdraft are usually available for your use for a tenor of one year but they can be renewed upon satisfactory performance.
6. QuickCredit for Small Businesses
This GTbank business loan product is aimed at financing the working capital (i.e. funds needed for day-to-day needs) of SMEs in the Education (creche, primary & secondary schools) and Healthcare (Hospitals, Retail Pharmacies, and Diagnostic Centres). The interest rate is 1.33% per month (16% per annum). The Loan tenure is 6 months (12 months for schools)
You’ll need to open a corporate account and operate it for 12 months before applying for the credit facility.
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GTBank Business Loan Requirements
For any business to qualify for one of GTBank’s business loan products. The business will need to prove that it is a revenue-generating business, so it will have to show evidence of consistent monthly income and also have a good credit history.
The requirements for a GTBank business loan are:
- The business must be a registered business or company with the Corporate Affairs Commission (CAC)
- Must possess a business or corporate bank account in operation for at least 1 to 3 years.
- The business must have a good credit report
- Must be an active GTbank Customer
- Must apply for a GTBank business loan product suitable for the business. e.g Fashion businesses can only apply to GTBank Fashion industry Credit Advance.
- Completed loan application form
- The Business plan
- Cash flow budget for the business
- Bank statements (for the last 12 months)
- Audited financial accounts of the business
- Certificate of Incorporation
- Valid means of identification (driving license, passport, voters card) for the business owner or board of directors
- Proof of address for the business
- Details of collateral offered (if any)
GTBank Business Loan Code
At the moment, there isn’t a GTBank loan code available, alternatively, the loan code for the GTBank salary loan is *737*8*2#. While the GTB quick credit loan USSD code is *737*51*51#.
GTBank has an array of personal loan products that you can definitely use for your business needs. Let’s take a look at some of them.
GTBank Personal loans
GT Salary Advance
GT Salary Advance is available to staff of private companies and government agencies who have active salary accounts with GTbank.
GT Salary Advance loan provides up to 50% of your net monthly salary upfront.
The loan tenure of 30 days and has an option for renewing monthly. You don’t need collateral to access this GTbank loan.
To be eligible for this loan, you need a minimum salary of N 25,000 for the public sector and N 50,000 for private-sector employees.
GTbank School Fees Advance
GTbank School Fees Advance is a loan product for people looking to pay for their child’s/ward’s school fees for schools/institutions in Nigeria only.
This loan is only to those whose salaries are domiciled with the Bank.
With this GTbank loan, you can get up to N5 Million for the School Fees.
The Maximum tenor of this loan is 4 months per request.
This loan product involves equal monthly repayments comprising of principal and interest.
GTbank Quick Credit is the bank’s personal loan product that is available to both salary earners and self-employed people.
With Quick Credit, you can now get instantly get the cash you need.
You can get up to N5 million at an interest rate of 1.33% monthly. This GTbank loan tenure is between 6 – 12 months.
GTbank Max Advance loan
GTbank Max Advance is a personal loan product designed for staff of select corporate and government organizations who have salary accounts with GTbank.
With a GTbank Max Advance loan, you can get up to N100,000 to N10,000,000. Repayable in 3-48 months with equal monthly repayment comprising principal & Interest.
GTbank Premium Advance
GTbank Premium Advance loan is for its Platinum card-carrying members only, who have an average salary of N1 million in the last six months.
GTbank also requires that you should have received your salary through your GTbank Account in the last three consecutive months.
GTbank Premium Advance is an overdraft accessible via Naira Debit MasterCard (for ATM withdrawals, POS purchases, and web payments)
GTbank Mortgage Loan
GTMortgage loan is for GTbank customers whose salaries or business proceeds are domiciled with the Bank. With a GTMorgage loan, they can own a home in selected cities within the country.
Checkout: List of Mortgage Banks in Nigeria
How to Get a GTbank loan?
You can get a GTbank loan by simply login into GTB Internet Banking Or by dialling *737*8*2# to apply. You can also visit any GTbank branch or ATM near you.
GTBank Business Loan Code
The loan code for the GTBank salary loan is *737*8*2#. While for GTbank quick credit loan, the USSD code is *737*51*51#.
How do I pay back a GTbank loan?
When you take a GTbank loan, you give GTbank the authority to automatically deduct your monthly loan repayment from your bank account when due. So you don’t have to do anything.
On the due date each month, GTbank’s system will deduct the amount due for that month. However, if you do not have money in your bank account on the due date, GTbank will still remove the due amount, leaving your account with a negative balance. Defaulting will also reflect in your credit report.
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