Last Updated on January 26, 2024 by admin
Getting a loan for small businesses in Nigeria is not an easy task to accomplish especially at the earliest stage of business, most financial institution believe that business owners should build their business to a particular stage that gives them a better idea of how much more they need as Loan to increase their working capital.
As a result,more than 70% of bank loan applications from small businesses in Africa are not approved, and many small business owners give up after two or three unsuccessful applications, which push them to seek for loan from friends and family believing that they can seek help from them.
As a result Gtbank decide to introduce a time loan product 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).
You can also read: How to Apply for GTbank Salary in Advance Loan
GTBank Quick Credit business Loan is a convenient and hassle-free way for individuals to access funds quickly. ranging from N250,000.00 to N10,000,000.00 with a Maximum Tenor of 6 months (Trade, Services and Food sectors) and 12 months (Healthcare, Fashion and Education Sectors) with interest rate across board is 1.5% per month (18% p.a.).
The minimum account age for eligibility?
Gtbank Account holder must have been in operation for at least 6 months. Also you must not have existing loan facility with other banks to apply for gtbank QuickCredit for Small Business? if not you will be disqualify for the application.
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Other requirement for Gtbank QuickCredit loan are:
1.Customer must have actively operated a Corporate or Business name account with the Bank for at least 6 months.
2. Age of business must be 3 years and above (at least 1year of which must be evidenced by a bank statement)
3. Qualified customers can access 50% of their annual turnover calculated over the last 12 months (subject to maximum loan amount and other eligibility criteria)
4.Lodgement and turnover analysis will be done on customer’s account to ascertain level of business in the last 12 months
4.Domiciliation of Business account (execution of domiciliation agreement)
5.Customer must have zero record of returned cheque within the last 12 months.
Satisfactory Credit Bureau report of the customer (Borrower)
6. Customer must not have any past due obligation with any bank
Read: How to Check GTBank Account Balance, statement of account and Create 737 PIN
How to apply for Gtbank QuickCredit loan
You can apply for Gtbank quickcredit loan via
- USSD
- Internet Banking
- Mobile Banking App
Quick Credit is a time loan facility for Salary Earners i.e., individuals with salary accounts domiciled in GTBank. Customers are prequalified for the loan based on their salary inflows in the last six months.
USSD
- Dial *737*51*51#
- Follow the displayed instruction
- Press “1 ” to confirm the request for the displayed maximum credit amount
- Press “0” to input other desired credit amount Enter 737 PIN to authenticate the request
Internet Banking
- Log on to Internet Banking with your User ID/Email and password
- Click Quick Loans > Quick Credit
- Click “New Request”
- Select the account to credit
- Click on Determine eligibility
- Select “Click here to Apply for maximum eligibility amount” or Enter “Loan Amount”
- Select “Click here to Agree to terms and conditions”
- Provide the answer to the secret question
- Click “Continue”
- Enter your Token Code Click “Submit”
GTWorld
- Log on to GTWorld mobile app with your user ID and password
- Click “Apply for Loans”
- Click “Quick Credit”
- Complete displayed form with requested loan tenor and loan amount
- Click the “Submit” to complete request.
How to Repayment Gtbank QuickCredit loan
Repayment is structured in two ways: Monthly interest payments and quarterly principal repayments (option is only available for schools) Equal monthly repayment of principal and interest
Who Can Apply Gtbank QuickCredit loan
1.Education (Creche, Primary and Secondary)
2.Healthcare (Hospitals, Clinics, Retail Pharmacies, Patent Stores and Diagnostic Centres
3.Trade
4.Service
To sum up, borrowing money can be dangerously expensive, as interest and fees are associated with virtually every loan. Businesses can and should calculate the amount of total interest that will be paid over the course of a loan before accepting one.
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