Last Updated on 2023-05-27 by Admin
The Guaranty Trust Bank has launched Quick Credit which also know as salary advance loan to provide funds worth up to three months of salary in less than two minutes.
The bank is regarded by industry watchers as one of the best run African financial institutions and Quick Credit or salary advance loan is in line with the Bank’s commitment to offering a superior banking experience that is tailored to its customers’ financial needs, which include access to non-restrictive cash flow.
You can also read: How to Check GTBank Account Balance, statement of account and Create 737 PIN
The salary advance loan offers quick loans to salary earners or self-employed whose account is domiciled in GTBank with a competitive interest rate of 1.33% per month. There are no hidden charges incurred; it is cheap and readily available.
Salary earner can pay back over 6 – 12 months. You get a minimum amount of N10,000 and a maximum of N5m. at an interest rate of 1.33% monthly.
What is the Salary Advance loan?
Salary Advance loan is an instant digital loan product which is targeted at salary earners who meet the Bank’s risk acceptance criteria (RAC). This a short-term loan that will be repaid from borrower future salaries. These loans are taken in emergencies to offset urgent needs
• Salary Advance Loan is a short term credit facility taken by salary earners before their salary is paid.
• Salary advance does not require any collateral or security because their salary earning service as collateral .You also get a 5% interest rate reduction on loans.
• No documentation is required during the salary advance loan application process because everything is done via ussd code, mobile app or internet banking.
• Most salary advance loans have Tenor of 30 days to Six (6) months tenor Renewable monthly.
• The interest rate for Salary Advance is 10% on reducing balance. Other charges include a 1% management fee, and 0.7% credit life insurance, which are taken upfront.
• The maximum amount (i.e. eligible amount) you can get is between f 50% – 200% of your monthly salary, less any active loans at the Bank; subject to ₦1,000,000 disbursement cap. Your eligibility is displayed when you request for the loan.
Who is Eligible for Gtbank salary advance loan
1. Before you can qualify for Gtbank salary advance you must be a salary earner earning at least N10,000
2. Salary earners account should be domiciled in GTBank (if you don’t have a salary account with GTBank you can open one now to access the loan).
3.You must received a monthly payment from the same employer for at least three consecutive months
How to apply for Gtbank salary advance loan
1. You can get Gtbank salary advance loan you need to apply by dialing *737*51*51# from the phone line that is linked to your salary account.
2. Also you can apply for Gtbank salary advance loan through GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App).
3. Customers who want to apply for Gtbank Payday loan and salary advance can do so by dialing *737*52*40#
How to repay back Salary advance loan
The loan amount borrowed as salary advance will be deducted from any inflow into the customer’s account. Where the loan past due, deduction will be made from any account linked to your BVN.
Your Salary Advance loan will be repay monthly installments every 30 days from the day the loan was taken (anniversary date), and the repayment amount will be automatically deducted from your account and you will face a 1% penal charge per month for defaulting on the loan from 31 days past due.