Applying for a salary advance can provide much-needed financial relief during times of unexpected expenses or emergencies. GTBank offers a convenient and accessible Salary Advance service for eligible customers, allowing them to access a portion of their salary before the regular payday.
The Gtbank salary Advance provides employees with the opportunity to access a 50% net monthly salary upfront before payday, helping them to meet urgent financial needs or unexpected expenses that may arise before their next paycheck. This service is especially useful for individuals who may find themselves in need of immediate funds but do not have access to traditional loans or credit facilities.
In this Article, we will explain Gtbank Salary advance Also we discuss it benefits, features and requirements
Read: How to check Gtbank Account Balance,BVN and Account Number
Features of GTBank Salary Advance:
Bank Salary Advance offers a range of features designed to provide financial flexibility for eligible employees:
- Access up to 50% of your net monthly salary in advance, providing a quick financial boost when needed.
- Unlike traditional loans, you don’t need to provide any collateral to secure the Salary Advance.
- Receive the funds in your account within 24 hours of approval, ensuring timely access to funds.
- Repay the advance within 30 days and have the option to renew it monthly if required.
- Apply easily through multiple channels, including GTWorld, internet banking, or by visiting a GTBank branch.
- The only cost associated is the interest rate, which is transparently communicated upfront.
Who is eligible for Gtbank salary advance
To be eligible for GTBank Salary Advance, you must meet the following criteria:
-
Employment: You must be a confirmed employee of either:
- A private company
- A government agency
-
Salary Account: Your salary account must be domiciled in GTBank.
-
Minimum Salary:
- Public sector employees: Your minimum monthly salary must be ₦25,000.
- Private sector employees: Your minimum monthly salary must be ₦50,000.
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Required documentation for GTBank Salary Advance
GTBank Salary Advance typically does not require extensive documentation. Since the loan is designed for existing salary account holders with a good standing, the bank primarily relies on your existing account information and employment details.
To complete the application process. Customers must earn Minimum salary of N 25,000 for public sector and N 50,000 for private sector employees. Salary advance will be made available within 24 hours.
Repayment terms
Repayment terms for GTBank Salary Advance are typically as follows:
- Repayment Period: You have 30 days from the date of disbursement to repay the Salary Advance in full.
- Automatic Deduction: Repayment is usually done through an automatic deduction from your salary account on your next payday.
- Renewal: If you wish to renew the Salary Advance, you must first fully repay the outstanding balance. You can then reapply for another advance.
what is the Administrative Fees
Interest Rate
28% per annum
Management fee
1% flat on the loan amount payable upon acceptance of the offer and at every annual review,
Insurance Premium
1% flat
Tenor
30 days
How to qualify for GTBank salary advance?
To qualify for GTBank’s Salary Advance, you need to meet the following criteria:
1. Account Type:
- You must have a salary account with GTBank.
-
Salary History:
- Your salary must have been consistently paid into your GTBank account for at least the past three months.
-
Minimum Salary:
- Public Sector Employees: Your minimum net monthly salary must be at least ₦25,000
Private Sector Employees: Your minimum net monthly salary must be at least ₦50,000.
. Other Requirements:
- You must not have any outstanding loan obligations with GTBank or any other financial institution.
- You should have a clean credit history.
- You must not have a history of returned cheques (bounced cheques).
If you meet these requirements, you can apply for a Salary Advance of up to 50% of your net monthly salary. The loan has a tenor of 30 days and is renewable monthly, provided you meet the eligibility criteria each time.
Does GTB give loan to non salary earners?
Yes, GTBank does offer loans to non-salary earners in Nigeria. However, the specific loan products and eligibility criteria may differ from those for salary earners.
One of the main loan products that non-salary earners can access is GTBank Quick Credit. The Quick Credit is designed for all customers who have their salary account domiciled in the bank and non-salary earners who have actively operated their account for 12months to access a quick loan at 1.33% p.m.
How to Apply for Gtbank Salary Advance
You have several convenient options to apply for GTBank Salary Advance:
1. GTWorld App:
- Log in to the GTWorld app on your smartphone.
- Navigate to the “Loans” section.
- Select “Salary Advance” and follow the on-screen instructions to complete the application.
2. Internet Banking:
- Log in to your GTBank internet banking account.
- Go to the “Loans” section.
- Choose “Salary Advance” and fill out the application form.
3. USSD Code:
- Dial 7378*2# from your mobile phone (linked to your GTBank account).
- Follow the prompts to enter your desired loan amount and other required details.
4. GTBank Branch:
- Visit your nearest GTBank branch.
- Request a Salary Advance application form from a customer service representative.
- Fill out the form and submit it along with the required documentation.
Gtbank Quick Credit
As a salary earner, you can now get the cash you need instantly, and pay back in up to 12 months. Quick Credit gives you funds up to N5million at an interest rate of 2.5% monthly This provides quick access to funds for various needs, without requiring collateral or extensive documentation.
How to be qualified for GTB quick credit?
To qualify for GTBank Quick Credit, you need to meet certain criteria depending on whether you’re a salary earner or a self-employed individual.
For Salary Earners:
1.You must have a salary account with GTBank.
2.You must have received a salary through your GTBank account in the last 3 months.
3.Your net monthly salary should be at least ₦10,000.
4.You should not have any existing loan on the REMITA platform.
5.You should have a clean credit bureau report with no unpaid obligations.
6.You must not have any history of dud cheques.
7.Your salary account must have been maintained for at least 12 months.
For Self-Employed Individuals:
1.You must have an active GTBank account that has been in operation for at least 12 months.
2.You must have a consistent inflow of funds into your account for the past 6 months.
3,You should have a clean credit bureau report with no unpaid obligations.
4.You must not have any history of dud cheques.
General Tips to Improve Your Chances of Qualification:
1.Maintain a good credit history: Pay your bills and loans on time to build a positive credit record.
2.Ensure regular income inflow: Maintain a consistent flow of income into your GTBank account.
3.Avoid bounced cheques: Ensure you have sufficient funds in your account to cover any cheques you issue.
4.Link your BVN: Make sure your Bank Verification Number (BVN) is linked to your GTBank account.
What is Gtbank quick credit?
GTBank Quick Credit is an instant loan product offered by Guaranty Trust Bank (GTB) that allows eligible customers to access funds quickly and easily without the need for collateral or extensive paperwork. It’s designed to provide financial support for various needs, such as personal expenses, school fees, or business working capital.
What is the USSD code for GTBank quick loan?
The USSD code for GTBank Quick Credit loan is *737*51*51#.
You can dial this code from your registered mobile number to check your eligibility, request the loan, and complete the application process
How to borrow money from Gtbank Quick Credit?
To borrow money from GTBank Quick Credit, you can use any of these three convenient channels:
1. USSD Code
- Dial *737*51*51# on your mobile phone (linked to your GTBank account).
- Follow the prompts to check your eligibility and loan offer.
- If eligible, accept the offer and enter your desired loan amount.
- Confirm the details and enter your 737 PIN to complete the transaction.
- The loan amount will be credited to your account instantly.
2. GTWorld Mobile App
- Log in to the GTWorld app on your smartphone.
- Navigate to the “Loans” section.
- Select “Quick Credit.”
- Check your eligibility and loan offer.
- If eligible, accept the offer and enter the desired loan amount.
- Confirm the details and authorize the transaction using your PIN or biometrics.
- The loan amount will be credited to your account instantly.
3. Internet Banking
- Log in to your GTBank internet banking account.
- Go to the “Loans” section.
- Select “Quick Credit.”
- Check your eligibility and loan offer.
- If eligible, accept the offer and enter the desired loan amount.
- Confirm the details and authorize the transaction using your secure pass or token.
- The loan amount will be credited to your account instantly.
How to clear gtb quick credit loan?
- Log on to the GTWorld application with your User ID/Email and password.
- Click Loans >> Quick Credit.
- Click on the “loan liquidation” (select loan to be liquidated)
- Select liquidation type (Partial/Full)
- Click “Submit”
- Input transaction PIN.
- Click “Done”
2. GTWorld Mobile App:
- Log in to the GTWorld app.
- Go to “Loans” and select “Quick Credit.”
- Choose the “Repay” or “Liquidate” option.
- Select the loan you want to clear and confirm the repayment details.
- Authorize the transaction with your PIN or biometrics.\
3.Using USSD Code:
- Dial *737*51*55# on your phone (linked to your GTBank account).
- Follow the prompts: You’ll be guided through the process, including selecting the loan to liquidate and confirming with your 737 PIN or token code.
Can I loan again after paying my Gtbank quick loan?
Yes, you can generally loan again after paying off your GTBank Quick Credit loan. In fact, GTBank encourages responsible borrowing and timely repayment, which increases your chances of getting subsequent loans.
However, a few factors influence your eligibility for another loan:
- You need to have fully repaid your previous Quick Credit loan without any defaults or late payments.
- GTBank will re-evaluate your creditworthiness when you apply for another loan. This includes factors like your income, expenses, and overall financial health.
- The bank may have specific limits on how much you can borrow and how often you can take out loans.
Here’s what you should do:
- Make sure your previous Quick Credit loan is fully repaid, including any interest and charges.
- You can use the same channels you used to apply for the first loan (USSD, GTWorld App, or Internet Banking) to check your eligibility for another Quick Credit.
- If you’re eligible, go ahead and apply for another loan through your preferred channel.
How long does it take quick credit to approve a loan?
The time it takes for Quick Credit to approve a loan can vary depending on the specific lender and the type of loan. However, Quick Credit application is approved within Five (5) minutes. Once approved, funds are typically received within 5 minutes..
Is there a minimum and maximum age for eligibility for gtbank quick credit?
Yes, there are minimum and maximum age requirements for eligibility for GTBank Quick Credit.
Minimum Age: The applicant must be at least 18 years old at the time of loan application.
Maximum Age: The applicant should not be older than 59 years old at the time of loan maturity.
This means that the loan should be fully repaid before the borrower turns 60.
These age restrictions are in place to ensure that borrowers are financially capable of managing and repaying the loan.
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