GTBank Business Loans | How to Apply

    GTBank Business Loans – How to get a loan from GTBank? Are you in any way short of funds to increase or start up a business and you don’t know how to go about it worry no more?

    This article is all you need to know about getting a Business loan from GTBank and how to apply.

    Guaranty Trust Bank began operations in 1991 and has become one of the largest banks in Nigeria – serving millions of customers across the country.

    The bank offers a wide range of services, including internet banking, retail banking, corporate banking, investment banking, and more.

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    Types of business loans available through GTBank

    Fashion Industry Credit

    The facility allows entrepreneurs in the fashion sector relatively cheap access to credit (up to 5 million N). The rate is 9% and the loan can be used for many purposes.

    Food Industry Credit

    Food Industry Credit from GT Bank offers you a loan with a single interest rate – that is only 9% per year. Up to 2 million N can be borrowed for up to 6 months. A great choice for those who deal with food.

    Hub Advance

    With GTB Hub Advance, you gain access to valuable inventory financing – for all your business growth needs. You can borrow up to 2 million N. Loans are extended for a maximum of 3 months.

    Overdraft

    This tool GT Bank is a credit line that allows companies to spend more than is actually in their bank accounts – up to a certain predetermined limit. Interest is charged on all borrowed money.

    QuickCredit for Small Business

    GTB’s QuickCredit for Small Business is a term loan that supports the working capital requirements of companies operating in the education or healthcare sectors. Up to 50% of the average annual turnover can be borrowed, for a maximum of 6 months (education) or 12 months (health care). The applicable interest rate is 16%.

    SME Invoice Discounting Finance (SME IDF)

    Companies can claim their claims (invoices) using the GTBank SME Invoice Discounting Finance tool. Up to N50 million can be transferred. Up to 70% of the invoice amount can be discounted or financed. The maturity of the loan is 60 days.

    Term Loans for Schools

    A medium to long-term loan instrument that helps schools expand their business – by building or acquiring land. This is a secured loan – secured by an appropriate mortgage (or other property).

    Short and Long-Term Finance

    To support the day-to-day operations of your business, GTB offers financial products such as loans and leases for a total period/period.

    Syndicated Loans

    For companies that consider a large acquisition to be a large project where large capital is needed, a syndicated loan should be considered. Here, GTBank can negotiate with a group of sponsors (syndicate) – who will lend you the necessary money.

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    Qualifying for a Guaranty Trust Bank business loan

    Companies involved in productive activities may be entitled to one of GTBank’s business loans or forward products. Businesses must be relatively profitable and must show a steady monthly income. In addition, it is important to have a good credit history – especially if you want a loan without collateral.

    General business lending criteria may (but not always) include:

    • Having a registered business or company — with the Corporate Affairs Commission (CAC)
    • Having a business or corporate bank account
    • Been trading for some time (1-3 years minimum)
    • Must have a good Credit Bureau Report — with no unpaid obligations or bad debt
    • Being an active customer of the bank

    Not all GTBank loan products are suitable for every business. For example, if your company is not in fashion, access to credit through the scheme of the fashion industry – is not possible.

    GTBank business loans and advances are not reserved for individuals. If your business is not registered or you need funds to start a business – you may want to consider arranging a personal loan.

    You can use a personal loan as a salary increase – for business purposes. GTBank also offers a range of personal loan products – which may be suitable for business use. On the other hand, SukFin can help you apply for a loan elsewhere.

    How to apply for a Guaranty Trust Bank business loan

    Applying for a GTBank loan involves researching and finding a product that meets the conditions of your business.

    Some loan applications can be submitted online through the GTB website, others can use your mobile phone and application as a USSD. If you need large funds or need more customized financing solutions – a visit to your local branch can be smooth.

    No matter what credit line you are applying for, you often need to check the honesty of your business and the purpose of the loan. The assessment is performed according to the instructions of the relevant credit framework. The approved funds will be released provided that all conditions are met – annex to the letter of approval.

    Where the bank already has enough information about your business, the approval process is always automated, with the credit being credited to your account almost immediately.

    GTBank Business Loan Requirements

    Basic documents that may be requested as part of any application may include:

    • Completed application form
    • Company profile
    • Business plan
    • Cash flow budget
    • Bank statements (12 months)
    • Audited financial accounts
    • Certificate of Incorporation
    • Valid means of identification (driving license, passport, voters card)
    • Proof of address
    • Details of collateral offered (if any)

    Note. Not all of these documents are required; it is mainly based on the credit facility in question — among other things.

    How much can I borrow from GTBank?

    The amount of money you can borrow from GTBank depends on the credit facility you are applying for. The size of your business and its turnover also have an impact. You can only get a loan, your business is comfortable paying.

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    How long do I have to pay back a GTBank loan?

    GTBank’s loan products are both short-term and long-term. The type of your business and the purpose of the loan – will probably determine the length of each repayment period. Usually, loan terms longer than 3-5 years are rare.

    How long will it take before receiving funds from GTBank?

    Application processes vary. Whether applications are created online or through mobile applications, decisions are always made directly – especially for today’s GTB customers. Conversely, if applications are made in person at a branch, the processes can take a long time.

    Does GTBank require collateral?

    Some GTB loan instruments require a guarantee, while others do not. Non-guaranteed loans are possible – when it comes to relatively small amounts of money, your business has a good business history and you have a good credit score.

    Larger amounts of money usually require some form of collateral. Acceptable forms of warranty may include:

    • Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills etc.)
    • Obligations of state governments or agencies of the Federal Government of Nigeria
    • Other non-government debt instruments
    • Physical assets e.g. real property
    • Third-party guarantors (or collateral)

    Conclusion:

    Hope after reading this article, it was able to solve your issues?

    Let us know your challenges so we can proffer solutions to them as soon as we can.

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