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 well worry no more because GTBank got you covered?
This article is all you need to know about getting a Business loan from GTBank and how to apply.
Types Of GTBank Business Loans
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.
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.
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.
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).
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.
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.
Requirement For GTBank Business Loan
- 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)
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.
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.
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