How To Apply For GTBank Business Loan

How to apply for GTBank business loan. GTbank like several other Nigerian banks provides loans to their customers. But there are requirements and processes to it. Below I will walk you through how to apply for GTBank business loan.

 

But First, A little Bit About GTBank.

Guaranty Trust Bank (GTB) was founded in 1991 and has since evolved to become one of Nigeria’s largest banks, serving millions of customers around the country. GTbank offers a range of services, including business loans, invoice discounting, and overdrafts.

 

Types of loans offered by GTBank 

GTB several loans including;

1. Payday Loans

GTbank offers payday loans to customers with a salary account. With the GTB Payday loan, you’ll get an advance on your salary and payback when your pay comes. You can use your payday loan as a quick resort for your business. Although this article will focus on how to apply for GTBank business loan.

 

2. Small Business quick credit

The QuickCredit for Small Business from GTB is a term loan that helps enterprises in the education and healthcare sectors meet their working capital needs. Borrow up to 50% of the average yearly turnover for a maximum of 6 months (education) or 12 months (business) (healthcare). The interest rate that applies is 16 percent.

 

3. Overdraft

This GT Bank facility is a line of credit that allows firms to spend more money than they have in their bank accounts, up to a pre-determined maximum. Any money borrowed is subject to interest. 

4. Credit to the Fashion Industry

Have you heard of the GTB Credit to the Fashion Industry? The facility enables entrepreneurs in the fashion industry to obtain finance at a reduced cost (up to N5 million).

The loan has a single-digit interest rate of 9% and can be utilized for a variety of reasons. This article will outline how to apply for GTBank business loans including these industry-specific loans.  

 

5. Credit to the Food Industry

The Food Industry Credit from GT Bank provides you with credit with a single-digit interest rate of only 9% per year. It is possible to borrow up to N2 million for a period of up to 6 months. For those in the food industry, this is a fantastic option. 

6. Advancement of Hub

You can acquire crucial inventory finance with the GTB Hub Advance for all of your business expansion needs. You can take out a loan of up to N2 million. Loans are only available for a maximum of three months.

 

7. Invoice Discounting Finance for Small Businesses (SME IDF)

 With the GTBank SME Invoice Discounting Finance facility, businesses can borrow money against their receivables (invoices). The highest amount that can be advanced is N50 million. An invoice’s value can be discounted or financed up to 70%. The loan is for 60 days. This follows the same process of how to apply for GTBank business loan outlined below.

 

8. Loans for Educational Institutions

This is a medium- to long-term financing facility that assists schools in expanding their operations by constructing or acquiring landed property. This is a secured loan, meaning the property in question (or another property) is used as security.

9. Finance for International Trade

If your company imports and/or exports, GTBank has a variety of products and services that can assist you. For example, collection bills, letters of credit, and bank guarantees.

Finance for the Short and Long Term – GTB offers finance options such as general time/term loans and leasing to support your business’s daily operations.

 

10. Loans that are Syndicated

A syndicated loan is worth considering for organizations considering a huge purchase or a major project that will require a significant amount of finance. GTBank can put together donors (a syndicate) to lend you the money you need.

 

How To Apply For GTBank Business Loan 

Requirements to apply for a Gtbank business loan.

Businesses that engage in productive activities may be eligible for a GTBank business loan or advance. Businesses would have to be profitable in some way and have a constant monthly income. Furthermore, if you’re looking for an unsecured loan, you’ll need to have a strong credit history.

The following are some general business loan requirements that may (but are not always) apply:

  1. A company or business that is registered with the Corporate Affairs Commission (CAC)
  2. A corporate or business bank account that has been trading for a while now (1-3 years minimum)
  3. Good credit report is with no unpaid obligations or bad debt.
  4. You must be a regular customer. 

 

Steps on How To Apply For GTBank Business Loan

Applying for a GTBank loan entails doing some research and looking for a product that your company is eligible for. 

Some loan applications can be submitted online via GTB’s website, while others can be submitted via a mobile phone app or USSD. 

A visit to your local branch is recommended when substantial sums of money are needed or more customized funding solutions are required. Regardless of the type of credit facility you request, your company’s appropriateness and the loan purpose will almost always be assessed. 

The assessment will be carried out following the credit facility’s guidelines. Funds that have been approved will be released, subject to any conditions that have been attached to the approval letter. 

The approval process is often automated when the bank already has enough information on your business, and credit is disbursed into your account almost immediately.

 

The following are examples of basic documents that may be requested as part of an application:

1. Application form filled out completely.

2. Description of the business.

3. A business strategy ie Bank.

4. Statements and cash flow budget (12 months).

5. Financial statements that have been audited.

6. Certificate of Incorporation.

7. reliable Identification methods (driving license, passport, voters card).

8. Address proof is required.

9. Details on the collateral that is being offered (if any).

 

Not all of these documents are required; it depends, among other things, on the credit facility in question.

So that’s how to apply for GTBank business loan. Ensure you have the right documents. Go with more if you aren’t sure which is required.

Good luck with your business!

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