How to Borrow Money from GTBank App in Nigeria | A Step-by-Step Guide

GTBank has many loan products in Nigeria to satisfy personal and business needs. Money can be lifesaving, especially during rough times, and GTBank is at the tip of your fingers through the bank’s mobile app.

If you’re looking forward to knowing how to borrow from GTBank, you’re just in the right place.

The questions, “How can I borrow money from GTBank?” and “How do I borrow money from my GTB account?” are frequently asked.

The good news is that you can complete it online, and it’s quite simple.

With the GTBank app, you can borrow money directly from the comfort of your home or anywhere else, provided you have internet access.

This guide will walk you through these steps to ensure you have access to the funding you need quickly and easily.

A detailed explanation of how to borrow money from GTBank is given in the article.

You may be a new customer or do not know how to use their loan services; we have covered you in this piece on how to borrow money from GTBank. Let’s get started!

Overview of GTBank App Loans 

The GTBank mobile banking app is built to give users an organized channel to access many loan facilities, covering all financial needs.

Using the app, customers can request a personal loan, salary advance, or other credit facilities from any location without physically going to the bank.

Due to the app’s user-friendly interface, the application process involved in knowing how to borrow money from GTB is easy, thus convenient for customers to bank on the go.

Digital banking makes it easier and faster for users to borrow money with GTBank.

The app makes it easy for those bothered about borrowing money from GTB. Many times, people ask, how can I borrow money from GTBank?

The answer is that access to loan services has been seamlessly integrated with the app at every point.

Whether it be about how to borrow money from GTBank online or how to borrow money from GTBank App, all of these needs are covered under the GTBank App, the single comprehensive solution for financial support directly from your mobile device.

Read Also – Latest Update on How to Get your GTBank SWIFT Code, Sort Code, and IBAN Code for International Money

What Are the Requirements to Borrow Money from GTBank App?

Requirements to borrow money from the GTBank App differ depending on the type of loan one intends to retrieve. However, to obtain a loan from the GTBank App, you are usually expected to have the following:

1. You must be 18 years or older to apply.

2. You are required to maintain a current or savings account with GTBank.

3. Have a good credit score, as much as credit scores are checked before giving loans to any customer.

4. You must have a clear source of income, whether employed or business-minded.

5. Uploading a legitimate government-issued identification document, such as a passport, driver’s license, or national ID card.

6. Your GTBank account must be connected to your Bank Verification Number. 

7. You’ll need to supply a working phone number. This means this telephone line should be listed with your GTBank account details.

8. You must enter a working email address.

9. It will be necessary for you to reside in Nigeria. This is referring to you being a citizen.

10. You should not have any loan or delinquent account with GTBank or other banks.

GTBank reserves the right to further request documentation or information from you:

1. Proof of income (Pay stubs, salary slips, or tax returns)
2. Evidence of working or owning a business
3. Bank statement(s)/account history
4. Utility bills or any other statement that can prove your address.

This may vary depending on the loan type and your circumstances. You may, therefore, need to contact GTBank for the most current and up-to-date requirements for this.

How Do You Register and Activate GTBank App for Loan Application?

You do not, in particular, have to register for the GTBank app just because you want to apply for a loan. Here is what you do:

1. Download the GTWorld App: You can get it from the Google Play Store for Android or the Apple App Store for iOS devices.

2. Log in or Enroll: If you already have an existing account with GTBank, log in with your User ID/Account/Phone No/Email and Password. You can enrol directly on the app through selfie verification if you are new to banking.

3. Apply for Your Loan: Log in and navigate to the “Loans” section within the GTWorld App. You will see various loan products GTBank offers from where you can apply.

Note

During your registration on this application, you might be asked to set up your GT eToken for an added layer of security. This standalone application will generate a code for authenticating your transactions. 

You can activate the GT eToken app on your mobile phone using either your debit card details or an authorization code received by calling the GTConnect contact centre.

Also Read – USSD codes for GTB, FCMB, UBA, Access and Fidelity Bank

What Types of Loans Can You Borrow on GTBank App?

GTBank has several loan products on its mobile banking app. Below are the major loan products you can borrow:

1. Quick Credit: This instant loan facility is available to salary earners and self-employed people. It provides quick access to funds with no collateral.

2. Salary Advance: This facility allows salary earners to access up to 50% of their net monthly salary in advance.

3. Max Advance: This is the loan facility designed for employees of select organizations to borrow up to 3 months’ salaries at an attractive interest rate.

4. School Fees Advance: This has been a product to assist parents in paying school fees for their children. This facility, with easy repayment terms, is available to salary earners.

5. Computer Acquisition Scheme: This facility will assist our customers in purchasing a computer and making payments in instalments. The rationale behind the support for this facility is based on the need to encourage digital literacy and the acquisition of technology.

6. Asset Acquisition Scheme: This enables customers to finance the purchase of household appliances, furniture, and other personal assets with provisions for flexible repayment.

Each loan comes with its conditions and requirements attached to it—interest rates, tenors, eligibility criteria, and so on. You can go ahead and apply for them right within the GTBank app.

How to Borrow Money from GTBank App in Nigeria: Step-by-Step 

Relax if you have a financial crisis and wonder how to borrow money from a GTB account in Nigeria. Below is a step-by-step process on how to borrow from the GTBank app.

1. Download and install the GTBank App (GTWorld) from the Play Store on your device.

The GTBank App must first be downloaded and installed from the Google Play or Apple App Store. Please look for the “GTBank App”, press the download link, and then give the program permission to install on your device properly.

2: Register and Login

After successfully downloading and installing the app, click “Register” and fill in your account number, BVN, among others. Follow through to create your username and password, then log in with the username and password.

3: Navigate to the Loan Section

Upon successful login, click the “Loans” icon on the dashboard. Select the kind of loan you wish to apply for: Quick Credit, Salary Advance, etc.

4: Fill in Loan Details

Input the amount you are borrowing and how long you will need to repay; select your payment schedule and fill in any other information as may be required.

5: Fill in Additional Information (where applicable)

Depending on the loan product you opted for, you must upload relevant documents such as a payslip, ID, or address proof. Fill in any other additional details that are required in your loan application.

6: Submission of Loan Application

Recheck and provide your loan details, then tap the “Submit” button to apply for a loan.

7: Loan Approval and Disbursal

Now, be patient while it’s under review—a process almost instant, or at most, within minutes. Upon approval, the disbursed amount shall be reflected in your GTBank account.

Follow through to easily borrow from the GTBank App in Nigeria. Please borrow responsibly and remember to repay on time to avoid any problems.

Read Also – GTB USSD Code for Airtime, Transfer, & Mobile Banking

What Are the Interest Rates and Repayment Terms?

Different interest rates and different tenors of repayment apply to various loan types available on the GTBank app. The examples that follow shall be relevant:

1. Quick Credit: This product has a monthly interest rate of 2.45%, approximately 29.4% per annum, with a maximum tenor of 12 months. You can pay the loan in equal monthly instalments with no pre-liquidation penalty, plus a one-time, flat premium insurance of only 1%.

2. Salary Advance: This has a tenure of 30 days at a floating interest rate of 28% per annum. Add this to the fee of 1% flat charged as management fee and another 1% flat charged as insurance premium.

Note: These examples are only two of the available options, and on the GTBank app, other loan products have varying interest rates and repayment terms.

How to Repay Borrowed Money From the GTBank App?

Repaying your borrowed money through the GTBank App is as easy as borrowing from it. Here is what to do in detail:

1. Log into the GTBank App

• Open up your GTBank application on your device.
• You will provide your username and password to log in.

2. Use the Menu

• Click on «Loans» to navigate to the loan section.
• You will then select the type of loan account you would wish to make repayments for.

3. View Details

• Check the amount to repay and the due date.
• Examine the loan information, including the loan amount and the due date.

4. Repay

• Press “Repay”
• Select the repayment amount
• Select “Bank Transfer” or “Debit card” from the menu. 

5. Confirm and Go Ahead with Repayment

• Confirm payment
• Enter your PIN or use biometric data for the authorization of the transaction

6. Repayment Confirmation

• View Details of a Repayment Message Processing
• A confirmation message or email will be issued.

Other Options:

• Autopay the repayment to avoid late repayment
• Make multiple repayments or pay back in full with the GTBank App
• Feel free to reach out to GTBank customer support in case of further help and inquiries.

Note: Repay your loan on time to avoid late fees and interest charges. In case of any issues or queries, you can contact GTBank customer support.

Also Read – How to Fund Bet9ja Account with USSD Code, ATM, Transfer, and GTBank

What Should You Do If You Face Issues While Borrowing Money From GTBank?

Encountering problems while trying to get a loan from GTBank can be frustrating. Here are some steps you can take to address the situation:

1. Identify the Issue

Pinpoint the exact problem you’re facing. Is your loan application rejected? Are there delays in processing? Understanding the specific hurdle will help you approach it better.

2. Contact GTBank Directly

GTBank offers multiple channels to reach their customer service. You can call their helpline, visit a branch, or contact them through their website or social media platforms. Explain your situation clearly and provide any relevant details about your loan application.

3. Review Loan Requirements

Double-check that you meet all the eligibility criteria and have submitted the necessary documentation for the loan you applied for. You can find these requirements on the GTBank website under the loan section.

4. Seek Clarification

If the reason for rejection is unclear, ask for a detailed explanation from the bank representative. This can help you understand areas for improvement if you plan to reapply.

5. Explore Alternative Loan Options

GTBank offers a variety of loan products. If you’re not eligible for one specific loan, explore if other options might better fit your needs.

With these steps, you can navigate how to borrow money from GTB without issues. Remember to stay calm and patient when problems resolving with GTBank or any financial institution.

Final Thoughts 

Borrowing cash from the GTBank app is a trusted system that offers convenience and speed. This step-by-step guide explains exactly how to borrow money from GTB. 

Whether you are asking, “How do I borrow money from GTBank?” or looking for information on how to borrow money from GTBank online, this guide covers it all. 

With a few taps on your smartphone, you can access your funds without any hassle. Now that you know how to borrow money from GTB, why not try it today? 

Do you have any questions or studies about the ratio? Leave a note below! Don’t forget to follow us on Facebook at Silicon Africa, Instagram at Siliconafricatech, and Twitter at @siliconafritech for more helpful suggestions.

FAQs 

Reference

• quicksub.com.ng – GTBANK LOAN: HOW TO APPLY, USSD CODE, AND REQUIREMENTS
• ibkdigital.com – How to Borrow Money From GTBank

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