Guaranty Trust Bank school loan is designed to finance the payment of your child’s/ward’s school fees for schools/institutions . The Term Loans for Schools is a medium to long term facility aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan, you have to decide the amount you need. but this will depend on whether you’re a student, or a parent.
Whether you’re a full time, half-time, or less than half-time student, you can use school loans to pay for all your school fees or expansion or buy your landed properties.
Gtbank offers School Fees Advance and Term Loans for Schools to customers who qualify for the credit facility.
Also read: Types of Gtbank small business Loans & Advances and how to apply
1.Gtbank School Fees Advance loan
Gtbank School Fees Advance loan is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Bank and must have worked for at least 6 months and also be a confirmed staff.
The time loan is designed to finance the payment of your child’s/ward’s school fees for schools/institutions and it can be used to pay for tuition fees for schools home and abroad.
The customer must have received their salary through their GTBank account in the last 1 month and monthly loan repayment does not exceed 50% of your net monthly salary. you need to get Insurance in place against death and permanent disability.
The loan tenor is Maximum of 4 months.The loan amount minimum is NGN
N50, 000- maximum loan amount of N1million is applicable per child. the minimum monthly salary of N25, 000 for public sector employees and N50, 000 for private sector employees to enable you qualify for gtbank school advance loan.
What document is required for a School Fees Advance?
The application form, employer undertaking and school bill with details of the schools bank account.
What is the benefit of Gtbank school advance loan?
1. Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
2. Very Competitive interest rate. Equal monthly repayments consisting of principal and interest.
3. Immediate access to funds for the prompt payment of your child/wards school fees
How to apply for Gtbank School Fees Advance
To apply for gtbank school advance loan kindly follow the steps below:
1. Submit Completed Application Form and Employer Undertaking Form.
2.Provide School Fees bill and Credit Insurance.
3.Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.
How is the school bill paid for Gtbank school advance loan?
The bill is paid either by a direct transfer to the schools bank account or by raising a draft in the name of the school.
Read: Gtbank QuickCredit: How Nigerians and Ghanaian can apply and requirements
Gtbank Term Loans for Schools
The Guaranty trust bank term loans for school is a medium to long term loan aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand. The tenor spans from 3 to 10 years, giving schools funds up to 400million.
Gtbank Term Loans for Schools features
1. Minimum of 20,000,000, Maximum of 400,000,000.
2. Competitive Interest rate
3. 1% Management fee.
4. 1% Commitment fee.
5. Tenor: Minimum of 3 years, Maximum of 10 years.
6. Quarterly repayment of principal and monthly repayment of Interest.
7. Security: Legal mortgage on the property being financed or alternative property (Buy) / Legal mortgage on an alternative property (Build).
8. 30% Equity Contribution.
How to apply
To apply for Gtbank Term Loans for Schools, please walk into your nearest branch and submit the required documents to the relationship team for processing.
