Types of Gtbank small business Loans & Advances and how to apply

Types of Gtbank small business Loans & Advances and how to apply

This post was last updated on March 20th, 2022 at 10:01 pm

Gtbank offers a wide range of credit facilities that help Business owners unlock potential of their business.The loan facilities include, Build or Buy Loans for Schools,Overdraft,Hub Advance,Fashion Industry Credit and Food Industry Credit.

There is a saying that entrepreneurs should spend money to make money. If you want your business to grow, you have to be able to invest in the expenses of growth, like Purchase of Equipment ,Purchase of Inventory, Increase Working Capital advertising, and property. This has always been a challenge for a small business.

Gtbank has unveiled a wide range of simple and straightforward loan offers for your Business needs by providing money to be used for your regular operational costs, and which can help your business stay afloat.

Read: Gtbank QuickCredit: How Nigerians and Ghanaian can apply and requirements

1, Build or Buy Loans for Schools

This Term Loans for Schools aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand.

The medium to long term credit facility tenor spans from 3 to 10 years, giving schools funds up to 400million.

Features of Gtbank Build or Buy Loans for Schools

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 8.(Buy) / Legal mortgage on an alternative property (Build).
9.30% Equity Contribution.

How to apply

To apply for Gtbank Build or Buy Loans for Schools, please walk into your nearest branch and submit the required documents to the relationship team for processing.

 

2. Gtbank Overdraft

Guaranty Trust Bank overdraft is a line of credit that allows customers to write cheques for more than the actual balance on the account with a finance charge on the excess.

The funds are usually available for customers to use for a tenor of one year but it can be renewed upon satisfactory performance. It is an open credit which can be used repeatedly until the balance on the account reaches a certain prearranged limit with a specific repayment date, usually one year.

Read: GTBank Salary Advance Loan: Requirement and How to apply

3. Gtbank Hub Advance

Gtbank Hub Advance is an inventory financing that helps boost your business needs to grow.Customer can get Maximum Loan Amount – ₦500k to ₦2million with Maximum tenor of 3 months.

Gtbank Hub Advance Loan Requirements

To qualify for Gtbank Hub Advance you must meet the following requirements.

1.Business must be duly registered with the Corporate Affairs Commission.
2.Operate an active business account with the Bank for at least 1 year.
3.Minimum sales of N1million and 10 transactions monthly in the last 12 months on the SME MarketHub.
4.Business should be more than 3 years and be operational on the SME MarketHub for at least 6 months.
5.Domiciliation of Business Account (Execution of domiciliation agreement)
6.No past due obligation with any Bank nor have more than two returned cheques in the last one (1) year

Features of GTBANK Hub advance

1.Maximum Loan Amount – ₦500k to ₦2million
2.Maximum tenor of 3 months
3.Irrevocable Domiciliation of inflows is required
4.Repayment for the loan shall be equal monthly repayment of principal and interest
5.No Equity Contribution
6.Interest rate: Competitive
No Collateral

 

4. Gtbank Fashion Industry Credit

This credit facility is designed to provide entrepreneurs in the fashion industry with all the financing they need to grow their business.The interest rate Gtbank Fashion Industry Credit is at 9% and you can get Up to N250,000.00 – N5 Million for your fashion business.

Gtbank Fashion Industry Credit has Flexible repayment plan spread over 360 days (12 months) and Customers can access up to 50% of Minimum average turnover of N500,000.00

your business must be more than 1 year in existence at the minimum and maximum age for eligibility.

How to apply for a Gtbank Fashion Credit loan?

Fashion Industry Credit is available on GAPS, GAPS Lite

 

5. Gtbank Food Industry Credit

This kind of loan is designed for customers who want to grow their food business. The interest rate for Gtbank Food Industry Credit loan is 9% per annum (0.75% per month)

. Borrowers can get up to N50,000.00 ( Fifty Thousand Naira only)- N2,000,000.00 (Two Million Naira only) with Flexible repayment plan spread over 180 days.

The GTBank Food Industry Credit is a time loan specially designed to meet the working capital needs of SMEs within the Food and Drinks Industry in Nigeria.

Requirements

Gtbank Food Industry Credit is for you if:

1.Your business is duly registered with Corporate Affairs Commission
2.Business should be at least 1 (one) year.
3.Business must have a clean Credit Bureau Report with no unpaid obligations.
4.Businesses must have a satisfactory CRMS report of owners, sponsors and directors.

How much should my average annual turnover be to qualify for Food Industry credit?

Minimum average turnover of N100,000.00 (One Hundred Thousand Naira only)

How To Apply gtbank Food Industry Credit

Simply click on Food Credit on GAPS Lite and follow the prompts to complete the application process. Loan will be disbursed instantly after successful applications