How to apply for Gtbank QuickCredit loan for Small Business

Last Updated on July 25, 2024 by admin

Getting a loan for small businesses in Nigeria is not an easy task to accomplish especially at the earliest stage of business, most financial institution believe that business owners should build their business to a particular stage that gives them a better idea of how much more they need as Loan to increase their working capital.

As a result,more than 70% of bank loan applications from small businesses in Africa are not approved, and many small business owners give up after two or three unsuccessful applications, which push them to seek for loan from friends and family believing that they can seek help from them.

As a result Gtbank decide to introduce a time loan product aimed at financing the working capital (i.e funds needed for day to day needs) of SMEs in the Education (creche, primary & secondary schools) and Healthcare (Hospitals, Retail Pharmacies and Diagnostic Centres).

You can also read: How to Apply for GTbank Salary in Advance Loan

GTBank Quick Credit business Loan is a convenient and hassle-free way for individuals to access funds quickly. ranging from N250,000.00 to N10,000,000.00 with a Maximum Tenor of 6 months (Trade, Services and Food sectors) and 12 months (Healthcare, Fashion and Education Sectors) with interest rate across board is 1.5% per month (18% p.a.).

Table of Contents

What is Gtbank QuickCredit for Small Business?

GTBank QuickCredit for Small Business is a financial product offered by Guaranty Trust Bank to help small businesses access quick and convenient financing. This innovative solution is designed to meet the short-term funding needs of small businesses, allowing them to access funds within minutes without the need for collateral. This makes it an ideal choice for small businesses facing cash flow challenges or those looking to seize new business opportunities.

GTBank QuickCredit for Small Business is a term loan product designed to support the working capital needs of small and medium-sized enterprises (SMEs) operating in specific sectors.

Key Features:

Target Sectors:
- Education (Crèche, Nursery, Primary, and Secondary schools)
- Healthcare (Hospitals, Clinics, Retail Pharmacies, Patent Stores, and Diagnostic Centers)
Loan Amount: Customers can access up to 50% of their average annual turnover.
Loan Tenure:
- 6 months for businesses in the education sector.
- 12 months for businesses in the healthcare sector.
Interest Rate: 2.45% per month (29.4% per annum)

The minimum account age for eligibility?

The minimum account age for eligibility for GTBank Quick Credit for Small Business is 6 months. This means that the business account must have been in operation for at least 6 months with GTBank before you can apply for this loan.

Requirement for Gtbank QuickCredit loan for Small Business

To be eligible for GTBank QuickCredit loan for Small Business, you must meet the following requirements:

General Requirements:

The business must have actively operated a Corporate or Business name account with GTBank for at least 6 months.
The age of the business must be 3 years and above, with at least 1 year of operation evidenced by a bank statement.
The business should have a good credit history and no outstanding bad loans or unpaid obligations.
The business must have a consistent and satisfactory turnover for the last 12 months.

Specific Requirements:

The maximum loan amount is 50% of the annual turnover calculated over the last 12 months, subject to a maximum limit and other eligibility criteria.
The business account must be domiciled with GTBank (this means the account is used for the business’s main transactions).

Read: How to Check GTBank Account Balance, statement of account and Create 737 PIN

How to apply for Gtbank QuickCredit loan

There are several convenient ways to apply for GTBank Quick Credit, depending on your preference:

USSD

Dial *737*51*51#
Follow the displayed instruction
Press “1 ” to confirm the request for the displayed maximum credit amount
Press “0” to input other desired credit amount Enter 737 PIN to authenticate the request

Internet Banking

Log on to Internet Banking with your User ID/Email and password
Click Quick Loans > Quick Credit
Click “New Request”
Select the account to credit
Click on Determine eligibility
Select “Click here to Apply for maximum eligibility amount” or Enter “Loan Amount”
Select “Click here to Agree to terms and conditions”
Provide the answer to the secret question
Click “Continue”
Enter your Token Code Click “Submit”

GTWorld

Log on to GTWorld mobile app with your user ID and password
Click “Apply for Loans”
Click “Quick Credit”
Complete displayed form with requested loan tenor and loan amount
Click the “Submit” to complete request.

How to Repayment Gtbank QuickCredit loan

GTBank provides multiple options for repaying your QuickCredit loan for Small Business:

1. Automatic Repayment (Direct Debit):

This is the most convenient way, where GTBank automatically deducts the monthly installments from your GTBank business account. You can set up this option when you apply for the loan.

2. GTWorld App:

Open the GTWorld app on your smartphone and log in to your business account.
Navigate to the “Loans” section.
Select your QuickCredit loan.
Choose “Repay” and follow the instructions to make a payment.

3. Internet Banking:

Access your GTBank Internet Banking account.
Go to the “Loans” section and select your QuickCredit loan.
Choose “Repay” and enter the amount you want to pay. Confirm the payment.

4. GTCollections:

Log in to the GTCollections platform.
Select your QuickCredit loan and make a payment using your preferred method (card, bank transfer, etc.).

5. GTBank Branch:

Go to your nearest GTBank branch and inform a customer service representative that you want to repay your loan.
Provide your loan account details and the amount you want to repay.
Make the payment in cash or by cheque.

6. Other Channels:

GTBank may offer other repayment channels like POS terminals or mobile money transfers. You can check with the bank for available options.

Who Can Apply Gtbank QuickCredit loan for Small Business

GTBank QuickCredit loan for Small Business is targeted towards small and medium-sized enterprises (SMEs) operating in the following sectors:

Education:
- Crèche
- Nursery
- Primary Schools
- Secondary Schools
Healthcare:
- Hospitals
- Retail Pharmacies
- Diagnostic Centers

3.Trade
4.Service

To sum up, borrowing money can be dangerously expensive, as interest and fees are associated with virtually every loan. Businesses can and should calculate the amount of total interest that will be paid over the course of a loan before accepting one.

FAQS

Q1: Who can apply for QuickCredit for Small Business?

A: Small and Medium Enterprises (SMEs) operating in the education (crèche, nursery, primary, and secondary schools) or healthcare (hospitals, clinics, retail pharmacies, patent stores, and diagnostic centers) sectors can apply.

Q2: What are the eligibility requirements?

A: Your business must: – Have actively operated a GTBank corporate or business account for at least 6 months. – Be at least 3 years old with a minimum of 1 year of operation evidenced by a bank statement. – Have a good credit history and no outstanding bad loans. – Show consistent and satisfactory turnover for the last 12 months.

Q3: How can I apply?

A: You can apply through the GTWorld app, GTBank internet banking, or by visiting your nearest GTBank branch.

Q4: What is the maximum loan amount I can get?

A: You can access up to 50% of your average annual turnover calculated over the last 12 months, subject to a maximum limit and other eligibility criteria.

Loan Terms and Repayment:

Q5: What is the interest rate for QuickCredit for Small Business?

A: The interest rate is 2.45% per month (29.4% per annum).

Q6: What is the repayment period?

A: The loan tenure is 6 months for businesses in the education sector and 12 months for those in the healthcare sector.

Q7: How do I repay the loan?

A: You can repay through various channels like the GTWorld app, internet banking, GTCollections, branch visits, or other options provided by GTBank.

General Questions:

Q8: Are there any additional fees?

A: Apart from the interest, there might be a small processing fee. Please confirm with GTBank for the latest fees.

Q9: Can I apply if my business is not in the education or healthcare sector?

A: Currently, QuickCredit for Small Business is only available for businesses in these sectors.

Q10: What happens if I can’t repay the loan on time?

A: Late repayments may attract penalties and negatively impact your credit score. It’s advisable to communicate with GTBank if you face difficulties in repaying the loan.

Q; What is the Maximum Tenor ?