How to apply for GTbank quick credit loan
In the past, getting loans from banks was very frustrating, they had lots of requirements and required collateral which was not possible to have.
Recently banks and other no- commercial organizations have come up with ways for people and small businesses to access loans quickly and without collateral.
One of such loan schemes is the gtbank quick credit loan, and in this blogpost am going to be writing about all you would need to know about gtbank quick credit loan.
Gtbank quick credit
Gtbank quick credit was launched in 2019, and is a loan scheme that enables salary earners and non-salary earners to access loans.
It allows salary earners to get up to 5 million naira loan and non-salary up to 500, 000 naira without any collateral, no physical documentation and can be finalized in a matter of minutes.
How to qualify for gtbank quick credit
Before gtbank will grant you a loan, there are some requirements you must meet:
- Have an existing gtbank account
Before you can apply for a gtbank quick credit loan, you must have a gtbank account (savings or current).
If you don’t have an account, you might need to open one, but you should know that just opening an account does not make you eligible to apply for a gtbank quick credit loan, you need to have been running an account for a while.
- You need to have a good credit history
A good credit history is determined by the rate at which you repay back your loans, this means that if you have a history of paying back your loans on time, then you have a good chance of being granted gtbank quick credit loan.
If you are just applying for a loan for the first time, your credit history will be determined by the rate of cash flow into your account, i.e. if you have a good amount of money coming into your account regularly, then you have a good chance of being granted a loan.
- You need to be earning a minimum of 10,000naira monthly
In order for your loan request to be granted, you need to be earning a minimum of 10,000 naira monthly. if you earn significantly higher, then you have a better chance of being granted a gtbank quick credit loan.
- Maintain a minimum monthly lodgment of 20,000 naira
Your gtbank account must be receiving a minimum of 20, 000naira monthly. This way, gtbank will be able to grant you loans.
Gtbank quick credit interest rate
Gtbank charges you an interest rate of 1.33% on your loans, this means that if for example you get a loan of 1 million naira for six months, you will pay an interest of 79,800 naira by the time the 6 months’ elapses.
If the loan is for a period of 12months, that means you will pay an interest of 159,600 naira.
If you are a salary earner, you can get up to 5 million naira loan, but for non-salary earners, you can get a loan of up to 500,000 naira.
How to apply for gtbank quick credit
There are two ways to apply for gtbank quick credit:
- Use the gtbank USSD code *737*51*51# on the phone number that is linked to your gtbank account.
- Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App and Habari App).
Frequently asked questions (FAQs)
What is the minimum loan amount?
The minimum loan amount you can get from gtbank quick credit is 10,000 naira (ten thousand naira).
What is the maximum loan amount?
The maximum quick credit loan amount for salary earners is 5 million naira (five million naira) but for non-salary earners is 500, 000 naira (five hundred thousand naira).
What is the time duration of a quick credit loan?
The time duration for a quick credit loan is between 6 months to 12 months.
Are there any hidden charges on quick credit?
No, there are no hidden charges, you will only pay the money you loaned plus the 1.33% interest rate.
Is there an age requirement for gtbank quick credit loan?
The minimum age for gtbank quick credit loan is 18 years and the maximum is 59 years.
How long does it take to access quick credit?
Quick Credit will be availed immediately after a successful application.
I hope you understood this post on gtbank quick credit, and how to apply for a loan. If this post was helpful to you, please don’t forget to share with your friends who might need this.
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