Gtbank QuickCredit for Small Business loan and How to apply

Last Updated on December 9, 2023 by admin

Guaranty trust bank  Quick Credit for Small Business loa–. The time loan product  is designed finance 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).

The term loan product is aimed at financing the working capital for business expansion and cash flow without losing equity or stake in your company.You can get loan amount ranging from N250,000.00 to N10,000,000.00.It’s advice-able you evaluate how much you can afford to apply toward loan repayments each month along with the interest rate.

This kind of credit facility don’t require collateral as a condition for approval, but your account must have been in operation for at least 6 months with Gtbank. Before applying for these loans, it’s important to do your research so you know what to expect.

Benefits

The benefits of Gtbank QuickCredit for Small Business can’t be over emphasis,they include the following:

1. Funds are disbursed instantly
2. Eligible customers can apply via GAPs/GAPslite platform
3. Repayment is structured in two ways: Monthly interest payments and quarterly principal repayments (option is only available for schools) Equal monthly repayment of principal and interes

You can open a corporate account and operate it for 12 months before applying for the credit facility

What’s in it for You as gtbank customer for QuickCredit for Small Business

1.Eligible to prequalified customers
2.1.5% per month (16% per annum)
3.Customers can access up to 50% of average annual turnover
4. Loan tenure is 6 months (12 months for schools)
5. You can open a corporate account and operate it for 12 months before applying for the credit facility

Who Can Apply

The following Gtbank customers that have actively operated a Corporate or Business name account with the Bank for at least 6 months with business of 3 years and above  because they want to see a track record of successfully servicing debt as well as running a business. The  following  SME’s  business owners  can apply.

1. Education (Creche, Primary and Secondary)
2. Healthcare (Hospitals, Clinics, Retail Pharmacies, Patent Stores and Diagnostic Centres
3. Trade
4. Service

Loan amount

N250,000.00 to N10,000,000.00 depend on your business turnover which is Maximum of 50% of your 12 months average turnover

Maximum  Loan Tenor

. 6 months (Trade, Services and Food sectors)
. 12 months (Healthcare, Fashion and Education Sectors)

Interest Rate

The interest rate across board is 1.5% per month (18% p.a.).

Requirement to apply

1. Customer must have actively operated a Corporate or Business name account with the Bank for at least 6 months.

2. Age of business must be 3 years and above (at least 1year of which must be evidenced by a bank statement)

3. Qualified customers can access 50% of their annual turnover calculated over the last 12 months (subject to maximum loan amount and other eligibility criteria)

4. Lodgement and turnover analysis will be done on customer’s account to ascertain level of business in the last 12 months.

5. Domiciliation of Business account (execution of domiciliation agreement)
Customer must have zero record of returned cheque within the last 12 months.

6. Satisfactory Credit Bureau report of the customer (Borrower)
Customer must not have any past due obligation with any bank

What’s in it for You

1. Eligible to prequalified customers
2. 1.5% per month (16% per annum)
3. Customers can access up to 50% of average annual turnover
4. Loan tenure is 6 months (12 months for schools)
5. You can open a corporate account and operate it for 12 months before applying for the credit facility

How to Apply

Because of the quick response to a loan application and the speed with which Gtbank can make funds available to small business owners, Simply select Loans and click on QuickCredit for Small Business on GAPs/GAPsLite platform and follow the prompts.