Last Updated on February 10, 2025 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
GTBank’s QuickCredit for Small Business offers loans ranging from ₦250,000 to ₦10,000,000. The loan amount is typically up to 50% of your average annual turnover over the last 12 months. The interest rate is 1.5% per month (18% per annum), and the loan tenure is 6 months for most sectors and 12 months for schools
Maximum Loan Tenor
The maximum loan tenor for GTBank’s QuickCredit for Small Business is 12 months for businesses in the Healthcare, Fashion, and Education sectors. For other sectors, the maximum loan tenor is 6 months.
. 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
Eligibility:
GTBank QuickCredit for Small Business is a loan product designed to support the working capital needs of SMEs. Here’s how to apply:
- Your business must be in the Education, Healthcare, Trade, or Service sector
- You must have actively operated a Corporate or Business name account with GTBank for at least 6 months.
- Your business must have been in operation for at least 1 year (evidenced by bank statements).
- You must have a good credit history with no past due obligations to any bank.
- Your business must have a satisfactory Credit Bureau report.
How to Apply for Gtbank QuickCredit for Small Business loan
- Gather all necessary documents, including your business registration documents, bank statements, and any other relevant financial records.
- Visit the GTBank website or use the GAPS/GAPS Lite platform for businesses.
- Look for the “QuickCredit for Small Business” option.
- Provide accurate information about your business, including your financial details and loan requirements.
- Follow the prompts to submit your loan application online.
- GTBank will review your application and conduct a credit check. If your application is successful, the loan will be disbursed into your account instantly.
