Navigating Taxation for Small Businesses in Nigeria

It is both exciting and profitable to start and run a small business in Nigeria but it comes with the responsibility of understanding and managing tax obligations. The Nigerian tax system  encompasses various types of taxes and in this article, we will walk you through the essentials of taxation for small businesses in Nigeria, provide valuable insights, tips, and strategies to help you stay compliant and minimize tax-related stress: Navigating Taxation for Small Businesses in Nigeria

Navigating Taxation for Small Businesses in Nigeria

Understanding the Nigerian Tax System

The tax system in Nigeria is a mix of taxes at both the federal and state-level, making it crucial for small businesses to understand the different types of tax and their implications.

Value Added Tax (VAT)

VAT is the 7.5% consumption tax imposed on goods and services. It is collected by businesses and remitted to the government. It is essential for businesses to understand when and how to charge VAT.

Company Income Tax (CIT)

This is a tax levied on the income of companies operating in Nigeria by the federal government. The standard rate is 30%, but companies with annual turnovers of ₦25 million or less enjoy a reduced rate of 20%.

Personal Income Tax (PIT)

PIT is a tax levied on the individuals income including the personal income of business owners by both the federal and the state government. An understanding of how PIT applies to each business structure is essential to business owners.

It is noteworthy that before you dive into the complexities of taxation, the business must be registered appropriately because the choice of your business structure, whether it is a sole proprietorship, partnership, or limited liability company (LLC), significantly impacts your tax obligations. LLCs, for example, have separate legal identities, affecting their tax treatment. Also, obtaining a Tax Identification Number (TIN) is mandatory for businesses and individuals engaged in economic activities in Nigeria because it is a prerequisite for tax compliance.

Type of Tax

Company Income Tax (CIT)

Company Income Tax (CIT) is a crucial aspect of taxation for businesses in Nigeria. It is calculated based on the business’s less allowable expenses, capital allowances and total income for the year.  A very good understanding of the computation process is vital for accurate filings of the CIT returns. Filing of CIT must be done by small businesses within six months of their financial year-end and it is advisable to seek professional guidance to fill the CIT accurately as non-compliance can lead to penalties and interest charges.

Personal Income Tax (PIT)

Small business owners are subject to pay Personal Income Tax (PIT) on their earnings. Proper categorization and reporting of income is crucial for PIT compliance as it only applies to income derived from businesses and other sources. Also, awareness on withholding tax obligations when making payments to suppliers, contractors, and employees is crucial as non-compliance can result in penalties.

Tax Planning and Strategies

Payment of tax by small businesses requires effective tax planning and strategies to optimize tax liabilities. Being aware and leveraging on tax incentives and reliefs will reduce their tax burden. Nigeria offers various tax incentives and reliefs for small businesses, such as pioneer status and investment allowances. A proper record-keeping and documentation  is a good business practice that not only helps to maintain accurate financial records but is also essential for supporting tax filings and minimizing the risk of audits.

The Future of Taxation for Small Businesses in Nigeria

It’s evident that the taxation  landscape is dynamic, is subject to change, and influenced by both global economic trends and local policy shifts. It’s essential as entrepreneurs and business owners to master both the current tax environment and  to anticipate what the future might hold in terms of taxation. For the small businesses, the future holds new tax trends and reforms also, strident measures will be implemented by the government to increase tax compliance and enforcement. Therefore, it is crucial for small businesses owners to stay informed about upcoming tax reforms and trends, such as digital taxation and changes in tax rates that may impact business. Small business owners should be proactive in adapting to these changes and must be prepared to meet higher standards of tax transparency and accountability imposed by the government to enhance tax compliance and enforcement efforts.

Taxation for small businesses in Nigeria is a multifaceted and evolving area that demands vigilance, adaptability, and strategic planning. While tax laws may change, the fundamental principles of sound financial management and compliance will remain constant. By staying informed, seeking expert advice when needed, and proactively preparing for the future, small businesses can not only meet their tax obligations but also thrive in the Nigerian business landscape. Remember, tax when managed wisely is not a financial burden but a vital aspect that is contributing to Nigeria’s development and will secure a sustainable future for business. What are you waiting for, embrace the challenges, adapt to the changes, and continue on your entrepreneurial journey with confidence. See

How To Get UBA Bank Loan

In today’s ever-changing financial space, getting access to funds is often the key that unlocks opportunities and fulfilling financial goals. Whether you aspire to start a new business, renovate your home, or address unforeseen financial challenges, securing a loan from a reputable institution such as the United Bank for Africa can be a vital step towards achieving your goals. United Bank for Africa (UBA) has consistently provided financial support to individuals and businesses across Africa throughout its years of operation as a financial institution: How To Get UBA Bank Loan.

In this guide we’ll discuss the process of obtaining a UBA bank loan, we will give you valuable insights into the types of loans offered by UBA, the criteria for eligibility you must meet, and the steps you need to follow to successfully apply for a UBA bank loan. UBA has an extensive network of banks and is committed to excellence, the bank offers a wide range of loan products tailored to various needs.

How To Get UBA Bank Loan

About UBA Bank

United Bank for Africa (UBA) has firmly established itself as a leading financial institution in the African banking industry. The bank has a rich history dating back to 1948 when it was established, UBA has consistently grown, adapted, and innovated to meet the evolving financial needs of businesses and individuals in Nigeria and across the African continent and beyond. United Bank For Africa is a large financial services group with financial assets valued at ₦8.5 trillion (US$20.1 billion), with shareholders’ equity of ₦724.1 billion (US$1.8 billion), as of December 2021.

Does UBA Bank Give Loan

Yes, United Bank of Africa provides several types of loans to millions of its eligible customers in Nigeria and across the continent of Africa. With UBA you can get loans for your business and individual needs.

Types of Loans Offered By UBA Bank

The bank offers several types of loans to customers, each loan product has its own goals and the target audience. The types of loans offered by UBA Bank include:

• Personal Loan-direct: This loan is designed and targeted at salary earners to help them get by during times of stagnant or no cash flow, non-UBA bank customers can get this loan up to a maximum of ten million Naira.
• Personal Loan: This is loan product is designed and targeted at UBA Bank customers who are salary earners to help such customers meet their life-long goals and dreams. With this loan, you can settle your medical bills and all other bills while not having your salary handy.
• Click Credit: This is an instant loan product given to UBA Bank customers to help the customers to attend to financial emergencies. You can apply for this loan during emergencies using the USSD code *919*28#. With this loan product, you can get up to a million Naira loan as a salary earner. You can repay this loan within 12 calendar months with no hidden charges and at your convenience. You do not need paperwork for this loan.
• Senior Citizens Loan: This is the type of loan given to senior citizens between the age of 50-75 years. This loan is targeted at pensioners to help them start a retirement project, travel or do any other things they wish to, you can get up to 15 million Naira in this loan scheme.
• Auto Loan: This loan helps you to get a car without breaking the bank on your savings or take-home pay, with this loan you can get a brand new car or get an upgrade to your existing car. The approved vehicle brands for this loan are Toyota, Honda, Mitsubishi, Hyundai, Mercedes, Nissan, Ford, Suzuki, Kia and Volkswagen.
• Asset Finance: This loan provides funds to finance the purchase of alternative power solutions, house appliances, and several other appliances and gadgets.
• Insurance Premium Financing: This loan helps to pay your insurance to protect your assets against loss, while you pay back conveniently over a year.
• UBA Corporate Loans: This loan is given to businesses, schools, health institutions and organisations that must be duly registered for not less than one year.

UBA Bank Loan Interest Rate

UBA offers loans to customers of the bank using varied interest rates depending on the type of loan you wish to collect from the bank. The interest rate of any of the United Bank for Africa loans you can get ranges from 2.5% per annum to up to 20% per annum or more in special circumstances.

UBA Bank Loan Eligibility

The eligibility requirements for the different types of loans offered by UBA Bank may vary slightly. The eligibility criteria for the different loan types are listed below:

Personal Loan-direct Requirements

• You need to have a duly completed loan application form
• have a valid means of Identification (international passport, national driver’s license, national ID card and voter card
• Have a copy of the applicant’s staff ID
• Pay slips or bank statements of account reflecting salary inflows in the last 6 months
• Customer’s instruction letter

Personal Loan Requirements

• Functional savings or current salary account
• Duly completed loan application form.
• Valid means of Identification (international passport, national driver’s license, national ID card and voter card).
• Employer’s undertaking to domicile salary with UBA.
• Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
• Copy of the obligor’s staff ID

Click Credit Requirements

• You need an active UBA Salary Account with a minimum monthly salary of at least ₦50,000

Senior Citizens Loan Requirements

• A functional UBA account
• A pension Identification number
• 3-months consistent pension remittance through UBA
• The minimum net pension fund should not be less than N100,000 monthly
• The age limit for customers is 50-75 years
• A valid Nigerian ID (Drivers license, International passport, NIMC, Voters card)

Auto Loan Requirements

• Functional savings or current salary account
• Duly completed loan application form.
• Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card).
• Employer’s undertaking to domicile salary with UBA.
• Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
• Copy of the customer’s staff ID

Asset Finance Requirements

• Functional savings or current salary account
• Duly completed loan application form.
• Valid means of Identification (International Passport, National Driver’s License, National ID Card and Voters’ Card).
• Employer’s undertaking to domicile salary with UBA
• Duly accepted offer letter or employee inquiry form (The offer letter should contain the Employee’s Name, Employee Job Description/Position; Nature of Employment (Permanent or Contract); and Employee Job Status (Confirmed or unconfirmed).
• Copy of the customer’s staff ID

Insurance Premium Financing Requirements

For Individuals

• Functional account
• Duly completed loan application form
• Evidence of ownership of an asset to be financed

For SMEs and Corporate Organizations

• Functional business account
• Duly completed loan application form
• Board Resolution
• Company and Director(s) Information
• List of Asset(s) to be financed

UBA Corporate Loans

• The business must have been registered for up to 1 year, 2 years if your organization is a school with evidence of bank statement showing two years of existence of the school
• The business must have a banking relationship with UBA for a minimum period of 3 months.
• The business must be registered and licensed by the relevant regulatory authorities.

UBA Bank Loan Application Process

The application process for the different types of loans offered by UBA Bank differs slightly depending on the loan type. The loan application steps for the various loan types are listed below:

Personal Loan-direct

• Visit a UBA branch to complete a loan application form.
• Submit a completed loan application form with supporting documents at any branch
• Execute an offer letter detailing the loan terms and requirements, following loan approval
• The loan will be disbursed into a salary account domiciled with the Bank

Personal Loan

• Submit a completed loan application form with supporting documents at any branch
• Execute an offer letter detailing the loan terms and requirements, following loan approval
• The loan will be disbursed into a salary account domiciled with the Bank

Click Credit

• Just dial *919*28# and follow the prompts thereafter
• Send “Loan” to Leo on Instagram, WhatsApp, Apple messages, Facebook Messenger or Google Business Chat
• Select the Click Credit feature on the UBA Mobile App

Senior Citizens Loan

• Submit a completed loan application form along with other required documents at any UBA branch nationwide.
• Sign an offer letter detailing the loan terms and Conditions
• The loan amount will be disbursed into the customer’s UBA account.

Auto Loan

• Visit any of the approved auto vendor stores to obtain pro-forma invoice (PFI) for preferred items.
• Visit a UBA branch to complete a loan application form.
• Execute an offer letter detailing the loan terms and requirements, following approval of the loan.
• Pick up your preferred automobile from the auto vendor

Asset Finance

• Get pro-forma invoice (PFI) for preferred items from any approved vendor
• Then visit a UBA branch to complete a loan application form
• Execute an offer letter detailing the loan terms and requirements, following approval
• Pick up preferred items from the vendor

Insurance Premium Financing

• Visit any of the participating insurance bodies to obtain an invoice for premium payment
• Then, visit a UBA branch to complete a loan application form and also submit the required documents.
• Fund your account with an equity contribution of 2 months’ instalments.
• The loan will then be credited into your account and moved to the insurance’s account along with the equity contribution.
• The insurance company will send proof of payment to you

Corporate Loans

• To apply for this type of loan kindly ask to speak with the SME Team at any UBA branch closest to you.

Benefits of UBA Bank Loan

There are several pros to getting a UBA Bank loan depending on the type of loan you’re applying for, some of the benefits based on the loan type include:

Personal Loan-direct Pros

• Convenient repayment period of up to 48 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• One-off management fee of 1%
• Maximum loan amount of N10million
• Access up to 50% of your debt service ratio(DSR)

Personal Loan Pros

• Convenient repayment period of 60 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• One-off management fee of 1%
• Maximum loan amount of N30million
• Minimum loan amount of N200,000
• Access up to 60% of your debt service ratio(DSR)

Click Credit Pros

• Borrow up to N1 million
• Get your loan in one minute
• Convenient repayment option between 3- 12 months
• Low-interest rate

Senior Citizens Loan

• Convenient repayment period of 36 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• The maximum loan amount is N15 million
• One-off management fee of 1%
• Credit Life Insurance – 1.6% covering Death, Permanent disability and Critical

Auto Loan

• Access to reputable auto dealers/retailers
• Convenient repayment terms; up to 48 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• Minimum equity contribution of 30%
• Mandatory comprehensive insurance and vehicle tracking

Asset Finance

• Access to a wide array of reputable dealers/retailers
• Convenient repayment period of 24 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• Minimum equity contribution of 30%

Insurance Premium Financing

• Convenient repayment period of 12 months
• Attractive interest rate (the interest rate will be on floating terms subject to changes in money market conditions, for the period of the loan)
• Maximum loan amount of N5million for registered businesses and N1million for individuals
• Minimum equity contribution of 2 months’ Instalments

Corporate Loans

• With this kind of loan, your business will have funds to expand grow and thrive

Cons of UBA Bank Loan

UBA Bank loan has a few downsides, some of which include:

• Non-UBA bank customers have a limit of ten million they can borrow with more stringent requirements for the personal loan-direct loan product
• Some loans are offered only to UBA customers of not less than 3 months. Such loans are the UBA corporate loans

Conclusion

United Bank for Africa has existed for more than seventy years and has served millions of people in its over seventy years of existence, helping businesses and individuals to meet their financial goals and dreams through access to much needed funds, by providing affordable and low-interest loans to them. Visit any UBA bank branch close to  today to apply for a loan to to meet your financial goals.

How To Get GTBank Loan

When it comes to meeting your financial goals or tackling unexpected expenses, securing a loan from a reputable financial institution is often a valuable solution. Whether you’re planning to venture into a new business, buy a new home, pay for your education, or you simply have need for extra cash for personal reasons, Guaranty Trust Bank provides several types of loan products tailored to meet your diverse financial needs: How To Get GTBank Loan.

In this guide, we’ll discuss the process of applying for a loan at GTBank, you’ll also learn about the eligibility criteria, types of loans available on GTBank, and the benefits and downsides of GTBank loans. GT bank has a loan solution tailored to suit your specific financial needs.

How To Get GTBank Loan

About GTBank

Guaranty Trust Bank (GTB) is a leading bank in Nigeria, known for its customer-centric approach and wide range of financial products and services. Guaranty Trust Bank has continued to grow and expand ever since it’s establishment in the year 1990 and commencement of operations in February 1991.

The bank has earned a reputation for its commitment to innovative exploits in the Nigerian banking industry, excellent customer service, and a wide range of financial products and services, designed to meet the diverse needs of its customers.

Guaranty Trust Bank is currently part of the Guaranty Trust Holding Company PLC also known as GTCO PLC. GTCO functions as a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services. GTCO is headquartered in Victoria Island, Lagos, Nigeria.

Does GTBank Give Loan

Yes, Guaranty Trust Bank makes available a wide range of different types of loan products to its customers. These loan products are designed with varying interest rates depending on the type of loan.

Types of GTBank Loans

Guaranty Trust Bank offers several types of loans to its millions of customers across Nigeria and all other countries where Guaranty Trust Bank operates.

• Quick Credit: The Quick Credit loan is an instant loan made available to salary account holders, who seek the quick credit loan. Quick Credit loan provides funds up to 5 million Naira to GT Bank customers. This loan comes with no hidden charges provided you meet the eligibility requirements for getting a quick credit loan from Guaranty Trust Bank. The GT Bank quick credit loan is made available at an interest rate of 2% per annum and is repayable within 12 months.
• GT Salary Advance: This loan provides applicants with up to 50% of their net monthly salary upfront before the salary is paid as loan. This loan is available to staff of private corporations and government agencies.
• MaxAdvance: This loan is designed as a personal loan and is targeted at staff of select corporate and government organisations. Applicants for this loan from any of these government or reputable organisations are to have an account domiciled with guaranty trust bank.
• School Fees Advance: This loan true to its name is a loan facility that is designed to help the applicants pay school fees of their ward’s in any Nigerian school. This loan facility is available to staff of public and reputable private organisations whose salary accounts are domiciled with guaranty trust bank.
• MaxPlus: Maxplus loan facility provides you access to a larger amount of funds, accompanied with flexibility to sort your financial needs. The MaxPlus loan is designed with a convenient repayment plan that is tenured for up to 60 months. This loan facility is offered to platinum guaranty trust bank customers, whose salary accounts are domiciled with guaranty trust bank.
• GTMortgage: This loan facility is designed for customers wanting to buy a home to enable them to own homes in select cities across Nigeria. With this loan you can buy properties in any of the select cities. You also need to have your salary account or business proceeds domiciled in a guaranty trust bank.
• Computer Advance: This loan facility is designed as a computer acquisition loan scheme, this loan scheme is targeted at serving corp members who have their allowance account domiciled with guaranty trust bank. This loan is meant to help serving corp members acquire mobile devices during their service year. The computer advance loan is to be repaid during the service year.
• Premium Advance: This loan facility is designed as a revolving overdraft facility placed on the applicants Debit Naira MasterCard, this means that guaranty trust bank customers with a valid Naira MasterCard have access to the premium advance loan.
• Travel Advance: The Travel Advance loan is designed for holiday seekers and people who want to take time off work to get needed rest. The Travel Advance loan is purposed to meet the travel needs of guaranty trust bank customers who have their salary account domiciled with the bank.
• Vehicle Insurance Premium Financing: This loan is a time based loan designed to help Guaranty Trust Bank corporate customers and salary earners. You need to have your with their salary accounts domiciled with GTBank to pay for their vehicle insurance premium upfront while spreading the remaining repayment over 12 months.

GTBank Loan Interest Rate

The interest rate on loans provided by Guaranty Trust Bank varies depending on the type of loan you are applying for and requesting from Guaranty Trust Bank. The Guaranty Trust Bank loan interest rate range from 2% to 24% or more depending on special consideration.

GTBank Loan Eligibility

The criteria for eligibility for applying for the various types of loans provided by Guaranty Trust Bank vary slightly. The eligibility criteria for the different loan types offered by GT Bank are listed below:

Quick Credit

• You must have a Guaranty Trust Bank account
• The customer must maintain a minimum monthly lodgement of N20,000 or earn a minimum net monthly salary of N10,000
• You must not have any history of dud cheques
• You are required to have satisfactory credit reports
• You need to have no outstanding loan obligations
• You must be 18 years old at the time of loan application and must not be older than 59 years at the loan maturity date.

GT Salary Advance

• You need to be a staff of a private company or government agency
• Your salary account must be domiciled in a guaranty trust bank
• Your salary account needs to be active also aside from being domiciled in GT bank

MaxAdvance

• You must have an account domiciled with a guaranty trust bank
• This is an all-purpose loan to meet your financial goals

School Fees Advance

• You must have your salary account domiciled with a guaranty trust bank
• You must be a confirmed staff of your organisation and need to have worked at your organisation for at least six months
• The requested loan amount must not exceed the school fee to be paid
• Your salary needs to be at least ₦25,000 if you work in the public sector or ₦50,000 if you work in the private sector for you to be able to apply for the school fee advance loan

MaxPlus

• You need to have your salary account domiciled with guaranty trust bank
• You do not need to define the purpose of requesting or applying for a maxplus loan facility
• You need to agree to the terms and conditions of this loan facility without which you cannot get the loan

GTMortgage

• Your business proceeds account or salary account needs to be domiciled with guaranty trust bank
• You need to have a valuation report from any of the guaranty trust bank-approved estate valuer
• You need to be a confirmed staff of your organisation and must have worked with your organisation for at least one month.

Computer Advance

• You need to be a serving corp member in the NYSC scheme
• You need to have your allowance account domiciled with guaranty trust bank
• Interested corp members need to apply for this loan during the orientation course

Premium Advance

• You need to be a Platinum customer of the bank
• You are required to have an average monthly salary of not less than ₦1million in the last six months.
• Your account annual turnover should not be less than ₦10million.
• You are required to have received your salary through your GTBank account in the last three months consecutively
• You need not have any outstanding due obligations with GTBank or other banks.

Travel Advance

• You must have your salary account domiciled with GTBank
• You must have received your salary through GTBank in the last three months from the same employer.
• Your salary must be paid in Naira (NGN)

Vehicle Insurance Premium Financing

• You need to be a guaranty bank customer and have your salary account domiciled with guaranty trust bank
• You need a minimum of 20% which is required before loan disbursement of the premium

GTBank Application Process

The application process for the various types of loans available at Guaranty Trust Bank differ depending on the loan type. The loan application steps for the different types of loans available at GT Bank are below:

Quick Credit

• Customers can request Quick Credit instantly by dialling the USSD code *737*51*51# and then following the prompts
• You can also apply for the QuickCredit loan through the bank website online and through the bank’s mobile banking platform via internet Banking and GTWorld app

GT Salary Advance

• You can apply by login into your internet banking account and following the prompt for salary advance application
• You can also apply by dialling *737*8*2# and then following the prompts
• You can also apply by visiting any GTBank branch or ATM near you

MaxAdvance

• You need to fill out the maxadvance application form on the maxadvance website for non-private organisations or private organisations depending on the organisation you work for
• Fill out the employee undertaking form to make your salary account domiciled with GTBank as the loan applicant if your account is not domiciled with guaranty trust bank.

School Fees Advance

• Fill and submit your completed Application Form and Employer Undertaking Form to the nearest guaranty trust Bank near you
• Provide the school fees bill and credit Insurance to the bank
• Make sure that your terminal benefit is domiciled in GTBank if not you can obtain a corporate guarantee.

MaxPlus

• Fill out the MaxPlus Loan Application Form
• Complete the employee undertaking form
• Then submit both to any guaranty trust bank near you

GTMortgage

To apply for a GTMortgage loan you need to provide these documents to the bank for your loan to be approved:

• Offer from vendor
• Copy of the title document
• Duly completed GTMortgage loan request form
• Duly completed GTMortgage Employer Undertaking form
• Clean Search report
• Valuation report.

Computer Advance

• Complete the loan application form
• Fill employer undertaking form
• Then submit your filled forms

Premium Advance

• Complete the application form
• Complete the employee undertaking form
• Then submit your completed forms

Travel Advance

• Login to Internet Banking
• Click Travel Advance under Investments and Quick Loans
• Select Travel Advance and initiate a New request
• Fill in the required details in the provided fields
• Authorize your loan request by entering the 6 digits on your token and submit

Vehicle Insurance Premium Financing

You can apply for Vehicle Insurance Premium Financing loan on Internet Banking or on GAPS

To apply through Internet Banking follow these steps:

• Click on Sign On
• Head to Menu
• Click on Insurance Loans
• Vehicle Insurance

To apply through GAPs/GAPs Lite follow these steps:

• Click on Sign On
• Click on single transactions
• Click on collections
• Click on insurance loans
• Then click on vehicle insurance leadway
• When you’re done submit your application and your loan will be disbursed immediately

Benefits of GTBank Loan

There are several benefits that come with requesting for a loan from Guaranty Trust Bank depending on the type of loan you’re applying for. Some of the pros of the several types of loans available at GTBank include:

Quick Credit

• You can get up to 3 times your monthly salary as quick
• Flexible repayment plan spread for up to 12 months
• You are allowed to pre-liquidate your loan without incurring any penalty
• The interest rate is very low and favourable

GT Salary Advance

• You can get up to 50% of your net monthly salary in advance
• The loan tenor is of 30 days, which is also renewable every month
• The salary advance loan requires no collateral for the application
• The eligibility minimum salary for the loan is ₦25,000 for public sector employees and ₦50,000 for private sector employees.
• On request, your salary advance loan is credited to your account in less than 24 hours

MaxAdvance

• Maxadvance is an all-purpose loan for all those qualified, this means that you can use this loan for whatever you have need of
• The repayment plan for the maxadvance loan is very flexible and convenient

School Fees Advance

• You can get up to ₦5 million in School Fees Advance, and have up to 4 months tenor per school advance request for repayment
• You get the opportunity for equal monthly repayment in four installments if you want
• You get your requested advance immediately after your loan is approved.

MaxPlus

• No collateral is required for this loan
• You can get a loan of 6 million Naira minimum and 50 million Naira maximum
• The loan has a tenor of up to 60 months
• Your monthly repayment is not allowed to exceed 50% of your monthly net salary
• On approval of your loan, you get your requested loan facility within 48 hours of applying
• You do not need to make any equity contribution for this loan facility

GTMortgage

• You can get up to ₦150 million in mortgage loans in the low-density residential locations in Abuja and Lagos
• The loan tenor is between 1-20 years subject to a maximum age of 55 when your loan expires, which is time enough for you to be able to repay the loan
• The loan allows you very flexible repayment options, you can repay monthly comprising principal and interest or annual, semi-annual or quarterly principal repayment while you make interest payments monthly.
• You cannot pay more than 50% of your net monthly salary if you are operating a monthly repayment

Computer Advance

• You get funding to buy mobile devices as a corp member while undertaking your orientation course
• The repayment plan for the loan is flexible

Premium Advance

• You always have access to funds provided you are a platinum customer
• There is no limit to how many times you to request this loan provided you are eligible

Travel Advance

• With this loan, you get access to funds to sort your travel expenses when you cannot pay from your pocket
• With the travel advance loan, you can get up to ₦3 million to cater for your travel and holiday spending

Vehicle Insurance Premium Financing

• This loan helps you to get your vehicle insurance financed very easily
• The interest rate on this loan is very low and highly affordable

Cons of GTBank Loan

Guaranty Trust Bank loan has some downsides some of which include:

• The quick credit loan is only available to existing GT bank account holders with a minimum monthly earning of ₦10,000
• You cannot get more than three times your salary for a quick credit loan

Conclusion

Guaranty Trust Bank is the bank to go-to when you’re in need of credit, be it quick credit, short term or long-term credit, for financing of businesses, mortgages and any other funds demanding endeavour. GTBank provides you with loans to help you achieve your dreams, provided you meet the eligibility requirements for the type of loan you apply for. Visit any GT Bank close to you today to apply for a loan that suits your financial needs. You can also apply for several of the guaranty trust bank loans online See