How to qualify and apply for GTB loan in Nigeria


Getting approved for a loan can help you achieve important financial goals like starting a business, funding your education, buying a home, or managing unexpected expenses. However, the loan approval process can seem intimidating if you’re not familiar with it. Guaranty Trust Bank (GTB) is one of the largest banks in Nigeria that offers various loan products to individuals and businesses. 


GTB has been operating in Nigeria since 1990 and has a strong track record of providing credit to customers. Applying for a GTB loan through the proper channels and understanding the eligibility requirements can help maximize your chances of approval. This article will cover the various types of loans GTB offers, eligibility criteria, required documentation, tips for strengthening your application, and detailed steps for submitting an online or physical application. 

Understanding GTB Loan Products

GTB offers various loan options to meet different borrowing needs. Knowing which products you may qualify for is the first step. Here are some of the major loan types available:

  • Personal loans: GTB provides unsecured personal loans for needs like debt consolidation, home renovations, weddings, medical expenses, education, and more. Loan amounts typically range from ₦100,000 to ₦3,000,000 with repayment periods of 6-36 months.
  • Salary loans: If you are regularly employed, you may be eligible for a salary-based loan where repayments are deducted directly from your paycheck each month. Loan amounts are calculated based on your income and credit history.
  • Mortgage loans: GTB offers long-term mortgage loans for purchasing or constructing residential and commercial properties. Interest rates are usually lower than personal loans, and repayment periods can be as long as 20 to 30 years.
  • Vehicle loans: The bank provides financing options to purchase new or used cars, trucks, commercial vehicles, and more. Loan amounts and terms differ depending on the vehicle value and your credit profile.
  • Business loans: Entrepreneurs can apply for working capital, equipment financing, term loans for expansion, and other credit lines to support their business operations and growth plans. Collateral may be required.

Take time to research which loan category best aligns with your specific borrowing needs before starting the application process. Understanding eligibility requirements upfront can save time.


GTB Loan Eligibility Requirements

To qualify for a loan from GTB, you must meet certain basic criteria evaluated during the underwriting process:

  • Nigerian citizenship/residency: You must be a Nigerian citizen or have a valid residency/work permit to apply for any GTB loan.
  • Minimum age: The minimum age to apply generally ranges from 18-25 years, depending on the loan type. For mortgage loans, the minimum age is usually higher at 25-30 years.
  • Proof of income: Salaried applicants must provide pay slips and employment letters to verify income. Business owners submit financial statements and tax returns. Income sources must be legitimate and stable.
  • Credit history: Applicants with a clean credit report showing responsible repayment of past loans have a higher chance of approval. Late or missed payments can negatively impact your application.
  • Collateral: Some loan categories like vehicle and mortgage financing require collateral like the property/asset being financed. Personal/business loans may or may not require collateral, depending on risk assessments.
  • Employment history: Most employment positions should be held for a minimum period of 6 months-1 year before loan eligibility. Self-employed individuals must demonstrate proven business stability.

These core prerequisites help GTB evaluate your ability and willingness to repay debt obligations timely. Meeting standards shows lower credit risk to the bank.

Documentation Needed for GTB Loan Application

Along with filling out the loan application form, you’ll need to provide relevant document proofs to complete your submission package:

  • Valid ID (international passport, driver’s license, national ID card)
  • Recent color passport photograph
  • Bank statement for the last three months
  • Payslips for the last three months (salaried applicants)
  • Letter of employment with salary details (salaried)
  • Business registration papers/tax clearance (self-employed)
  • Title documents for collateral being offered (if required)
  • Utility bills as proof of residence
  • References from previous/current employers or guarantors

Having all required documents handy and in order simplifies the underwriting process. Incomplete applications may be rejected or delayed, so double-check the documentation list for your loan category.


Tips for Strengthening Your GTB Loan Application

While the basic eligibility criteria and paperwork provide a framework, there are additional factors within your control that can boost loan chances:

  • Improve your credit report: Settle any outstanding debts before applying and always pay bills on time going forward.
  • Maintain a low debt-to-income ratio: Minimize existing debt obligations relative to your monthly income to show repayment capacity.
  • Use a bank relationship: Having an established savings/current account with GTB signals reliability as a customer.
  • Show collateral: Providing suitable collateral reduces perceived risk for the bank. Investigate collateral options for your loan category.
  • Get a co-applicant/guarantor: Adding someone with strong credit backing can strengthen unstable applications. However, both parties share responsibility.
  • Negotiate interest rates: For larger loan amounts or loyal customers, it’s ok to politely negotiate rates down within reason.
  • Apply during off-peak periods: Loan queues tend to be shorter Jan-Mar and July-Sep compared to festive seasons.

Following these best practices signals solid financial discipline that improves your ability to qualify for competitive GTB loan terms.

Applying for a GTB Loan Online

GTB’s website makes the online loan application process straightforward. Just follow these steps:

  • Visit and click “Loans” at the top. Then, select your desired loan category.
  • Fill out the initial online form providing basic personal and employment details.
  • Upload clear copies of required documents scanned as PDF files.
  • Submit the application and print/save the confirmation page.
  • An assigned relationship manager will contact you within 2-5 working days to verify the information and initiate the underwriting process.
  • Once approved in principle, sign loan agreements online or visit a branch to accept terms and receive the disbursement.
  • Sign up for an auto-debit payment mandate to make repayments hassle-free via standing order transfers from your GTB account.

An online submission is faster but still goes through the same credit assessment as physical applications. Ensure your details and documents are in perfect order first.

Applying for a GTB Loan via Bank Branch

For customers preferring face-to-face assistance, here are the steps to follow to apply at a GTB branch:

  • Visit the bank branch housing your preferred loan officer/relationship manager.
  • Pick up a loan application form and fill it out completely, along with relevant know-your-customer documents.
  • Submit your completed package to the loan officer, who will initiate your credit evaluation.
  • The loan officer will collect additional information and clarifications if needed within seven days.
  • Once underwriting is complete based on your profile, you’ll receive approval/decline feedback.
  • Upon approval, sign final loan terms/agreements at the branch and collect disbursement.
  • Set up an auto-debit mandate and maintain good repayment discipline.

Physical submissions may take 1-2 weeks total as officers call for additional documentation or discussions compared to swift online applications. Manage branch expectations accordingly.

Frequently Asked Questions about GTB Loans

Here are answers to some commonly asked questions:

How long does it take to get a GTB loan approved?

Standard loan applications may take 7-14 days to process once complete documentation is submitted. Express loans under ₦2 million can take 3-5 working days.

What is the interest rate range for different GTB loan products?

Personal loans typically range from 22-30% APR. Mortgage rates start at 15-18%, and vehicle/asset loans range from 15-24%, depending on risks.

Is there a prepayment penalty for settling loans early?

GTB doesn’t charge prepayment penalties. You can make lump sum repayments at any time without fees to close accounts faster.

How often are loan disbursements processed?

Loan disbursements are made within 2-5 working days of signing final agreements, provided all pre-conditions are fulfilled. Disbursements are not processed on weekends or holidays.

What are some alternative options if my GTB loan application is declined?

Consider reapplying after improving your profile, getting a cosigner, or checking loan offers from other banks like Access Bank, Zenith Bank, or microfinance options with lower eligibility barriers.

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