GTB Car Loan 2023: How to Apply, Requirements & Interest Rate

Are you eyeing a new car but facing budget constraints? Look no further than GTB car loans – an accessible and budget-friendly option offered by GTBank, one of Nigeria’s leading financial institutions. In this article, we’ll explore the features, benefits, and application process of GTB car loans, providing you with all the information you need to make an informed decision.

About GTB Car Loans:

GTBank, a reputable financial institution with a track record of over 30 years, offers a range of financial products to meet diverse customer needs. Among these offerings is the GTB car loan, designed to assist both salaried individuals and businesses with upfront payment of vehicle insurance premiums. Whether you’re interested in a new or used car, GTB car loans have you covered.

Key Features and Benefits:

  1. Generous Loan Amounts and Repayment Period: Individual borrowers can access up to 2 million Naira, while businesses can secure up to 5 million Naira. Repayment periods extend up to a year, enabling manageable finances over time.
  2. Competitive Interest Rates: Enjoy a competitive fixed interest rate of 1.67% per month throughout the loan term, ensuring stability in your financial planning.
  3. Comprehensive Insurance and Added Benefits: GTB car loans include a comprehensive equity contribution of 20% toward your total insurance premium cost. These benefits offer peace of mind and safeguard your investment.

Eligibility Criteria:

To be eligible for a GTB car loan, you must meet the following criteria:

  • Be a Nigerian citizen or permanent resident
  • Be at least 18 years old
  • Have a reliable source of income
  • Maintain an active GTB Bank account

Application Process:

Applying for a GTB car loan is straightforward and can be done through internet banking or the GAPs platform. Here’s how to apply using either method:

  1. Internet Banking Method: a. Log in to GTBank’s Internet banking platform. b. Navigate to the “Menu” section to access other services. c. Choose “Insurance Loans,” then “Vehicle Insurance.” d. Complete the application form and submit.
  2. GAPs/GAPs Lite Method: a. Sign in to the GAPs platform. b. Click “Single Transactions” and select “Collections” for loan options. c. Choose “Insurance Loans,” then “Vehicle Insurance Leadway.” d. Fill out the form and submit.

Upon approval, the loan is made available immediately. The insurance service provider processes the policy within 48 hours, and you’ll receive an email with your insurance certificate.

Frequently Asked Questions (FAQs):

  1. How long does GTB take to process a car loan application? Processing times vary based on application complexity and document completeness. GTB Bank aims to respond within a few days.
  2. Can I apply without a GTB Bank account? No, a GTB Bank account is a prerequisite for applying for a GTB car loan. You must have an active account to be eligible.

Conclusion:

If you’re seeking financing for your vehicle insurance, GTB car loans offer a practical and advantageous solution. With competitive rates, flexible repayment terms, and comprehensive benefits, GTB car loans empower you to hit the road with confidence. Explore this financing option and secure your dream car with GTBank’s support.