CASHWISE C.E.OAre you eyeing a shiny new set of wheels but finding your wallet a bit light for the purchase?
GTB car loan – your ticket to flexible and budget-friendly auto financing brought to you by GTBank, a trusted name in Nigeria’s financial landscape.
In this article, we’re diving deep into all you need to know about GTBank Car Loan, unraveling its perks, and guiding you through the application process.
In our other post, we discussed the Car24 car loan application. But in the article, our focus will only be on the Guarantee Trust Bank car loan application.
But that’s not all. We’ve got expert advice on selecting the perfect car and loan to match your requirements, along with answers to common queries about car financing in Nigeria.
How to Apply for a GTB Car Loan 2024
To apply for the GTB car loan, follow the steps below accordingly;
Internet Banking Method
- Sign In: Access the GTBank Internet banking platform.
- Navigate: Click on the “Menu” option to explore available services.
- Select Option: Choose “Insurance Loans” from the menu.
- Choose Loan Type: Opt for “Vehicle Insurance.”
- Complete Form: Fill out the required form and submit it.
GAPs/GAPs Lite Method
- Access GAPs: Log in to the GAPs platform.
- Transaction Selection: Click on “Single Transactions.”
- Choose Collections: Select the “Collections” option to view available loan options.
- Loan Type: Click on “Insurance Loans.”
- Insurance Provider: Choose “Vehicle Insurance Leadway.”
- Form Submission: Complete the form and submit it.
Loan Availment and Insurance Processing
Once the application process is completed, the loan becomes immediately available. Subsequently, the insurance service provider will process the policy within 48 hours.
You’ll receive a copy of the insurance certificate via email.
Now, let’s check out the eligibility criteria for the GTB Car loan below.
GTB Car Loan Requirements
Before proceeding with your GTB car loan application, ensure you meet the following eligibility requirements:
- Citizenship/Residency: You must be a Nigerian citizen or permanent resident.
- Age Requirement: Applicants must be at least 18 years old.
- Steady Income: A stable and verifiable source of income is necessary.
- GTB Bank Account: You should possess an active GTB Bank account.
Once you’ve confirmed that you meet these criteria and have gathered all necessary documents and information, you’re ready to begin the application process.
GTBank Car Loan Interest Rate 2024
GTBank provides a competitive interest rate of 1.67% per month for their car loans.
To illustrate, if you borrow N1,000,000, your monthly interest payment would amount to N16,700.
It’s essential to grasp this factor as interest rates can significantly impact your repayment obligations.
Additionally, don’t overlook the one-time flat fee of 1% of the loan amount.
Rather than solely concentrating on the monthly repayments, it’s prudent to calculate the overall expense of the loan.
How to Repay GTBank Car Loan
Paying back your loan is as crucial as securing it, and GTBank has streamlined the repayment process for your convenience.
Wallet Fund Method
- Account Funding: Start by funding your GTBank account.
- Loan Repayment: Once funded, easily allocate the payment towards your car loan.
Bank Transfer Method
- Direct Transfer: Initiate a direct bank transfer to GTBank’s designated loan repayment account.
- Include Reference: Ensure to reference your loan account number for accurate allocation.
Loan Tenor and Equity Contribution
Wondering about the repayment duration?
The maximum tenor for GTBank car loans is 1 year, offering ample time to manage your finances effectively.
Additionally, there’s an equity contribution requirement of 20% of your total insurance premium cost.
Be sure to have this covered before proceeding with your loan application.
About GTB Car Loan
Bank, a stalwart in the financial sector, boasts a rich legacy of over three decades serving the needs of customers across Nigeria and beyond.
Renowned for its unwavering dedication to innovation, excellence, and customer-centricity, GTB Bank has emerged as a frontrunner in the banking realm.
This esteemed status owes much to its expansive array of financial offerings tailored to cater to the diverse requirements of its clientele.
Among these offerings stands the illustrious GTB car loan, also recognized as GTBank Vehicle Insurance Premium.
The GTB car loan stands as a beacon of financial assistance, crafted to aid both salary earners and businesses holding accounts with GTBank in meeting their vehicle insurance premium obligations upfront.
Whether your sights are set on a gleaming new vehicle or a trusty pre-owned one, the GTB car loan stands ready to lend a helping hand with insurance coverage.
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FAQs on GTB Car Loan 2024
How long before GTBank approves the Car Loan application?
The processing duration for GTB vehicle insurance loan applications varies depending on the complexity of the application and the completeness of submitted documents.
However, GTB Bank endeavors to expedite the processing, aiming to respond within a few days of application submission.
Can I apply for a GTB car loan if I don’t have a GTB Bank account?
No, to qualify for a GTB car loan, you must hold an account with GT Bank.
If you currently don’t have a GTB Bank account, you’ll need to open one before proceeding with your loan application.
What is the Processing Time for GTBank Car Loan Application?
GTBank Car Loan applications are known for their swift processing. Upon approval, the loan becomes immediately available.
Furthermore, the insurance service provider handles insurance processing within 48 hours, delivering the insurance certificate directly to your email.
What is the Equity Contribution for GTBank Car Loan?
Yes, a 20% equity contribution of the total insurance premium cost is mandatory for GTBank Car Loan applicants.
This contribution plays a crucial role in ensuring the accessibility and affordability of insurance coverage for borrowers.
Are There Fees Associated with GTB Car Loan?
GTBank Car Loan features a transparent fee structure, encompassing a one-time, flat fee of 1%.
This fee structure is designed to uphold transparency and affordability, benefitting borrowers throughout the loan process.
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Wrapping Up
Looking for a vehicle insurance loan? Look no further than GTBank car loan.
With competitive rates, flexible terms, and a host of benefits, GTB car loans pave the way for you to drive off in your dream car.
We trust this information proves valuable.
Thank you for your time!
CASHWISE C.E.O