GTB Car Loan: Are you in the market for a new car, but struggling to come up with the funds to make a purchase?
Look no further than GTB car loan, a flexible and affordable car loan option offered by GTBank, one of Nigeria’s leading financial institutions.
In this article, we’ll take a closer look at GTBank Car Loan, its features and benefits, and how to apply for this loan.
We’ll also provide some tips for choosing the right car and loan for your needs, and answer some frequently asked questions about car loans in Nigeria.
By the end of this post, you’ll have all the information you need to make an informed decision about the GTB car loan.
About GTB Car Loan
Bank is a trusted and reputable financial institution that has been serving customers in Nigeria and beyond for over 30 years.
With a strong commitment to innovation, excellence, and customer satisfaction, GTB Bank has established itself as a leader in the banking industry.
That is mainly due to its offering a wide range of financial products and services to meet the diverse needs of its customers. One such product is the GTB car loan, also known as GTBank Vehicle Insurance Premium.
The GTB car loan is a financing solution designed to help salary earners and businesses who have accounts with GTBank pay for their vehicle insurance premiums upfront.
Whether you’re looking to buy a brand-new car or a used one, the GTB car loan can be of help with the insurance.
Check Out: How to Get a 3 million Naira Car Loan from Cars45
Features and Benefits of GTBank Car Loan
GTBank car loan comes with a range of features and benefits that make it an attractive option for car buyers. Here are some of the key features and benefits of GTB car loan:
1. Good Loan Amount and Repayment Period
With GTBank automobile loan, you can borrow up to 2 million Naira as an individual, while businesses can access up to 5 million naira. On the other hand, the loan repayment period ranges up a year.
That means you can spread out your repayments over several months, making it easier to manage your finances.
2. Low Interest rates and charges
GTB car loan offers competitive interest rates of 1.67% per month, making it an affordable option. The interest rate is fixed for the duration of the loan, so you don’t have to worry about fluctuations in the market.
See Also: How to Get a Low Interest Loan in Nigeria without Collateral
3. Insurance and other benefits
GTB vehicle loan comes with a range of insurance and other benefits, including a comprehensive equity contribution of 20% of your total insurance premium cost. These benefits help to give you peace of mind and protect your investment.
Now that you know more about the features and benefits of a GTB loan for car, let’s take a closer look at the application process. But first, let’s start with the eligibility criteria.
Read Also: How to Apply for GTB Loan Using USSD Code
GTB Car Loan Requirements
Before applying for GTB car loan, you need to make sure you meet the eligibility criteria. To be eligible, you must:
- Be a Nigerian citizen or permanent resident
- Be at least 18 years old
- Have a steady source of income
- Have a GTB Bank account
Once you have all the required documents and information ready you can start the application process.
How to Apply for a GTB Car Loan
There are two main ways of applying for a car loan from GTB. These include via internet banking, or via GAPs.
The Internet bank is the easiest method to use as an individual, while the GAPs is recommended for businesses. Below is how to apply using any of your preferred methods:
Internet Banking Method
- Visit the GTBank Internet banking platform, and sign on.
- Click on the “Menu” option to display other services.
- Select the “Insurance Loans” option.
- Select the “Vehicle Insurance” option.
- Now, proceed to fill out the form and submit it
GAPs/GAPs Lite Method
- Sign on to the GAPs platform.
- Click on “Single Transactions”.
- Select the “Collections” option to display the available loan options.
- Click on the “Insurance Loans” option.
- Select “Vehicle Insurance Leadway”.
- Now, fill out the form and submit it.
Once all that is done, the loan is availed immediately. After that, the insurance service provider processes the policy for you within 48 hours. Then, a copy of the insurance certificate will be sent to your email.
See Also: How to Get Autochek Car Loan
GTBank Car Loan Interest Rate
GTBank offers an interest rate of 1.67% monthly on their car loan. To break it down for you, that means if you borrow N1,000,000, the interest you’d pay monthly would be N16,700.
This is a crucial factor to consider because interest rates can quickly rack up. Let’s not forget that you also need to add a one-off flat fee of 1% of the loan amount.
So, don’t just focus on the monthly repayments; remember to calculate the total cost of the loan.
How to Repay GTBank Car Loan
Paying back the loan is just as important as getting it. Luckily, GTBank has made the repayment process straightforward.
You’ve got two main methods to settle your loan—Wallet Fund and Bank Transfer. Here’s how each works:
Account Fund
- First, you need to fund your GTBank account.
- Once that’s done, you can easily direct the payment towards your car loan.
Bank Transfer
- You can make a direct bank transfer to GTBank’s dedicated loan repayment account.
- Remember to reference your loan account number to ensure it’s allocated correctly.
Now, you might be wondering how long you’ve got to repay the loan. The maximum tenor is 1 year, which gives you enough time to sort your finances.
And oh, there’s also an equity contribution; 20% of your total insurance premium cost. So make sure you’ve got that covered.
Related: How to Get EasyBuy Loan
GTB Car Loan – FAQs
How long does it take to process a GTBank Car Loan application?
The processing time for GTB vehicle insurance loan applications varies depending on the complexity of the application and the completeness of the documents provided.
However, GTB Bank strives to process the applications as quickly as possible, and you should receive a response within a few days.
Can I apply for a GTB car loan if I don’t have a GTB Bank account?
No, you need to have a GT Bank account to be eligible for a GTB car loan. If you don’t have a GTB Bank account, you’ll need to open one before you can apply for the loan.
Check Out: List of All GTB USSD Code
Conclusion
If you’re in the market for a vehicle insurance loan, a GTBank car loan is a great financing option to consider. With competitive rates, flexible terms, and a range of benefits, GTB car loans can help you get behind the wheel of your dream car.
We hope this content is helpful. Thanks for reading!
