In an effort to make money available for workers and self employed individuals, GTBank has introduced the GTBank Quick Credit. A GTBank loan option that allows workers and self employed persons to get a loan from GTBank to a maximum of 5 million naira.
What Is GTBank Quick Credit
GTBank QuickCredit is a quick loan option offered by GTBank to Nigerians that allows both workers and self employed persons borrow between five hundred thousand and five million Naira. It is called Quick Credit because money is usually released between 2-24 hours of application. And borrowers can pay back between 6-12 months after loan is approved.
Another interesting part of this GTBank loan is its interest rate. The QuickCredit has an interest rate that is expected to be paid back every month. It has a 1.33% interest rate every month.
This means that if you borrowed N2 million from GTBank through the Quick Credit option, it accrues 26,600 every month until the full amount plus interest is paid at the expiration of either 6 months or 12 months. This is not such a bad deal given other loan interest rates. A detailed calculation of the interest rate is done below.
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Features And Benefits Of The GTBank Quick Credit
- Loan amount between N500,000 and 5 Million
- Convenient repayment plan spread over 6 – 12 months.
- At an interest rate of 1.33% per month
- Workers from both private and public sector can apply for this loan option
- Business owners and sole proprietors can also apply for the Quick Credit loan
- Processing is instant and money is paid within 2 to 24 hours
Who Can Apply For GTBank Quick Credit
- Workers in private and public sectors who owns account with GTBank.
- Business owners and sole proprietors who owns account with GTBank.
- Those who own and receive salary with GTBank.
How To Apply For GTBank Quick Credit
- You can request for Quick Credit instantly by dialing *737*51*51#
- Quick Credit is also available on all GTBank online and mobile banking platforms (Internet Banking, GTWorld, GTBank Mobile App).
- Any GTBank branch near you.
Criterion To Apply
- The GTB customer must have a regular minimum of N20,000 in his or her account or make a monthly salary of at least N10,000
- The customer must not have any history of Dud cheques
- The customer must have a history of satisfactory credit reports
- Finally the customer must not be financially indebted to anyone or thing.
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Understanding The Quick Credit Interest Rate
The official interest rate associated with the GTBank Quick Credit is 1.33% with an expectation of monthly returns for a period of 6-12 months. Lets calculate the interest rates and see how much you are expected to pay back at the end of the loan term.
How Much You’ll Pay Back After 12 Months For Quick Credit
Below is the analysis if you borrowed N1 million from GTBank using the Quick Credit loan option.
Amount borrowed= 1, 000, 000
Loan Duration = 12 Months
Interest rate = 1.33% Monthly
1.33% * 1, 000, 000 = 13,300
13,300 * 12 = 159,600
1,000,000 + 159,600 = 1,159,600
1,159,600/12 = 96,633.33 approximately 96,634
As such, full payment at the end of the year will be N1,159,600
From the analysis above, you will be paying paying back N96,634 to GTBank every month for 12 months if you borrow N1,000,000 using the Quick Credit service.
You can use same calculation above for any other amount borrowed with the GTBank Quick Credit loan.
The Quick Credit is best for persons that have a means to pay the monthly interest with ease. Business owners and salary earners can easily pay off the interest rate monthly. So if you are thinking about a loan then you might just consider the GTBank Quick Credit loan.
Quick Credit is a fast and reliable way to get loan from GTBank with ease. Please use the share buttons below to share our posts on Facebook, Twitter and Pinterest.