How to get GT Bank SME business loan in 2023.
GT Bank has created an SME loan for all business sectors which includes ( Build or Buy Loans for Schools, Overdrafts, Hub Advance, Fashion Industry Credit, Food Industry Credit) with little interest to increase their business productivity. so if you fall into any of these you can opt for the GT Bank SME loan with the required documents for proper documentation.
Types and Requirements for GT Bank SME Loan.
Build or Buy Loans for Schools
This loan is specifically designed for schools that are well structured and established and also have their own building and not for school that is just starting but well-established school that wants to expand. They are provided with long-term loans and up to 400mil worth of funds.
Properties of Buy Loans for Schools
- Minimum of 20,000,000, Maximum of 400,000,000.
- Competitive Interest rate
- 1% Management fee.
- 1% Commitment fee.
- Tenor: Minimum of 3 years, Maximum of 10 years.
- Quarterly repayment of principal and monthly repayment of Interest.
- Security: Legal mortgage on the property being financed or alternative property (Buy) / Legal mortgage on an alternative property (Build).
- 30% Equity Contribution.
This allows Gt users to request more than what they have in their account via cheque and pay later with little interest to meet the demand of their business.
This is a No collateral and no cumbersome paperwork loan with a Maximum Loan Amount – ₦500k to ₦2million for a business person and a Maximum tenor of 3 months most importantly the interest rate is low and the mode of repayment is very flexible.
Hub Advance Properties.
- Maximum Loan Amount – ₦500k to ₦2million
- Maximum tenor of 3 months
- Irrevocable Domiciliation of inflows is required
- Repayment for the loan shall be equal monthly repayment of principal and interest
- No Equity Contribution
- Interest rate: Competitive
- No Collateral
Hub Advance Loan Requirements
- Businesses must be duly registered with Corporate Affairs Commission.
- Operate an active business account with the Bank for at least 1 year.
- Minimum sales of N1 million and 10 transactions monthly in the last 12 months on the SME MarketHub.
- Business should be more than 3 years and be operational on the SME MarketHub for at least 6 months.
- Domiciliation of Business Account (Execution of domiciliation agreement)
- No past due obligation with any Bank nor have more than two returned cheques in the last one (1) year.
Fashion Industry Credit: This loan is designed for people in the fashion industry to expand their brand and fashion line and the best part of it is that is an interest rate loan at 9%.
Features of the Fashion Industry Credit
- Up to N5 Million for your fashion business.
- Single-digit (9% per annum) interest rate at 0.75% per month
- No fees
- Flexible repayment plan spread over 360 days
- Customers can access up to 50% of the average annual turnover
Food Industry Credit
The food industry credit is similar to the fashion industry credit with little difference. It is strictly for people in the food business who are already established but want to expand their reach. With this loan, you can get up to 2 million as funds, at 9% per annum interest rate (0.75% monthly) and Flexible repayment plan spread over 180 days
Requirements of Food Industry Credit.
- Your business is duly registered with Corporate Affairs Commission
- Business should be at least 1 (one) year.
- Business must have a clean Credit Bureau Report with no unpaid obligations.
- Business must have a satisfactory CRMS report of owners, sponsors and directors.