Are you a non-salary earner in Nigeria, maybe a self-employed or a student? Do you need a quick loan to fund an emergency or take advantage of an opportunity?
Then, the GtBank loan for non salary earners is a great option to consider.
In Nigeria, access to loans is critical for individuals and businesses looking to achieve their financial goals. However, securing a loan can be challenging for individuals who are not receiving a regular salary.
This is where GTBank comes in with loan options designed specifically for non-salary earners. In this post, we’ll explore the loan options available to non-salary earners from GTBank, how to apply for them, and the interest rates associated with each option.
So, if you want to know all that, join me and let’s explore this post together!
What is a Non-Salary Earner?
A non-salary earner is someone who does not receive a regular salary or income from an employer. This includes individuals who are self-employed, entrepreneurs, freelancers or those who work on a commission basis.
Usually, non-salary earners may have difficulty accessing loans from traditional financial institutions. This is simply because they don’t have a regular income stream to show.
Therefore, if you fall under that category, the GTB loan for non salary earners is for you.
GTBank Loan Options for Non-Salary Earners
There a different types of GtBank loan non-salary earners, including:
GTBank Quick Credit
This loan is designed primarily to help non-salary earners access quick funds for personal or business needs. The loan amount ranges from N10,000 to N5 million, and the repayment tenure is up to 12 months.
The interest rate is 1.33% per month. To be eligible, applicants must have a GTBank account, a valid means of identification, and a steady cash flow.
GTBank Fashion Industry Credit
Another GtBank loan for non salary earners is the Max Advance loan option. This loan is designed for individuals and SMEs in the fashion industry such as Tailors.
It is a single-digit interest rate loan at 9% that offers up to N5 Million for your fashion business. It also has a flexible repayment plan spread over 360 days, which is 1 year.
A similar loan option to this is the GT Bank food industry credit. The interest rates and tenor are the same, just that it is targeted towards businesses in the food industry.
GTBank School Fees Advance
Third on the list of available non salary earners loans by GtBank is School Fees Advance. This loan is designed to help parents and guardians pay for their children’s school fees.
The loan amount ranges from N50,000 to N5 million, and the repayment tenure is up to 12 months. The interest rate is 1% per month. To be eligible, applicants must have a GTBank account, a valid means of identification, and proof of the child’s admission into a school.
Read Also: Top Loan Apps for Students in Nigeria
How to Be Eligible for GTB Quick Loan for Non Salary Earners
How to Be Eligible for GtBank Loan
Before you can apply for a non salary earners loan from GtBank, you must meet certain eligibility criteria, including:
- You must be at least 18 years old
- You must have an active account with GtBank
- Have a source of income
- Have a good credit history
Once all these requirements are met, you can now apply for GtBank non salary earners loan on your phone.
How to Apply for GTBank Loan for Non-Salary Earners
There are multiple ways to apply for a non salary earners loan by GtBank. These include using the mobile app or using the GTB loan code for non salary earners.
Using the mobile app, to apply for a GTBank loan as a non-salary earner, follow these steps:
- Visit the GTBank website or mobile app and sign in.
- Click on the “Apply for Loans” option
- Select your preferred loan type
- Enter the amount you want to borrow
- Select your preferred tenor
- Fill out other details of the application form.
- Submit the application and wait for GTBank to review it.
If approved, GTBank will disburse the loan amount to your GTBank account. This usually takes a few hours to some days depending on the loan type that you choose.
Now, let’s see how to apply for a GTB non salary earners’ loan with a USSD code.
GTBank Loan Code for Non Salary Earners
The GTB loan code for non salary earners is *737*8*2#. After dialing, follow the prompts and enter your personal details, enter the loan amount, and select your preferred loan tenor. Confirm your loan request and your loan will be reviewed and processed by GTBank.
Interest Rates for GTBank Loans for Non-Salary Earners
The interest rates for GTBank loans for non-salary earners in Nigeria vary depending on the loan option chosen. As mentioned earlier, the interest rates for the different loan options are:
- GTBank Quick Credit: 1.33% per month.
- GTBank Fashion Credit: 9% per year.
- GTBank School Fees Advance: 1% per month.
It’s important to note that the interest rates are subject to change, and applicants should confirm the current rates before applying for a loan.
Advantages of GTBank Loans for Non-Salary Earners
GTBank loans for non-salary earners have several advantages, including:
- Flexible repayment terms: GTBank loans come with flexible repayment terms that allow borrowers to repay the loan over a period of time that suits them.
- Competitive interest rates: GTBank loans for non-salary earners have competitive interest rates that make them affordable and accessible. The interest rates for GTBank loans are lower than those offered by many other financial institutions in Nigeria.
- Quick and easy application process: The application process for GTBank loans is quick and easy, and applicants can complete it online or via the mobile app, or using the GTB USSD code.
- No collateral required: GTB loans for non-salary earners do not require collateral, making them a good option for individuals who do not have any assets to pledge as security.
- Access to large loan amounts: GTBank non-salary earners loans offer access to large loan amounts that can help individuals and businesses achieve their financial goals.
- No hidden charges: GTBank loans come with transparent terms and conditions, with no hidden charges or fees.
GTBank loans for non-salary earners offer a range of options for individuals and businesses looking to access funds for their personal or business needs. With flexible repayment terms, competitive interest rates, and a quick and easy application process, GTB non salary eearners loans are an attractive option for non-salary earners.
It’s important to note that applicants must meet the eligibility criteria and provide the required documents to qualify for a loan. Interested individuals should visit the GTBank website or mobile app to learn more and apply for a loan today.
We hope this post about the GtBank loan for non salary earners has offer you a lot of value!