How to Pay Back GTB Salary Advance Loan, How Do I Pay Back GTB Salary Advance Loan; sometimes, debtors get confused on how to go about the repayment of a salary advance loan from banks. In this post we have let out reliable guides on working ways in which you can pay back GTB salary advance loan. The most less stressful being an automatic debit from the bank. Basically, there are 3 different ways you can choose to go about the repayment of your GTB Salary Advance loan; first by simply taking cash to the bank to pay your loan, second by repaying via the bank mobile app and third by repaying through USSD. Any of these methods can work so well for anyone who has a salary advance loan to repay.
However, if these methods are in anyway stressful to you, there is another very easy method to adopt. Simply ensure that you have up to the loan amount in your GTB bank account. As soon as the repayment day is due, bank will automatically debit your account. This method is what we refer to as “The Auto-debit repayment method”
Read on to the end to learn how these methods work.
How to Pay Back GTB Salary Advance Loan
The Basic Criteria for GTB Salary Advance Loan
- You are required to hold an account with Guaranty Trust Bank for your monthly wages (GTBank)
- A worker in the public sector (the government) is required to make a minimum of 25,000 Naira a month as their salary.
- The private sector must pay employees a minimum of 50,000 Naira per month as a minimum salary requirement.
- The sum that you are permitted to lend cannot be more than your annual pay plus fifty percent of your annual wage. You are only allowed to lend a maximum of 150,000 Naira, for instance, even if your monthly income is 100,000 Naira.
- One year is the longest possible payback period (365 Days).
- The prime lending rate of the bank will be used to determine the reserve interest rate that will be applied to the borrower’s account on a periodic basis.
- Borrowers are subject to paying interest on all of their outstanding balances.
Repaying Through USSD Code
You can repay a GTB Advance Salary Loan in one of four different ways, and one of those ways is by using the USSD Code provided by GBT (*737#).
There are a few steps that need to be followed in order to repay a GTB Salary Advance Loan utilizing USSD Code. The following is a list that will assist you step by step through the process of repaying your loan using the USSD code:
In the beginning, you will need to register for the USSD service. To accomplish this, dial *737# on your mobile device. Take note that in order to complete this step, you must use the phone number that is associated with your GTB bank account. You will not be able to join up for this service if you do not have this.
- After you have successfully registered, call *737# once more, and a menu of available choices will appear on your screen.
- Choose the ninth available option. This will open up other choices for you to consider.
- Out all the additional choices that have been displayed, pick option number 2. The second available choice is (GTB salary advance loan repayment)
- The following set of options will present you with a list of your existing salary advance loans, from which you will need to select the amount that you are responsible for paying back.
- The third step requires the 737 security pin that you set when you initially signed up for the service. Simply entering it will authorize the transaction, and then you will be finished.
If this procedure was carried out without a hitch, then a debit in the amount that you owe to the bank will be reflected as having been made against your bank account. Because of possible delays caused by the network, the alert might not always appear instantly.
Benefits of GTB Advance Salary Loan
- It is possible to receive up to half of your monthly net salary in advance.
- The repayment period for this loan is thirty days. Recurring on a monthly basis.
- There is no requirement for collateral to be provided.
- The minimum pay for employees in the public sector is N 25,000, and the minimum compensation for employees in the private sector is N 50,000.
- Within the next twenty-four hours, access to the advance salary will be granted.
Repaying Via The Bank App
In the event that making repayments on your salary advance loan via the USSD Code is not an option for you due to time constraints or other factors, you also have the option of using the GTworld App, which is the mobile banking service offered by the bank.
Every customer who has an account with GTB is eligible to use the GTworld App, which allows the consumer to perform practically every transaction that is feasible in the banking lobby. In a similar fashion, a borrower who has taken out an advance salary loan can use this app to pay back the loan they took out.
The following instructions should be followed in order to complete this task successfully:
- Register for the GTworld app services using the information from your bank card and the number from your bank account.
- To apply for a loan, select the “apply for loan” option that is located on the right side of the bottom of the app.
- Choose the second option, “salary advance,” from the drop-down menu.
- Choose the option that says “liquidate your loan.”
- Enter the repayment option of your choice here (You are given option to pay in full or part)
- After you have inputted your GTworld security code to authorize the transaction, you are done.
- You will be contacted by text message as soon as this transaction is successfully completed to let you know that the repayment of your loan has been finished.
Repay by going to any of the bank branches
Another way you can repay your GTB salary advance loan is by going to any of the bank branches to pay your loan physically. This is an analogue way of banking but seemingly the safest of the methods. It is said to be the safest because there are cases when the use of USSD Code and GTworld App has failed users and eventually gave them so much stress before it was resolved.
This can not be the case when you go to the bank to make your payment directly. Everything involving the transaction will be done face to face with a bank attendant. If at anytime any misconception comes up, you have your printouts to present as evidence and above all you, you will be able to point at the particular bank attendant who attended to you during your repayment.
However, repayment through USSD, GTworld and going to the bank are all reliable and recommended methods of repaying a GTB Salary Loan. Check them out and select which is most suitable for you.
Frequently Asked Questions
Below are suitable answers the most frequently asked questions. Checked them out to see if any answers your question.
How do I pay my GTB loan back?
- On your phone, enter *737*0#.
- Choose option 4 (Repayment)
- Choose option 2. (Close Credit)
- To liquidate credit, enter your PIN.
How do I pay back my advance salary?
A salary advance is a legitimate loan with terms of payback. You subtract money from the employee’s future wages in order to make reparations. You might deduct the entire repayment from one paycheck or a smaller sum from a number of upcoming ones.
Is there an interest on GTB salary advance?
Receive up to three months of your salary with a monthly interest rate of 1.80% and repay it over a period of six or twelve months. You have access to it if you need to use your GTBank Naira MasterCard for larger purchases.
Can I borrow money from GTB without a salary account?
GTBank offers quick credit, a payday lending option available to both salary and non-salary account holders. You can get a GTB loan with a minimum loan amount of N10,000, a maximum loan amount of N500,000 for non-salary holders, and a maximum loan amount of N5,000,000 for salary holders.
Apply for this loan now