If you’re a salary earner in Nigeria and wondering how does GTBank salary advance works, you’ve come to the right place. GTBank offers a convenient salary advance loan for eligible customers, providing quick access to funds before payday.
In this guide, we’ll explore how GTB salary advance works, including essential details such as the repayment code, interest rate, and the short code for GTB salary advance. Whether you’re interested in how to get a salary advance from GTB or need to know how to liquidate a salary advance using the new app, we’ve got you covered.
Read on to learn more about the USSD code, salary liquidation, and the steps for how to repay.
How does GTBank salary advance work?
GTBank salary advance allows employees to borrow a portion of their salary before payday. To access this service, employees must meet certain eligibility criteria, including minimum salary requirements. Public sector employees must earn at least ₦25,000 monthly, while private sector employees need a minimum salary of ₦50,000.
Employees can request an advance through GTBank’s mobile app, internet banking, or by using a USSD code. Once they apply, the bank reviews it and, if approved, credits the loan to the employee’s GTBank account, usually within 24 hours.
The system automatically deducts the salary advance from the employee’s salary when it credits the account. The bank charges interest at a rate of 1.5% per month on the borrowed amount. The loan term typically lasts 30 days and can be renewed for another month, depending on the bank’s policies.
How does the salary advance work for employees? Once the bank approves the loan, it makes the funds available quickly, and the system handles repayment automatically by deducting from the salary. This service helps employees who need early access to part of their salary without requiring collateral.
How to get salary advance from GTBank
To get a salary advance from GTBank, you must meet certain eligibility requirements and follow the application process.
Eligibility Criteria:
- Public sector employees must earn a minimum monthly salary of ₦25,000.
- Private sector employees need to earn a minimum salary of ₦50,000.
How to Apply for GTBank Salary Advance
To apply for a salary advance, there are a few methods available, such as USSD, internet banking, or the mobile app.
Using USSD Short code for GTBank salary advance:
- Dial 7378*2# from the phone linked to your GTBank account.
- Follow the prompts to apply for the salary advance.
- GTBank credits the funds within 24 hours.
That’s the GTB salary advance loan code.
Through Internet Banking:
- Log into your GTBank Internet Banking account.
- Go to the “Loans” section and select “Salary Advance.”
- Complete and submit the form.
- GTBank processes and disburses the loan within 24 hours.
Using the Mobile App:
- Open the GTBank Mobile App.
- Tap on “Quick Loans” and select “Salary Advance.”
- Provide the necessary details and submit the application.
- GTBank processes the loan within 24 hours.
Interest Rate and Fees for GTBank Salary Advance
How much does GTB charge for salary advance? GTBank charges a 28% per annum interest rate for its salary advance. The bank may adjust this rate based on prevailing money market conditions and will notify customers in advance of any changes. If you’re wondering, “How much does GTB charge for salary advance?”, the interest rate is one key factor to consider.
When you accept the loan offer, GTBank applies a 1% flat management fee. The bank also charges an additional 1% flat insurance premium on the loan. These fees are part of the total amount you will pay.
The GTBank salary advance interest rate, management fee, and insurance premium all contribute to the cost. So, if you’re asking, “How much does GTB charge for salary advance?”, these are the main charges to consider. These costs will help you understand the full financial commitment involved.
Repayment of GTBank Salary Advance
To repay your GTBank salary advance loan, you can use several methods designed for convenience and ease.
USSD Code Method:
To repay your loan using USSD code, follow these simple steps:
- Dial 7370# from your mobile phone.
- Select option 4 for ‘Replacement.’
- Choose option 2 to ‘Close credit.’
- Enter your PIN to complete the transaction.
This method is quick and straightforward for loan repayment.
GTBank Salary Advance Repayment Code:
For a more direct approach, you can use the GTBank salary advance repayment code in Nigeria. Dial the following code to access repayment options:
Repayment Code: 73751*51#
Using the GTB salary advance repayment code Nigeria ensures a smooth and accessible way to repay your loan at any time, directly from your mobile device.
How to repay/liquidate GTBank salary advance
There are different ways to liquidate your GTBank salary advance loan. One method is to use USSD code. To do this, dial 7370# from your registered phone number, select the liquidation option, and then enter your 737 PIN to confirm the transaction.
Alternatively, you can liquidate the salary advance on new app versions. Simply open the GTWorld app, log in, and navigate to the “Quick Loan” section. From there, select “Salary Advance” and choose the repayment option. Afterward, complete the process by entering your 737 PIN.
If you prefer to repay your salary advance online, you can use Internet Banking. First, log in to your account and go to the “Loans” section. Then, choose “Quick Credit” and select “Salary Advance” to start the liquidation process. You can either repay the loan fully or partially, depending on your choice.
Another option is to repay the GTBank salary advance online using the GTWorld app or Internet Banking. Both platforms offer a simple and secure way to manage your repayment. After logging in, simply select the repayment option and confirm the transaction.
For those asking how to liquidate a GTB salary advance loan quickly, using the USSD code or the mobile app is a convenient choice. These methods streamline the salary advance liquidation process. So, if you’re wondering, “How do I pay back GTB salary advance?”, these online options ensure a smooth repayment experience.
Wrap-Up
GTBank’s salary advance is a simple and quick way for employees to access part of their salary before payday. With easy application processes, affordable interest rates, and convenient repayment options, it’s a useful financial product.
Whether you choose to apply via USSD, mobile app, or internet banking, GTBank provides multiple ways to meet your needs.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
