How to Apply for a Car Loan From GTBank

How to Apply for a Car Loan From GTBank

How to Apply for a Car Loan From GTBank – Purchasing a car is a significant milestone for many individuals and families. However, the high cost of owning a vehicle often requires financial assistance.

Guaranty Trust Bank (GTBank) offers a car loan to help you finance the purchase of a new or used car. The loan is available to individuals and businesses, and it can be used to purchase any type of car, including saloon cars, SUVs, Vans, etc. 

 If you are considering applying for a car loan from GTBank, this step-by-step guide will walk you through the process, ensuring a smooth and successful application.

What GTBank Car Loan Offers

GTBank Car Loan is designed for companies and employees who have GTBank accounts and want to pay car premiums over 12 months.

Here’s what you can expect from GTBank Car Loan:

Immediate availability of funds to pay for your insurance premium

Opportunity to pay for your car insurance premium monthly

Insurance cover that does not require your physical presence in the insurance office

Access to between 20,000 and 1 million Naira for individuals and 20,000 to 5 million Naira for business organizations

Maximum loan maturity of 1 year

The interest rate of 1.67% per month

Contribution of 20% of your total premium costs

A one-time flat fee of 1% is payable.


To apply for a car loan from GTBank, you will need to meet the following requirements:

  • Be a Nigerian citizen
  • Have a valid GTBank account
  • Have a good credit history
  • Be able to provide proof of income
  • Be able to provide a down payment of at least 20% of the purchase price of the car

Once you have met the requirements, you can apply for a car loan online or at any GTBank branch. To apply online, you will need to fill out an application form and provide the required documentation. To apply at a branch, you will need to speak to a GTBank representative.

Once your application has been processed, GTBank will review your credit history and income to determine your eligibility for the loan. If you are approved, you will be given a loan offer letter. The loan offer letter will include the terms of the loan, such as the interest rate, the repayment period, and the monthly payments.

If you accept the loan offer, you will need to sign the loan agreement and provide the required collateral. The collateral is used to secure the loan, and it will be returned to you once the loan is repaid in full.

The repayment period for a GTBank car loan is typically between 1 and 5 years. The interest rate on the loan is variable, but it is currently between 10% and 15%. The monthly payments will depend on the amount of the loan, the interest rate, and the repayment period.

If you are unable to make your monthly payments, you may be able to get a deferment or forbearance. A deferment is a temporary postponement of your payments, while a forbearance is a reduction in your monthly payments. To get a deferment or forbearance, you will need to contact GTBank and request it.

Getting a car loan from GTBank can be a great way to finance the purchase of a new or used car. However, it is important to carefully consider the terms of the loan before you accept it. Make sure that you can afford the monthly payments and that you have the collateral to secure the loan.

Here are some additional tips for applying for a car loan from GTBank:

  • Get pre-approved for a loan before you start shopping for a car. This will give you an idea of how much you can afford to spend and will help you negotiate a better price on the car.
  • Compare interest rates and terms from different lenders before you choose a loan.
  • Make sure you understand the terms of the loan before you sign the paperwork.
  • Be prepared to provide the lender with documentation of your income, assets, and debts.
  • If you have bad credit, you may still be able to get a car loan, but you may have to pay a higher interest rate

How to Apply for a Car Loan From GTBank

Step 1: Research and Preparation Before applying for a car loan, it is crucial to conduct thorough research. Consider factors such as the type of car you want, its price range, and the loan amount you require. Assess your financial situation and determine an affordable monthly repayment amount. This preparation will help you make informed decisions and streamline the application process.

See also: How to Increase Your GTBank Daily Transfer Limit

Step 2: Meet GTBank’s Requirements GTBank has specific requirements that applicants must meet to qualify for a car loan. Typically, you will need to be an account holder with GTBank and maintain a satisfactory banking relationship. Ensure that your account is active and in good standing. Additionally, GTBank may require you to provide proof of income, such as salary statements or tax documents, to demonstrate your ability to repay the loan.

Step 3: Gather the Required Documents To support your car loan application, gather the necessary documents in advance. These commonly include:

  • Completed loan application form: You can obtain this form from GTBank’s website or visit a branch to collect it in person.
  • Valid identification: Provide a copy of your national ID card, driver’s license, or international passport.
  • Proof of income: Include salary statements, employment letters, or any other document that verifies your income.
  • Proof of address: Provide a utility bill, bank statement, or any official document indicating your current address.
  • Proforma invoice: Obtain a proforma invoice from the car dealership or seller, specifying the vehicle’s details and cost.

Step 4: Visit a GTBank Branch Visit your nearest GTBank branch to submit your car loan application and supporting documents. Speak with a customer service representative who will guide you through the process and address any queries or concerns you may have. Ensure that you have all the required documents and submit them in the format specified by the bank. Double-check your application form for accuracy before submitting it.

Step 5: Loan Processing and Approval After submitting your car loan application, GTBank will review your documents and assess your eligibility. The bank will evaluate factors such as your credit history, income stability, and repayment capacity. This process may take a few days, and you should remain patient during this period. GTBank will communicate the status of your application and inform you of any additional requirements, if necessary.

Step 6: Loan Disbursement Upon approval, GTBank will disburse the loan amount directly to the car dealership or seller. Ensure that you have finalized the car purchase agreement with the seller before the loan disbursement. GTBank will provide you with the loan agreement, specifying the repayment terms, interest rate, and any other conditions. Carefully review and understand the terms before signing the agreement.


Applying for a car loan from GTBank can be a great way to get the car of your dreams. By following these tips, you can increase your chances of getting approved for a loan and getting the best possible terms.

See also: How To Pay Back GTB Quick Credit Loan In Nigeria

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My name is Ayodeji Kolawole. Please note that I am not in any way affiliated with any company you read about on this blog. For more info email me on

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