GTB Car Loan: How to Apply for a Car Loan

The Guaranty Trust Bank (GTB) car loan or vehicle insurance premium financing is like a loan for your car insurance.

It allows businesses and people with salaries paid into the bank to pay for their entire insurance premium upfront, then break the cost down into smaller monthly payments over a year (typically 12 months).

P.s If you need more information on car loans, check out my guides:

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Car loan companies in Nigeria

Features of a GTB Car Loan

Here are the features of a GTB car loan:

• Loan Amount: Individuals – N20,000 – N1,000,000 (Individuals) & N20,000 – N5,000,000 (Corporate)
• Tenor: Maximum of 1 year
• Pricing: Interest Rate is 1.67% per month
• Repayment: Equal monthly repayment comprising principal and interest
• Equity Contribution: 20% of total insurance premium cost
• Fees: 1% one-off flat fee

How To Apply for The GTB Car Loan

There are two ways to apply:

1. Online Banking

• Log into the bank’s online banking platform
• Navigate to the “Insurance Loans” section.
• Select “Vehicle Insurance”.
• Follow the on-screen instructions for the chosen option.

2. Applying through GAPs/GAPs Lite

This method is available for customers who have access to the bank’s GAPs/GAPs Lite platform.

• Sign on to your online banking platform.
• Navigate to the “Single Transactions” section.
• Select “Collections” followed by “Insurance Loans”.
• Then select “Vehicle Insurance Leadway”.

Note: Once you complete the application process through GAPs/GAPs Lite, your Loan is availed immediately and if approved, you’ll receive the loan funds right away.

The insurance company will process your vehicle insurance policy within 48 hours and you’ll receive a copy of your insurance certificate via email.

You’ll also start making monthly payments on your loan to cover the insurance premium.

Eligibility Requirements for a GTB Car Loan

• Individual customers whose salary accounts are domiciled with the Bank.
• All SMEs and corporates with accounts domiciled with the Bank and with access to GAPs.