GTBank QuickCredit for Small Business

GTBank QuickCredit for Small Business: Loan Amounts, Repayment Terms and Fees

For small and medium-sized business owners in Nigeria, fast access to working capital can be the difference between capturing an opportunity and losing it. Guaranty Trust Bank (GTBank) addresses this need directly through its QuickCredit for Small Business product, a pre-qualification-based lending facility designed to put funds in the hands of eligible business owners quickly, with minimal documentation and no collateral requirement.

What Is GTBank QuickCredit for Small Business?

GTBank QuickCredit for Small Business is a short-term, unsecured lending facility exclusively available to existing GTBank corporate and business name account holders. Unlike traditional SME loans that require extensive paperwork and long approval timelines, QuickCredit operates on a pre-qualification model — meaning GTBank reviews your account activity and determines your eligibility automatically, based on your transaction history with the bank.

The product targets businesses in fast-moving, revenue-generating sectors, including education (creches, primary and secondary schools), healthcare (hospitals, retail pharmacies, and diagnostic centres), trade, and services. This sector focus reflects GTBank’s risk management strategy and its intent to support businesses with predictable, verifiable cash flows.

Loan Amounts: What You Can Borrow

The GTBank QuickCredit for Small Business applies a turnover-based lending model:

• Maximum Loan Amount: Up to ₦10,000,000 (₦10 million).
• Calculation Basis: The loan amount is determined as up to 50% of your average annual turnover, calculated over the last 12 months of account activity. The higher and more consistent your business turnover, the closer your limit approaches ₦10 million.
• Minimum: No specific minimum is publicly stated; the amount is determined entirely by turno-ver analysis and your pre-qualification status.

This approach eliminates arbitrary loan caps and ties eligibility directly to what your business actually earns, a fairer and more objective assessment than fixed-bracket lending.

Repayment Terms

GTBank QuickCredit for Small Business is structured as a short-term revolving facility. Key repayment parameters include:

• Tenor: Up to 12 months, with repayment aligned to your business revenue cycle.
• Repayment Method: Monthly installments deducted directly from your GTBank business account through a domiciliation agreement, a key condition of the product. This means your business account must receive and process adequate inflows to service the loan automatically.
• Revolving Structure: Once repaid, the facility can be renewed, giving consistent-performing businesses ongoing access to working capital without repeat applications from scratch.

The domiciliation requirement is non-negotiable: your account must be active, receiving regular inflows, and capable of sustaining automatic monthly deductions for the full loan tenure.

Fees and Interest Rate

Applicants should prepare for the following costs:

• Interest Rate: GTBank’s official rate for QuickCredit Small Business stands at 2.95% per month (approximately 35.4% per annum). This rate reflects the unsecured, fast-disbursement nature of the product. Some third-party platforms have reported prior rates of 1.5% per month (18% p.a.), applicants should confirm the current rate directly with GTBank at the point of application, as rates are subject to change.
• No Collateral Fee: The product is unsecured. There are no asset valuation fees or legal charges associated with collateral security.
• No Hidden Charges Disclosed: GTBank does not publicly list additional management fees for QuickCredit Small Business beyond the stated interest. Confirm a full fee schedule with your relationship officer before signing.
• Returned Cheque Penalty: Any returned cheque or failed debit instruction within the last 12 months will disqualify your application, a condition that functions as both a compliance measure and a behavioral fee deterrent.

Is GTBank QuickCredit Worth It for SMEs?

The table below compares GTBank QuickCredit for Small Business against alternative SME financing options available in Nigeria:

Feature	GTBank QuickCredit (Small Business)	Standard Bank SME Term Loan	Digital Lender (e.g., Carbon, FairMoney Business)
Maximum Loan Amount	₦10,000,000	₦500M+ (varies)	₦5M – ₦50M (varies)
Interest Rate	2.95%/month (~35.4% p.a.)	25% – 35% p.a.	3% – 5%/month (36%–60% p.a.)
Collateral Required	No	Usually yes	No
Approval Speed	Fast (pre-qualified)	Weeks to months	Minutes to hours
Minimum Bank Relationship	6 months with GTBank	6–12 months	None required
Minimum Business Age	1 year	1–3 years	Often none
Turnover-Based Lending	Yes (50% of annual turnover)	Partly	Partly
Domiciliation Required	Yes	Sometimes	No
Eligible Sectors	Education, Health, Trade, Services	Most sectors	Most sectors
Revolving Facility	Yes	Rarely	Sometimes

Is it worth it?

The GTBank QuickCredit for Small Business is a strong proposition for pre-qualified SME owners who already bank with GTBank, operate in eligible sectors, and need fast, unsecured working capital without lengthy paperwork. Its turnover-linked limit of up to ₦10,000,000, 12-month revolving structure, and no collateral requirement make it one of the most accessible short-term business financing tools offered by a tier-one Nigerian bank.

The primary trade-off is the interest rate, at approximately 35.4% per annum, borrowers must ensure their business margins support loan servicing costs. For businesses with consistent, documented turnover and a clean GTBank account history, QuickCredit delivers exactly what its name promises. Visit any GTBank branch or log on to gtbank.com to check your pre-qualification status and begin your application today.