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GTAuto product offers credit facilities (term loans) to part finance the purchase of brand new vehicles for personal use by staff of select organization, whose salaries or business proceeds are domiciled with the bank with the option of spreading payment over a period of time. The brand new vehicles are purchased from selected/ approved vendors.
Features and Terms
- Purpose: To part finance brand new vehicles for personal staff of select organization.
- Facility Type: Term Loan.
- Minimum Facility Amount: minimum - N1,000, 000.00
- Equity Contribution: Minimum of 20%
- Tenor (maximum): 48 months.
- Target Market: The target market for this product is confirmed staff of reputable organizations whose salary accounts are domiciled with GTBank.
- Pricing: Competitive Interest rates and fees.
- Insurance: Comprehensive insurance from Guaranty Trust Assurance.
- Repayment: Equal monthly installment comprising of both principal and interest. Monthly repayment should not be more than 35% of monthly salary.
- Interest Rate: Competitive Interest rates
- Fees: Competitive Interest rates and fees
- Credit Insurance Premium: 1% (for civil servants only)
- Security/Support:
- Vehicle being financed (Ownership and registration in the Bank's/ Customer's name)
- Domiciliation of salary payments from applicant
- Comprehensive insurance cover over asset financed.
- The leased vehicles will be covered by comprehensive insurance by GTAssurance or any other approved insurance company.
- Installation of car tracking device. (Cost to be borne by vendor in a partnership arrangement, otherwise borne by the customer where partnership with vendor does not exist).
Click here to fill the GTAuto Information Request Form 
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