This product offers credit facilities to part finance the purchase of brand new vehicles for personal use by staff of private and public sector organisations whose salaries and allowances are domiciled with the Bank. The brand new vehicles are purchased only from approved vendors.
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|Facility Amount:||N 1,000,000. 00 (Minimum)|
|Equity Contribution:||20% (Minimum)|
|Tenor:||48 Months (Maximum)|
|Repayment:||Equal monthly repayment comprising principal & Interest. Monthly repayment shall not exceed 35% of net monthly salary.|
Comprehensive Insurance (Tracker Inclusive)
- You can save yourself the trouble of a broken down vehicle by taking advantage of GTAuto to purchase a brand new vehicle of your choice
- No additional collateral is required
- Free tracker on vehicle financed
- Completed Application Form
- Employer Undertaking Form
- Proforma Invoice (from approved vendors)
Frequently asked questions on GT Auto
1.Q: What is GTAuto?
A: GTAuto product offers credit facilities to customers whose salaries are domiciled with the bank to part finance the acquisition of a brand new vehicle from the bank’s approved vendor.
2.Q: What type of facility is a GTAuto?
A: It is a term loan.
3.Q: What is the tenor for a GTAuto?
A: Maximum of 4 years
4.Q: What is the minimum loan amount?
A: N 1million.
5.Q: Does the beneficiary need to have his/her salary account with GTBank?
6.Q: What is the length of salary account relationship?
A: Salary must have been domiciled with the bank for a minimum of one month
7.Q: Can unconfirmed employees of an organisation apply for a GTAuto?
A: No. The applicant should be a confirmed staff of the organisation.
8.Q: Who can benefit from GTAuto?
A: Staff of selected private companies, Government Ministries, Parastatals and establishments whose salary accounts are domiciled with the Bank.
9.Q: Can the customer apply for GTAuto if she/he has an existing facility with the Bank?
A: Yes, provided the monthly loan repayment does not exceed 35% of his/her monthly salary
10.Q: Can I purchase a used car?
A: No, only brand new vehicles
11.Q: What is the pricing on GTAuto?
A: Interest rate is competitive
12.Q: Can I purchase a vehicle from any vendor?
A: No, vehicles can only be purchased from the bank list of approved vendors.
13.Q: Can a self employed or a corporate organisation enjoy GTAuto?
A: No, only salary earners.
14.Q: Do I need to make any contribution to purchase a vehicle?
A: Yes, a minimum equity contribution of 20% is required
15.Q: What is the security for the facility?
A: The vehicle financed
16.Q: What happen to the vehicle in case of accident?
A: The vehicle will be comprehensively insured at a premium to be paid by the applicant.
17.Q: Who does the insurance?
A: The bank approved Insurance Company
18.Q: How is the vehicle paid for?
A: By direct transfer to the vendors account or raising a draft in favour of the vendor.
19.Q: How is the vehicle registered?
A: In the name of GTBank/Customer
20.Q: How often will the vehicle be insured?
A: Every year until full liquidation of the facility.
21.Q: Can I buy a truck, lorry or bus?
A: No, only vehicles meant for personal use and not for commercial/business purpose.