Features & Benefits
Features
| 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. |
| Support/Comfort: |
Vehicle Financed
Salary domiciliation
Comprehensive Insurance (Tracker Inclusive) |
Benefits
- 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 is required
- Free tracker on vehicle financed
Requirements
Documentation
- Completed Application Form
- Employer Undertaking Form
- Proforma Invoice (from approved vendors)
FAQs
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?
A: Yes.
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 and fee 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.