Features & Benefits
Features
| Facility Amount: |
N 50, 000.00 (Minimum) to N 5,000,000 (Maximum) per child
|
| Tenor: |
Maximum of 4 months per request |
| Repayment: |
Equal monthly repayments comprising of principal and interest. Monthly repayment shall not exceed 50% of net monthly salary.
|
| Repayment Source: |
Domiciliation of staff salary payments from employer |
| Support/Comfort: |
Employer Undertaking to domicile staff salary,
Credit insurance (against death, permanent disability and involuntary loss of job) |
Benefits
- Access to funds for the prompt payment of your child/wards school fees.
- It supports your aspiration of giving your child/ward quality education
Requirements
Documentation
- Completed Application Form and Employer Undertaking Form
- School Bill
- Salary Domiciliation
FAQs
Frequently asked questions on School Fees Advance
1.Q: What is School Fees Advance?
A: School Fees Advance is designed to finance the payment of your child’s/ward’s school fees.
2.Q: What type of facility is School Fees Advance?
A: A time loan.
3.Q: What is the tenor for a School Fees Advance?
A: Maximum of 4 months
4.Q: What is the minimum loan amount?
A: N50, 000.
5.Q: What is the maximum loan amount?
A: A maximum loan amount of N1million is applicable per child.
6.Q: Does the beneficiary need to have his/her salary account with GTBank?
A: Yes.
7.Q: What is the required length of salary account relationship?
A: The customer must have received their salary through their GTBank account in the last 1 month.
8.Q: Who can benefit from School Fees Advance?
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 School Fees Advance if she/he has an existing facility with the Bank?
A: Yes, provided the monthly loan repayment does not exceed 50% of his/her net monthly salary
10.Q: Can the customer reapply at the expiration of the facility?
A: Yes.
11.Q: What document is required for a School Fees Advance?
A: The application form, employer undertaking and school bill with details of the schools bank account.
12.Q: Can I pay for my child/wards school fees abroad?
A: Yes, it can be used to pay for tuition fees for schools abroad
13.Q: Can I pay for my Master’s or Doctorate education?
A: No. School fees Advance is for the payment of your child/wards school fees
14.Q: How is the school bill paid?
A: The bill is paid either by a direct transfer to the schools bank account or by raising a draft in the name of the school.
15.Q: Is there any insurance on the loan?
A: Insurance is in place against death and permanent disability.
16.Q: Is there a minimum salary amount that I need to earn to be able to apply for School Fees Advance?
A: Yes, minimum monthly salary of N25, 000 for public sector employee and N50, 000 for private sector employee.
17.Q: Can the loan amount exceed the total school fees?
A: No. The loan amount can either be equal to or less than the total school fees.
18.Q: Can unconfirmed staff of an organisation apply for School Fees Advance?
A: No. The staff should have worked for at least 6 months and also be a confirmed staff.
