How to Liquidate Your GTBank Salary Advance

Guaranty Trust Bank (GTBank) offers a convenient Salary Advance program to its account holders who are salaried employees. However, there may come a time when you need to settle your outstanding salary advance balance. This guide will walk you through the different ways to liquidate your GTBank salary advance and answer frequently asked questions.

What is GTBank Salary Advance?

It’s a short-term loan offered by GTBank to its salary account holders. The approved amount is based on your salary and is typically repaid through automatic deductions from your subsequent salary payments.

How to Liquidate Your GTB Salary Advance:

There are several convenient ways to liquidate your GTBank Salary Advance:

1. GTBank Internet Banking:

• Log in to GTWorld with your User ID/Email and password.
• Click on “Loans” and then “Quick Credit.”
• Locate the “Salary Advance” option and select “Loan Liquidation” (choose the specific advance if you have multiple).
• Choose your preferred liquidation type (Full or Partial).
• Review the details and click “Submit” to complete the process.

2. GTBank Mobile App:

• Open the GTBank Mobile App and log in with your credentials.
• Tap “Loans” and then “Quick Credit.”
• Select “Salary Advance” and then “Loan Liquidation.”
• Choose your preferred liquidation type and review the details.
• Confirm the transaction to complete the process.

3. GTBank Branch:

• Visit any GTBank branch in Nigeria.
• Inform the customer service representative that you wish to liquidate your Salary Advance.
• Provide them with your account details and the specific advance you want to settle.
• The representative will assist you in completing the transaction.

4. GTBank ATM:

• Insert your GTBank ATM card into the machine.
• Enter your PIN and select “Other Services.”
• Choose “Loan/Quick Credit Payment” from the options.
• Select “Salary Advance” and then the specific advance you want to pay off (if applicable).
• Enter the amount you wish to liquidate and confirm the transaction.

Please note: When using the ATM method, ensure you have sufficient funds in your account to cover the liquidation amount.

ALSO READ: How to Qualify For GTB Quick Credit

Frequently Asked Questions (FAQs):

1. What are the fees associated with liquidating my Salary Advance?

There are no additional fees for liquidating your Salary Advance through any of the mentioned channels. However, standard interest charges will continue to accrue on the outstanding balance until the advance is fully settled.

2. Can I partially liquidate my Salary Advance?

Yes, you can choose the “Partial” liquidation option when using any of the methods mentioned above. This allows you to pay a portion of the outstanding balance while leaving the remaining amount to be settled later.

3. What happens if I don’t liquidate my Salary Advance on time?

Failure to repay your Salary Advance on the agreed date will result in late payment penalties and a potential impact on your credit score. It’s crucial to make timely repayments to avoid any negative consequences.

4. How long does it take to liquidate my salary advance?

Liquidation through the mobile app, internet banking, or ATM is typically processed immediately. Branch visits might take slightly longer depending on the branch’s workload.

5. How can I check the remaining balance on my Salary Advance?

You can check your remaining balance through various channels:

• GTBank Internet Banking: Log in and navigate to “Loans” > “Quick Credit.”
• GTBank Mobile App: Log in and tap “Loans” > “Quick Credit.”
• GTBank Branch: Visit any branch and inquire with a customer service representative.

6. Is there a minimum amount I need to liquidate?

There is no minimum amount required for partial liquidation. However, you cannot leave an outstanding balance of zero, as the full amount needs to be settled eventually.

7. What if I change jobs or my employment is terminated?

As per the GTBank Salary Advance terms and conditions, you are obligated to fully settle the outstanding balance upon termination or change of employment.

8. Where can I find more information about GTBank’s Salary Advance program?

For further details and the specific terms and conditions of the program, you can visit the GTBank website or consult the official documents provided at the time of application.

Additional Tips:

• It’s crucial to understand the interest rate and repayment terms of your Salary Advance before applying.
• Consider your financial situation before opting for a Salary Advance, and only borrow what you can comfortably repay within the stipulated timeframe.
• Plan your finances and prioritize timely liquidation to avoid additional interest charges and potential late fees.

By following this guide and understanding the FAQs, you can effectively navigate the process of liquidating your GTBank Salary Advance. Remember, responsible financial planning and managing your credit are essential for a healthy financial standing.

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