LAPo Microfinance Bank is a renowned financial institution that provides accessible and affordable financial services to individuals and small businesses in Nigeria.Recognizing the importance of empowering entrepreneurs and bridging the financial gap, LAPo Microfinance Bank offers a range of loan products tailored to meet diverse needs.
Applying for a loan from LAPo Microfinance Bank is a straightforward process that begins with understanding the types of loans available and the application requirements.
Whether you are a budding entrepreneur seeking seed capital or an existing business owner in need of working capital, LAPo Microfinance Bank has loan options designed to support your unique circumstances.
This article aims to guide you through the process of applying for LAPo Microfinance Bank loans by providing insights into the various types of loans offered, as well as highlighting the necessary application requirements.
When Applying for Lapo MFB loans you are expected to disclose your details of your business during evaluation and processing stage.
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Application Requirements For Lapo Microfinance Bank Loans
When applying for a loan at LAPo Microfinance Bank, there are certain requirements that applicants need to fulfill. Firstly, individuals must be at least 18 years old and have a valid means of identification such as a national identity card or passport. Additionally, applicants should provide proof of residence, which can be in the form of utility bills or a tenancy agreement.
It is also necessary to present two recent passport-sized photographs. In terms of financial documentation, LAPo Microfinance Bank requires applicants to submit their bank statements for the past six months.
This helps the bank assess an individual’s financial stability and repayment capability.
Furthermore, applicants must provide evidence of income, such as pay slips or employment letters. Lastly, it is essential for borrowers to have a guarantor who will support their loan application.
The guarantor should possess a steady source of income and be willing to take on the responsibility if the borrower defaults on repayment.
what is the requirement Lapo MFB Loan
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs
Types Of Loans Offered By Lapo Microfinance Bank.
Lapo Microfinance Bank offers a diverse range of loans tailored to meet the financial needs of individuals and businesses alike. These loans are designed to empower borrowers, offering them access to funds that can help them achieve their goals and improve their livelihoods.
One type of loan offered by Lapo Microfinance Bank is the business loan. This loan is specifically designed for entrepreneurs and small business owners who require capital to start or expand their ventures.
It provides entrepreneurs with the necessary funds to purchase equipment, stock inventory, or invest in marketing efforts. Another type of loan available is the education loan. This loan aims to support individuals seeking quality education but lack the necessary funds.
It covers tuition fees, textbooks, accommodation expenses, and other related costs. Furthermore, Lapo Microfinance Bank also provides personal loans that cater to various needs such as medical expenses, home renovations, or unexpected emergencies.
These loans offer flexible repayment terms and competitive interest rates.
1. SME Loan
This kind of loan is designed to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.You can get up to N5,000,000 loan to expand your business.
This type loan is meant for Individual with duration period is 12 months.
Document requirement
1. Loan application letter
2. Duly completed application form
3. 2 guarantors
4. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
5. Current utility bill
6. 4 recent passport-size photographs
Benefits:
No collateral
Access to funds for your business expansion
Flexible repayment structure
Training on basic financial management, business planning and customer relations
Expert financial advice available when you need it
Also read:How to apply for AB microfinance bank Various Loan application
2. Small Business Loan (SBL)
This kind of loan is designed to meet the capital needs of small and medium scale entrepreneurs who require more funds for expansion.
It ranges from one to 12 months loan duration, it has Low interest rate compare to other MFB.
Requirement.
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs
3.Regular Loan
This kind of loan product is designed to operate on a group (union) methodology. it is also known as self-selected group of people who access loans individually, but have group guarantees.
The loan amount ranges from N30,000 (minimum) to N150,000 (maximum) the Repayment is Weekly, but before you can get the loan Clients must belong to a union.
The duration is 8 months
Requirements
Duly completed application form
2 guarantors
2 recent passport-size photographs
Current electricity bill
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
4.Asset Loan
This is designed to help existing clients of LAPO MfB purchase assets such as generator, refrigerator, grinding machines etc. that will further enhance the productivity of their enterprise.
The amount ranges from N20,000 (minimum) to N400,000 (maximum with 11 months duration repayment plan
Requirement
Savings account with LAPO MfB
Duly completed application form
2 guarantors
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver’s license, voters registration card or international passport)
Also read: Sterling Bank: How to Transfer Money, check account balance
5. Overdraft
This is an individual loan product designed by the bank to assist clients with both business and household emergencies. Overdraft enables clients have access to funds for emergencies at a very low interest.
Features
Facility range: N500,000 maximum
Methodology: Individual
Duration: 1-90 days
Grace period: Negotiable
Benefits:
Access to funds in emergency situations
No collateral
Competitive interest rate
Flexible and convenient repayment structure
Expert financial advice available
Requirements
Loan application letter
Duly completed application form
2 guarantors
Valid identification card (National ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs
How to apply for LAPO Microfinance Bank loans
As a Business owner you should walk into any Lapo mfb and get your application form as well provide all the required details like 2 guarantors,valid means of ID etc that enable you qualify for the loan in respective of the package.
The application process is simple and straight forward
Also you can contact that
Head Office
LAPO Place
18, Dawson Road,
P.M.B. 1729,
Benin City,
Edo State, Nigeria.
West Africa.
Phone: +234-52-882168-9
Lagos Office
Irorun Plaza, 2nd Floor
Kudirat Abiola Way, Oregun
P.M.B. 1729,
Ikeja, Lagos State.
info@lapo-nigeria.org
Call Centre Number: +234-813-984-0230 Landline: +234-816-938-9739
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