How to apply for LAPO Microfinance Bank loans,Types and application requirements

The national financial institution Lapo microfinance Bank offers Small Business Loan (SBL),Asset loan and big business loan.

Lapo microfinance Bank offer unsecured loans of up to ranges from 30,00o naira to N5,000,000 to expand the business for small and Medium-scale Enterprises.

When Applying for Lapo MFB loans you are expected to disclose your details of your business during evaluation and processing stage.

Also read: How to Apply for Various Accion Microfinance Bank Loan In Nigeria

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

Lapo has various kind of loan, we are going to be discussing it to enable you know that loan application that suit your business.

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.
[email protected]
Call Centre Number: +234-813-984-0230 Landline: +234-816-938-9739

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