Last Updated on July 1, 2024 by admin
Are you small medium scale business owner who’s searching for convenient financial service to boost and grow your business Or you have applied loan from traditional bank and get rejected due to inadequate collateral .
If yes, Lapo microfinance bank get a quick loan with no hassle or tussle anytime at the snap of your fingers for you.
Microloans are often so small that commercial banks can’t be bothered lending the funds that is why microfinance bank was introduce by central bank of Nigeria to bridge that gap of smaller loan sizes.
Lapo microfinance bank loans are ideal for small business owners who operate micro enterprises businesses with fewer employees and are unable to access credit from conventional banks
The microfinance bank loan facility comprises of Lapo SME loan and Public sector loan designed to support business cash inflow.We are going to discussed on the loan package more detail as Lapo MFB provide a wide array of direct-lending solutions, both group and individual, plus specialized lending products such as asset-based lending.
Also read: List of Accion Microfinance Bank Loan facility and requirements)
1. LAPO Public Sector Loan
The loan package is designed for Government workers working in one of the government public sectors in Nigeria
Requirement
1.Have an active Account: interest borrower need to provide their commercial bank account details.
2. Applicant must be 18 years and above is the loan eligibility age.
3. Have a valid IDs
(a.) Staff Id ,
(b.) Payslip, and
(d.) Passport photograph.
2. Lapo Regular Loan
The loan facility is designed to operate on a group (union) methodology–self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses
The loan range from N30,000 (minimum) to N150,000 (maximum)with 8 months duration
Documentation
1. Duly completed application form
2. 2 guarantors
3. 2 recent passport-size photographs
4. Current electricity bill
5. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
You may like to read: Types AB Microfinance bank Loan, requirement and how to apply
3. Lapo SME Loan
The SME Loan facility is a credit product designed specifically to support and expand Small and Medium Scale Enterprises (SMEs) operators cash inflow–credit facility up to N5,000,000 to expand the enterprise at an affordable interest rate
Documentation
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
4. Lapo Special Loan
The loan product is designed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.
As client business activities continue to expand, this will necessitate the demand for higher loans facility to sustain business. In the same vein clients also require monthly loan repayment frequency as it is more convenient for them.
The loan Facility range from N50,000 (minimum) to N250,000 (maximum) with group Methodology arrangement.
Documentation
1.You must have had an excellent repayment performance while accessing Regular Loan
2.Duly completed application form
3. 2 guarantors
4. 2 recent passport-size photographs
5. Current utility bill
6. A valid means of ID (national ID, driver’s license, voter’s card or international passport)
5. Lapo Agric Loan
The loan package is to finance the farming activities of individuals, group or corporate organisations.
However, repayment schedule is designed to suit the seasonal nature of such farming activities.
Features
1.Facility range: N50,000 (minimum) to N500,000 (maximum)
2. Methodology: Individual, group and corporate
3. Duration: 1-12 months
4. Grace period: 30-60 days
5. Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.
Also read: Access Bank Women Power business loan: How to apply and requirements
6. Lapo Education Loan
The loan package is for the payment of children’s school (Primary and Secondary and school proprietors who intend to expand the school business to greater height.
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Lapo MFB Education Loan is categorized under two main product offerings: School Improvement Loan and School Fees Loan
i} School Improvement Loan is designed for school proprietors (low or medium income private schools, from Nursery to Secondary level), to improve their schools in terms of Increased learners enrollment & quality education.
The loan is structured around classification of school needs such as working capital, buildings improvement/renovation and procurement of fixed assests that enhances learning.
The purpose of school improvement loan is for Building extension, working capital, extra classrooms, dormitories, wash facilities, sick bay, buying of IT equipments, purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards e.t.c.
The Loan range ‒ NGN 250, 000 to NGN 10, 000, 000 and Repayment shall be according to school cash-flow
ii} On the other hand, School Fees Loan is to cover Tution fees, uniforms, Books & Transportation (School Bus) for parent and guardian.
The loan range from NGN 20, 000 to NGN 200, 000 with Interest rate of 4% Reducing Balance (48% per Annum Reducing Balance)
