Types of LAPO Microfinance Bank Loans application and requirements

Are you a business owner or State/Federal Civil servant who needs a quick-support loan from Lapo microfinance bank at the cheapest interest rate? The micro credit institution offers different kinds of credit facilities.

The bank offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient environment.

The Lapo MFB loan package include the following:

1.Lapo SME Loan
2.Lapo Agricultural Loan
3.Lapo Public Sector Loan
4.Lapo Regular Loan
5.Lapo Asset Loan
6.Education Loan
7.Special Loan

1.Lapo SME Loan

The LAPO Microfinance Bank “SME Loan” is a credit facility designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria. You can get up to N5,000,000 at an affordable interest rate to expand your business.

The good aspect about this type of loan doesn’t require any collateral except 2 guarantors. It has a Flexible repayment structure with a Duration of 12 months.

 

Documentation required to apply for Lapo SME Loan

To apply for Lapo SME Loan you need to present the following documents as stated below:

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

 

2.Lapo Agricultural Loan

The Lapo Agricultural Loan is designed to help farmers achieve better results through the provision of agricultural loans up to ₦30,000- ₦1,000,000 with loan tenor ranging from 1-12 months with Grace period 30-60 days.The loan has Low interest rate and it don’t require any collateral except 2 guarantors

 

Documentation require to apply for Lapo Agricultural Loan

To apply for Lapo Agricultural Loan, you need to provide below documents:

1. Duly completed application form
2. 2 guarantors
3. 2 recent passport-size photographs
4. Current utility bill
5. A valid means of ID (national ID, driver’s license, voter’s card or international passport)

 

3.Lapo Public Sector Loan

This kind of loan is designed for Federal workers across the country and state workers within Lagos and Edo states who need a quick loan. you need to provide your commercial bank account details because Lapo need this to send your money to you should your loan request is approved

Required documents to apply for Lapo Public Sector Loan

Have valid IDs : We only need you to upload
(a.) Staff Id ,
(b.) Payslip, and
(d.) Passport photograph.
{e} You must be 18 years and above is the loan eligibility age

 

4.Lapo Regular Loan

The Lapo Regular Loan is designed to operate on a group (union) 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.

Borrowers can get up to N30,000 (minimum) to N150,000 (maximum)with 8 months tenor with Repayment frequency Weekly.

 

Documentation for Lapo Regular Loan

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)

5. Asset Loan.

The Lapo mfb Asset Loan is designed to help existing clients purchase assets such as generators, refrigerators, grinding machines. You can access credit facility up to N20,000 (minimum) to N400,000 (maximum) with 11 months duration

The Asset loan doesn’t require any collateral and it has Flexible repayment structure with loan interest rate.

 

Documentation to apply for Lapo mfb Asset Loan

1. Savings account with LAPO MfB
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)

 

6. Lapo Mfb Education Loan.

The Lapo Mfb Education Loan is designed to support parents’ education expenses for the children and owners of educational institutions to enhance their facilities.This loan can be accessed by a client who is a member of a group (Union).

The Lapo Education Finance Loan is categorised under two main product offerings.

.Lapo School Fees Loan is designed to cover Tuition fees, uniforms, Books & Transportation (School Bus). Borrower can get up to NGN 20, 000 to NGN 200, 000 with Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)

.School Improvement Loan: The lapo 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 enrolment & quality education.

You can get up to NGN 250, 000 to NGN 10, 000, 000 with Grace period ‒ 3 to 18 months. It has an Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance).

Borrower can make use this kind of loan for Building extension, working capital, extra classrooms, dormitories, wash facilities, sick bay, buying of IT equipment s , purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards

 

7. Special Loan

LAPO MFB Special loan is designed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses. You can get facility up N50,000 (minimum) to N250,000 (maximum) with 6 months duration

The loapo special loan doesn’t require any collateral except 2 guarantors with Low interest rate

 

Required Documents to apply for Special Loan

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)

 

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