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

Lapo Microfinance Bank, a national financial organization, providing Small Business Loans (SBL), Asset Loans, and Large Business Loans.

Lapo Microfinance Bank offers unsecured loans ranging from 30,000 naira to N5,000,000 to help small and medium-sized businesses expand their operations.

During the screening and processing stage of a Lapo MFB loan application, you are required to give information about your firm.

what is the prerequisite? MFB Loan Lapo

ADVERTISEMENT

CONTINUE READING BELOW

Letter of application for a loan

2 guarantors and a fully completed application form

A valid form of identification (national identification, driver’s license, voter’s card, or international passport) is required.

Utility bill at the moment

4 passport-size photos taken recently

Lapo offers a variety of loan options, and we’ll go over them here so you can figure out which one is right for you.

 

  1. Small Business Loan

This type of loan is intended to help small and medium-sized businesses (SMEs) in Nigeria.

To expand your business, you can acquire a loan of up to N5,000,000.

Individuals are eligible for this form of loan, which has a 12-month repayment schedule.

Required Documentation

Duly completed application form

2 guarantors

4 recent passport-size photographs

Current utility bill

A valid means of ID (national ID, driver’s license, voters registration card or international passport)

Benefits:

There isn’t any collateral.

Obtaining funding for your company’s expansion

Structure of repayment that is flexible

Basic financial management, company planning, and customer service training

When you need it, you can get expert financial counsel.

 

  1. Small Business Loan (SBL)

This type of loan is intended to cover the capital requirements of small and medium-sized businesses in need of additional finances for expansion.

It has a loan duration of one to twelve months and a low interest rate when compared to other MFBs.

 

Requirement

Letter of application for a loan

2 guarantors and a fully completed application form

A valid form of identification (national identification, driver’s license, voter’s card, or international passport) is required.

Utility bill at the moment

4 passport-size photos taken recently

 

  1. Standard Loan

This type of loan is meant to work in a group (union) environment. It’s also known as a self-selected group of people who take out loans on their own but are backed by a collective guarantee.

The loan amount varies between N30,000 (minimum) and N150,000 (maximum) (maximum) The loan is repaid weekly, but clients must be members of a union to qualify.

The time frame is 8 months.

 

Requirements

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)

 

  1. Asset Lending

This program is meant to assist current LAPO MfB clients in purchasing assets such as generators, refrigerators, grinding machines, and other equipment that would improve their company’s productivity.

The amount varies between N20,000 (minimum) and N400,000 (maximum) with an 11-month repayment period.

 

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)

  1. Bankruptcy

This is a one-time loan provided by the bank to help customers with both commercial and personal situations. Clients who have an overdraft have access to funds for emergencies at a very low interest rate.

 

Features

Maximum facility range: N500,000

Individualized methodology

Timeframe: 1 to 90 days

Grace Period: Negotiable

Benefits:

In the event of an emergency, you will have access to funds.

There isn’t any collateral.

Interest rates that are competitive

Structure of payments that is both flexible and convenient

Financial advice from a professional is accessible.

 

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 do I apply for a loan from LAPO Microfinance Bank?

As a business owner, you should go to any Lapo mfb and fill out an application form, as well as submit all of the relevant information, such as two guarantors, a valid form of identification, and other facts that will allow you to qualify for the loan in question.

The application procedure is straightforward and simple.

You can also reach out to them.

LAPO Place 18, Dawson Road, P.M.B. 1729, Benin City, Edo State, Nigeria is the company’s headquarters.

West Africa is a continent in West Africa.

+234-52-882168-9; Fax: +234-52-882168-9

info@lapo-nigeria.org Lagos Office Irorun Plaza, 2nd Floor Kudirat Abiola Way, Oregun P.M.B. 1729, Ikeja, Lagos State

+234-813-984-0230 (Call Center) +234-816-938-9739 (Landline)

Lapo microfinance Bank, ATM, bank, loan

ADVERTISEMENT

CONTINUE READING BELOW

, ,

Leave a Reply

Your email address will not be published.