Types of LAPO Microfinance Bank Loans application and requirements

Are you a business owner or State/Federal Civil servant in need of a microloan from Lapo with the lowest possible interest rate? The microcredit institution provides a variety of credit options.
The bank facilitates entrepreneurs’ access to loans in an environment that is swift, transparent, and efficient.

The loan package for Lapo MFB includes the following:

1.Lapo SME Loan

2.Lapo Agricultural Loan

3.Lapo Public Sector Loan

4.Lapo Regular Loan

5.Lapo Asset Loan

6.Student Loan

7.Special Loan

1.Lapo SME Loan

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

The advantage of this type of loan is that it does not require collateral, only two guarantors. It features a Flexible repayment structure with a 12-month duration.

Application requirements for the Lapo SME Loan

To apply for a Lapo SME Loan, you must provide the documents listed below.

1. Loan application letter

2. A properly filled out application form

3. 2 guarantors

4. A valid form of identification (national ID, driver’s licence, voter identification card, or international passport).

5. Monthly utility bill

6. 4 recent passport-size photographs

2.Lapo Agricultural Loan

The Lapo Agricultural Loan is intended to assist farmers in achieving greater success through the provision of agricultural loans ranging from 30,000 to 1,000,000 for terms of 1 to 12 months, with a grace period of 30 to 60 days.

The loan has a low interest rate and requires no collateral other than two guarantors.

Required paperwork to apply for a Lapo Agricultural Loan

To apply for a Lapo Agricultural Loan, you must submit the following materials:

1. A properly filled out application form

2. 2 guarantors

3. 2 recent passport-size photographs

Expired utility bill

5. A valid form of identification (national ID, driver’s licence, voter identification card, or international passport).

3.Lapo Public Sector Loan

This type of loan is intended for Federal employees across the country and state employees in Lagos and Edo who need a quick loan. You must provide Lapo with your commercial bank account information so that they can send your loan proceeds to you if your loan request is approved.

Application requirements for the Lapo Public Sector Loan

Have valid IDs: You need only to upload

(a) Staff Identification Card,

(b.) Payslip, and

(d.) Passport photograph.

e You must be at least 18 years old to qualify for a loan.

4.Lapo Regular Loan

The Lapo Regular Loan is designed to operate on a self-selected group (union) of individuals who access loans individually but are backed by the group.

Regular Loan is designed to help small business owners with their working capital needs.

Borrowers can receive between N30,000 (minimum) and N150,000 (maximum) with a term of 8 months and weekly repayments.

Documentation for Lapo Regular Loan

1.A properly filled out application form

2. 2 guarantors

3. 2 recent passport-size photographs

4. present electric bill

5. A valid form of identification (national ID, driver’s licence, voter identification card, or international passport).

Asset Loan 5.

The Lapo mfb Asset Loan is intended to assist existing clients in acquiring assets like generators, refrigerators, and grinding machines. Credit facility is available from N20,000 (minimum) to N400,000 (maximum) for 11 months.

The Asset loan does not require collateral, and its repayment structure and interest rate are flexible.

Application materials for a Lapo mfb Asset Loan

1. deposit account at LAPO MfB

2. A properly filled out application form

3. 2 guarantors

4. 2 recent passport-size photographs

5. Monthly utility bill

6. A valid form of identification (national ID, driver’s licence, voter identification card, or international passport).

6. Lapo Mfb Student Loan

The Lapo Mfb Education Loan is intended to assist parents with their children’s education costs and educational institution owners with facility improvements.

A client who is a group member may apply for this loan (Union).

The Lapo Education Finance Loan falls under two distinct product categories.

.Lapo School Fees Loan is intended to cover Tuition, uniforms, Books, and Transportation (School Bus). Borrower can receive between NGN 20,000 and NGN 200,000 with an interest rate of less than 4%. (48 percent 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 enrollment of students and quality education.

You can receive between NGN 250,000 and NGN 10,000,000 with a grace period of between 3 and 18 months. It has a declining balance and an interest rate below 4%. (48 percent per Annum Reducing Balance).

Borrower may utilise this loan for Building extension, working capital, additional classrooms, dormitories, wash facilities, sick bay, purchasing of IT equipment s, purchase laboratory equipment & furniture, projectors, textbooks, school bus, and blackboards.

7. Special Loan

The LAPO MFB Special loan is designed to meet the credit requirements of existing regular loan clients who require larger loan amounts to bolster their businesses. You can obtain a loan of N50,000 (minimum) to N250,000 (maximum) for a period of 6 months.

The loapo special loan requires no collateral other than two guarantors and has a low interest rate.

Required Documents for Special Loan Application

1.You must have demonstrated outstanding repayment performance while utilising Regular Loan.

2. A properly filled out application form

3. 2 guarantors

4. 2 recent passport-size photographs

5. Monthly utility bill

6. A valid form of identification (national ID, driver’s licence, voter identification card, or international passport).

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