How To Easily Access Lapo Microfinance Bank Loans

How To Easily Access Lapo Microfinance Bank Loans

Are you in need of a loan to boost your Agriculture business, SME, Education, etc? If your answer is yes, then you are at the right place as we will walk you through different Lapo Microfinance Bank Loans and how to easily access them.

About Lapo Microfinance Bank

Lapo Microfinance is a national financial institution with headquarters in Benin city, Edo state, and a branch in Lagos state.

LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households through the provision of access to responsive financial services on a sustainable basis. The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe Ph.D. in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.

You may also want to read How To Easily Access CBN AGSMEIS SME Loan

Different Categories Of Lapo Microfinance Bank Loans And Their Requirements

Below are categories of loans offered by Lapo Microfinance Bank which is suitable for the need of the customer, attract low interest, and have no collateral involved.

• Regular Loan
• SME Loan
• Agric Loan
• Asset Loans
• Education Loans

Regular Loans

This loan product is designed to operate on a group (union) methodology. A union is a 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.

Features

• Facility range: N30,000 (minimum) to N150,000 (maximum)
• Methodology: Individual lending but group liability
• Duration: 8 months
• Charitable Trusts
• Grace period: 2 weeks
• Repayment frequency: Weekly
• Clients must belong to a union

Benefits

• No collateral
• Access to funds for business expansion
• Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
• Flexible repayment structure
• Training on basic financial management, business planning, and customer relations
• Low-interest rate
• Expert financial advice is available

Documentation

• 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)

SME Loans

The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.

Irrespective of the sector your enterprise is operating, LAPO MfB is willing to support you with a credit facility up to N5,000,000 to expand the enterprise. At an affordable interest rate, Nigerian SMEs can now maximize their potentials with the SME Loan for the expansion of their businesses.

Features

• Facility amount up to N5,000,000
• Methodology: Individual
• Duration: 12 months

Benefits

• No collateral
• Access to funds for business expansion
• Flexible repayment structure
• Training on basic financial management, business planning, and customer relations
• Expert financial advice is available

Documentation

• 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

Agric Loans

Agricultural financing is designed to help farmers achieve better results through the provision of agricultural loans. Loan size is between ₦30,000- ₦1,000,000.

Features

• Facility range: N50,000 (minimum) to N500,000 (maximum)
• Methodology: Individual, group, and corporate
• Duration: 1-12 months
• Grace period: 30-60 days
• Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Benefits

• No collateral
• Provides capital for farming activities
• Flexible repayment structure
• Low-interest rate
• Expert financial advice is available

Documentation

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

Asset Loans

Asset loan as the name implies is targeted 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.

Features

• Facility range: N20,000 (minimum) to N400,000 (maximum)
• Methodology: Individual and group
• Duration: 11 months
• Grace period: 1 month

Benefits

• No collateral
• Quick access to funds for the purchase of business assets
• Flexible repayment structure
• Flexible repayment structure
• Low-interest rate
• Expert financial advice is available

Documentation

• 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, voter’s card, or international passport)

You may also want to read Microfinance Banks You Can Get Up to N5 Million Loan Easily

Education Loans

Education loan is a loan designed strictly for the payment of children’s school (Primary and Secondary) related expenses in Nigeria only. Education loan is aimed at protecting the cash flow of clients’ businesses. This loan can be accessed by a client who is a member of a group (Union).

Education Finance Loan is categorized under two main product offerings.

School Fees Loan

School Fees is designed for economically active parents/guardians who have the willingness to educate their children in private schools.
This product is tailored to close the gap between the need of the child and what the parent can offer in regard to school fees/levies, uniforms, books, and school bus fees.

• Loan range ‒ NGN 20, 000 to NGN 200, 000
• Grace period ‒ 1 Month moratorium (Approximately 30 days after disbursement)
• Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
• Repayment Mode ‒ Monthly
• Loan period ‒ Loan can be disbursed all year round

Loan purpose

— To cover Tuition fees, uniforms, Books & Transportation (School Bus).

School Improvement Loan

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.
The loan is structured around the classification of school needs such as working capital, buildings improvement/renovation, and procurement of fixed assets that enhance learning.

• Loan range ‒ NGN 250, 000 to NGN 10, 000, 000
• Grace period ‒ 3 to 18 months
• Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
• Repayment Mode ‒ Termly-Repayment shall be according to school cash-flow
• Loan period ‒ Loan can be disbursed all year round

Loan purpose

— Building extension, working capital, extra classrooms, dormitories, wash facilities, sickbay, buying of IT equipment, purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards e.t.c.

Features

• Facility range: N20,000 to N200,000 (maximum)
• Methodology: Group
• Duration: 8 months
• Grace period: 1 month

Benefits

• No collateral
• Access to funds for the prompt payment of children’s school-related expenses.
• Flexible repayment structure
• Low-interest rate

Documentation

• 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

How To Apply For Lapo Microfinance Loans

Interested and qualified applicants should kindly visit Lapo Microfinance official website to apply

Note: The Lapo Microfinance Bank Loans are free to access, so ignore anyone demanding money from you to facilitate your loan request.

How To Easily Access Lapo Microfinance Bank Loans