Below is a list of loans from Lapo Microfinance Bank, how to apply and requirements:

—-SME Loan

Big business requires big funding.

Big businesses require big 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 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

——Agricultural Loan

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 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)

—-Regular Loan

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 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)

—-Asset Loan

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 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)

—-Education Loan

Overview

Loans provided to enhance the quality of education. It supports parents to meet education expenses for the children and owners of educational institutions to enhance their facilities. 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 categorised 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 Tution 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 classification of school needs such as working capital, buildings improvement/renovation and procurement of fixed assests that enhances 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, sick bay, buying of IT equipments, purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards e.t.c.

Other details on School fees loan

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

—–Special Loan

Special Loan

LAPO MFB Special loan product was developed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.

The development of this product was necessitated by the fact that after funding regular loan clients for some time, their business activities expand to the point where they require higher loans to sustain their business. In the same vein these clients also require monthly loan repayment frequency as it is more convenient for them.

Features

  • Facility range: N50,000 (minimum) to N250,000 (maximum)
  • Methodology: Group
  • Duration: 6 months
  • Grace period: 1 month

Benefits

  • No collateral
  • Access to a higher loan to fund your business enterprises
  • Training on basic financial management, business planning and customer relations
  • Flexible repayment structure
  • Low interest rate
  • Expert financial advice available

Documentation

  • You must have had an excellent repayment performance while accessing Regular Loan
  • 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)

—-Public Sector Loan

LAPO Public Sector Personal Loan is a product that offers personal loans through Payroll Lending to Civil Servants at the State and Federal levels. PSPL is deduction-based, as repayments due to LAPO MfB are deducted at source before salary payments are made to obligors.

No personal Guarantor is required for this loan, however, with the acquisition of LAPO’s PS Salary Access Deduction Code, we are guaranteed of the monthly repayment as it is deducted at source.

Features

  • Facility range: NGN 20,000 – 3,000,000
  • Methodology: Individual
  • Duration: 1- 12 Months
  • No personal Guarantor is required for this loan
  • Client must be a Civil Servant under State or Federal Government establishment

Benefits

  • No collateral
  • No Bank Account opening required. It is a Payroll Lending.
  • Training on basic financial management, business planning and customer relations
  • Flexible repayment structure
  • Interest: Interest Rate: 2.95% Flat Monthly
  • Quick loan in 6 hours

Documentation

  • Duly completed application form
  • Client must have at least two years left in public service.
  • 2 recent passport-size photographs
  • Last three months’ pay slip
  • Last three months bank statement
  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)



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February 21, 2024

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