Lapo Microfinance Student Loans, how to apply, documents required, amount

Lapo Microfinance is one of the best places to get a student loan from in Nigeria.Below are the terms for the loans.

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