How to Get a Lapo Loan with Ease

Do you need a step by step guidelines on how to get a lapo loan without any stress? If yes, please kindly go through this article to avoid making any mistake when you want to apply for a loan with Lapo.

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The LAPO is the acronym for Lift Above Poverty Organization, which was founded in 1987 as a Nigerian non-governmental organization with the purposeful goal of assisting local Nigerians in escaping poverty. It expanded as a Microfinance Institution (MFI) in 1990, and in 2007 it was authorized to operate as a microfinance bank. LAPO is a local microfinance institution dedicated to assisting Nigeria’s underprivileged.

In other words, LAPO Microfinance Bank is an organization that offers a variety of financial products and solutions to help low-income individuals, micro, small, and medium-sized businesses, and households in 34 of Nigeria’s 36 states, including the Federal Capital Territory of Abuja. It boasts a large branch network with more than 500 locations in Nigeria.

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How to Get a Lapo Loan with Ease

LAPO provides many loan packages for its clients which can be accessed both online and offline without stress, some of these packages are discussed in this article to guide you through the easy process of accessing loans from LAPO Microfinance Bank with ease.

1.) SME Loan

SME Loan is a loan instrument created especially to assist Small and Medium Scale Enterprises (SMEs) owners in Nigeria.

Regardless of the industry in which your business operates, LAPO MFB is willing to provide you with a loan facility of up to N5,000,000 to help you grow your business. With the SME Loan for business expansion, Nigerian SMEs can now take advantage of their potential at a competitive interest rate with a period of 12 months

Requirements

Loan application letter
Duly completed application form
Two (2) guarantors
A valid means of Identification
Current utility bill
Four (4) recent passport-size photographs

2.) Regular Loan

Although the Lapo regular loan is offered to an individual, it is built to operate in a group (union). A union is a self-selected group of individuals who have group guarantees but can access loans independently. This loan has 8 monthly repayment plan and 2 weeks grace period.

Requirements

Duly completed application form
Two (2) guarantors
Two (2) recent passport-size photographs
Current electricity bill
A valid means of Identification

3.) Agricultural Loan

The purpose of Agricultural loan is to provide farmers with loans so they can improve their yields. Loan amounts range from N30,000 to N1,000,000. This loan can be accessed by individuals, groups, or corporate bodies with a duration of 1-12 months and a grace period of 30-60 days

Requirements

Duly completed application form
Two (2) guarantors
Two (2) recent passport-size photographs
Current utility bill
A valid means of Identification

4.) Education Loan

Education loans are made to improve the standard of education. It aids proprietors of educational institutions in enhancing their facilities while also helping parents pay for their children’s education costs. This loan is in two parts; School Fees Loan and School Improvement Loan.

i.) School Fees loan is intended for financially capable parents and guardians who are willing to send their kids to private schools.

This product is designed to bridge the financial gap between what a child needs and what their parents can provide in terms of school fees and levies, uniforms, books, and school transport expenses. The loan range is N20,000-N200,000

ii.) School Improvement Loan: The goal of the School Improvement Loan is to help owners of low- or middle-income private schools from kindergarten through secondary level, develop their institutions to attract more students and provide higher-quality instruction.

The loan is set up according to how much money schools require for things like operating capital, building renovations, and the purchase of fixed assets that promote education.

Requirements

Loan application letter
Duly completed application form
Two (2) guarantors
A valid means of Identification
Current utility bill
Four (4) recent passport-size photographs

How to Apply

To access any of these loans we have mentioned above, please kindly visit www.lapo-nigeria.org/loans

Hope this article was really helpful? If yes, please share to help others who needs this information, thanks.

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