LAPO Microfinance Bank Loans (All You Need To Know)

LAPO Microfinance Bank Loans (All You Need To Know). Get All The Information You Need On Get A Loan In LAPO Microfinance Bank. Check This Post Now.

One of the major national microfinance bank in Nigeria today has to LAPO microfinance bank. Do you wish to get a loan? Are you looking for a secure platform which you can get a loan? Have you heard of LAPO microfinance bank loans? Then you are on the right platform for this as I have written in this article everything you need to know about LAPO microfinance bank loans. Let’s get started!

See Also: What Entrepreneurs Must Have Before Looking For Loan or Grants

What kind of microfinance account does LAPO microfinance bank operate?

There are different kinds of accounts which people can open with LAPO microfinance bank. Here are some of them:

1. Savings plan account
2. My pikin savings Account
3. Regular savings
4. Festival savings account
5. Term deposit savings account

What loans do LAPO Microfinance Bank offer?

There are different kinds of loan which LAPO microfinance bank gives. Some of them are:

1. LAPO microfinance SME loan
2. Small business loan
3. LAPO microfinance bank Agric loan
4. Education loans
5. Asset loan
6. LAPO overdraft
7. Regular loan
8. Special loan

See Also: Top Best Loan Apps in Nigeria To Get Quick Loan Without Collateral

LAPO Microfinance Bank Loans

1. LAPO MICROFINANCE SME LOAN

The LAPO microfinance SME loan is designed to help small scale as well as medium scale enterprises in Nigeria. Here is what the Loan entails:

1. Up to 5,000,000
2. No collateral
3. Duration: 12 months
4. Flexible repayment structure
5. Training on basic financial management
6. Expert financial advice available when you need it

2. SMALL BUSINESS LOAN

This loan is designed to help meet the capital needs of small scale as well as medium scale entrepreneurs. Here is what this loan entails:

1. N50,000 – N500,000
2. Duration: 1-12 months
3. Grace period: 1 month
4. No collateral
5. Low interest rate
6. Flexible repayment structure
7. Expert financial advice available

3. LAPO MICROFINANCE BANK AGRIC LOAN

This loan is designed to give farming support to individuals, group as well as corporate organizations. One thing you need to know about this loan is that the repayment is designed to follow the seasonal nature of farming. Here is what the loan entails:

1. N50,000 – 500,000
2. Duration: 1- 12months
3. Grace period: 30 – 60 days
4. Prospective clients must be practicing farmers with evidence of existing farm investments
5. No collateral
6. Low interest rates
7. Flexible repayment structure
8. Expert financial advice available.

See Also: How To Get Student Loan In Nigeria

4. EDUCATION LOANS

The education loan is designed to help in the payment of primary as well as secondary related expenses in Nigeria. Here is what the loan entails:

1. 15,000 – N40,000
2. Duration: 8 months
3. Grace period: 1 month
4. No collateral
5. Low interest rate

5. ASSET LOAN

This kind of loan is designed for clients who may want to purchase assets. It can be in form of fridge, generators, Air conditioners and so on.  Here is what the Loan entails:

1. 20,000 – 400,000
2. Duration: 11 months
3. Grace period: 1 month
4. No collateral
5. Low interest rate
6. Expert financial advice available

6. LAPO OVERDRAFT

This kind of loan is designed to help customers meet emergencies either household or business at low interest rate. Here is what the loan entails:

1. Maximum of N500,000
2. Duration: 1-90 days
3. Grace period: Negotiable
4. No collateral
5. Competitive interest rate
6. Expert financial advice available

7. REGULAR LOAN

The regular loan is designed to help meet the working capital needs of customers that run small businesses. it should be noted that this loan’s methodology is the group type.  Here is what the regular loan entails:

1. N30,000 – N150,000
2. Duration: 8 months
3. Grace period: 2 weeks
4. weekly repayment frequency
5. low rate interest
6. Access to funds for business expansion
7. Flexible repayment structure.

See Also: USSD Code for Loans in Nigeria | Best Loan With Low Interest Rate

8. SPECIAL LOAN

The LAPO special loan was put together to meet the needs of customers that may want a bigger loan size simply to help build their business. below are what the special loan comes with:

1. N50,000 – N250,000
2. Duration: 6 months
3. grace period: 1 month
4. No collateral
5. low interest rate
6. Expert financial advice
7. Access to a higher loan to fund your business enterprises

What are the requirements for LAPO microfinance bank loan?

Every loan company has a requirement and LAPO is not left out. Some of the general requirements are:

1. Application letter
2. Completed application form
3. A valid ID
4. Current utility bill
5. Passport size photographs
6. Guarantors

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