Banking

Lapo Microfinance bank loan, how to apply, requirements, rates, threshold, etc.

Lapo Microfinance bank – Are you a business owner, MSME looking for affordable financing option to gear up your business to desired height, affording a loan from mainstream banking may not be ideal for you given a number of circumstances that may work against you.

If this feels like you Lapo Microfinance bank loan may just provide succor to your search given that it focuses on providing funding for small and medium scale businesses.

History of Lapo Microfinance bank

Lapo Microfinance bank is a pro poor financial institution committed to the social and economic empowerment of low-income households through making available means to access responsive financial services with an on the spot sustainable basis.

Read also: How to access AB Microfinance Bank loan

Lapo Microfinance bank was established in 1980 as a non-governmental organization with a view to the implementation of structural adjustment program of the 1986.

Subsequently, in 2010 Lapo obtained express approval from CBN to operate as a state Microfinance bank, just after that, in 2012 it was approved to operate as a national microfinance bank. Since then it has been delivering financial services to millions of customers home and abroad.

Why Lapo Microfinance bank?

In terms of availability of flexible and structural facility, Lapo is a leading bank that even people in the society assert that it is closer to them than any government in this country regarding micro-credit.

In over 30 years, Lapo based its operations in providing easy access to micro-credits while breaching social gaps through health, education and social interventions.

Products

Lapo microfinance bank is into savings and loans in the below categories

Regular loan: This is a product designed to operate on a group basis or union. This simply refers to a self-selected group of people who aim to access loan individually, with group guarantees. This loan is developed to help achieve your working capital needs of clients that run small businesses.

Features of regular loan

  • You can access between N30k and N150k maximum
  • It’s an individual lending that comes with group liability
  • Loan tenor is 8 months
  • Charitable trust
  • Grace period is two weeks
  • You must belong to a union

Repayment: Weekly

What are the Benefits of regular loan?

  • No collateral
  • Access to funds for business expansion
  • Flexible repayment structure in place
  • Availability of training on basic financial management, business planning and customer relations
  • Low interest rate

SME loan: This is a facility designed to support Small and Medium Enterprises (SME) operators in Nigeria. This was born with the recourse that big businesses require big funding.

Features of SME loan

  • You can receive a maximum of N5,000,000
  • It’s strictly individual loan without group requirements

Tenor: 12 months

What are the benefits of SME loan

  • No collateral required
  • You can access funds for business expansion
  • You have a flexible repayment structure
  • Training and expert financial advice

Agric loan: This loan is designed to help farmers who want to boost their farming season with great yields essentially for commercial purpose. Food is an essential aspect of our daily living, supporting farmers to produce even more is on top of priority of this facility.

Read also: How to access loan from Baobab Microfinance Bank

Features of agric loan

  • You can access between N50k to N500k
  • Accessed individually, in group and corporate
  • Duration 1-12 months
  • Grace period of 30-60 days apply
  • Prospective client must be a practicing farmer that can be verified

What are the benefits of agric loan?

  • No collateral
  • You will have access to capital for a farming activity
  • Low interest rate with flexible repayment structure
  • Availability of expert financial advice

Special loan: As a regular loan client of Lapo microfinance bank, the special credit facility was designed to serve you even better. If you require bigger loan, the special loan will accommodate you provided it’s aimed to boost your business.

Features of special loan

  • N50k – N250k max
  • Group loan

Tenor: 6 months

What are the benefits of special loan?

  • No collateral
  • You can access higher loans to fund your business
  • Flexible repayment structure
  • Low interest rate
  • Expert financial advice alongside training on basic financial management, business planning and customer relations.

Asset loan: Asset loan is designed to help regular borrowers to purchase assets like generators, refrigerators, etc. Which will help the course of their business growth.

Features of asset loan

  • You can access N20k to N400k
  • Can be accessed individually and in group

Tenor: 11 months

What are the benefits of asset loan?

  • No collateral
  • Funding is quick
  • Low interest rate with flexible repayment structure
  • Expert financial advice available.

Education loan: This is a loan designed to help parents pay their children and ward’s school fees. This loan is meant at protecting your cash flow.

However this loan is categorized into 2 main products namely the; school fees and school improvement loan.

School fees loan: This is for economically active parents who are looking to pay their children school fees, tuition, etc.

Features of school fees loan

  • N20k to N200k
  • The interest rate is 4% reducing balance where it has a 48% annual reducing balance
  • Repayment is monthly

Tenor: Maximum of 1 year.

School improvement loan: This is a school proprietors loan who wish to improve their schools regarding increased learners enrollment and quality education.

In this loan you can access working capital, buildings improvement and renovation, procurement of fixed assets that enhance learning.

Read also: How to apply for Addosser Microfinance bank loan, interest rate, threshold, repayment, etc

Features of school improvement loan

  • You can access N250k to N10 million
  • The interest rate is 4% reducing balance where it has a 48% annual reducing balance
  • Repayment is termly according to school cash flow

Tenor: Maximum of 1 year.

General requirements for all loans

  • You are required to complete a loan application form
  • 2 guarantors in place
  • Make available your 2 recent passport photographs
  • Current electricity bill
  • Valid Identification card in any of the following categories; voter’s card, driver’s license, national ID card or International passport.

How to apply for a Lapo Microfinance bank loan

  • To get started, ensure to get the above requirements handy
  • Visit any of the Lapo MFB branches, use the branch locator please
  • On arrival, kindly inform a customer service officer your intention to apply for a loan which starts from opening an account
  • Complete necessary forms made available, then wait for further advice on your loan application thereafter.
What is Lapo microfinance bank interest rate?The interest rate ranges from 0.75% to 6% on monthly gauge
Lapo MFB loan calculatorThe loan calculator will usually let you know or a first-hand idea about the interest rate payable, Kindly find the loan calculator for your analysis.
How much can I get from Lapo MFB?Loanable amount varies according to loan type, however you can access up to N5 million
Where can I locate Lapo MFB branch?Lapo MFB has a number of branches nationwide, kindly use the branch locator to identify one.
Lapo MFB customer care contact Email –+2348139840230, +2348169389739 info@laponigeria.org

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