May 17, 2022
Personal Loan

Type of LAPO Microfinance bank loans, requirement and how to apply

LAPO is a microfinance bank designed for state and federal civil servants who need quick loans at a competitive rate. LAPO microfinance loans come in different packages such as LAPO agricultural loan, LAPO public sector loan, LAPO regular loan, LAPO Asset loan, Education loan, special loan, and LAPO SME loan.

 

In this article, we will be discussing LAPO microfinance loans, the type of loan facilities offered by LAPO microfinance banks, loan requirements, and how to apply for a loan.

 

Type of loan Facility Offered By LAPO Microfinance Bank

  1. LAPO SME loan

The LAPO SME loan is designed to majorly support small and medium-sized business owners in Nigeria. This type of loan does not require collateral but 2 guarantors and you can get up to N5 million with a competitive interest rate to boost your business. It has a flexible repayment plan with a duration of 12 months

 

Requirement for LAPO SME loan

To apply for lapo SME loan, the following are the things you need for the application

  • Application letter
  • A completely filled application form with signature
  • 2 guarantors
  • A valid means of identification (voter’s card, driver’s license, or international passport)
  • Proof of home address (Nepa bill)
  • 4 passports (recently snapped passports)

  • LAPO Agricultural Loan

This type of loan is designed for farmers who need capital to scale their farming business. Borrowers can get up to N30,000 to N100,000 with maturity duration of 1 to 12 months. LAPO agricultural loan does not also require collateral except 2 guarantors and it has a competitive interest rate.

 

Requirement for LAPO agricultural loan

To apply for lapo agricultural loan, the following are the things you need for the application

  • Application letter
  • A completely filled application form with signature
  • 2 guarantors
  • A valid means of identification (voter’s card, driver’s license, or international passport)
  • Proof of home address (Nepa bill)
  • 4 passports (recently snapped passports)

  • LAPO Public Sector Loan

This is a type of loan designed for federal workers all over the country and state workers in Lagos and Edo state who need a quick loan to fix their bills. Borrowers will be required to provide their commercial bank details because that is why the loan will be sent after the application gets approved.

 

Requirement for LAPO Public Sector loan

To apply for lapo public sector loan, the following are the things you need for the application

  • A staff Identity card
  • Payslip
  • Passport photograph
  • A valid means of identification (voter’s card, driver’s license or international passport)
  • The loan is open to only workers older than 18 years of age

  • Lapo Regular Loan

The LAPO regular loan is accessible to individuals operating as a group who need to borrow individually but have group guarantors. It is designed to assist borrowers to fix money-related problems in their businesses. Borrowers can get a minimum of N30,000 to a maximum of N150,000 with 8 months maturity duration. Loan repayments are scheduled every week.

 

Requirement for LAPO regular loan

To apply for lapo regular loan, the following are the things you need for the application

  • Application letter
  • A completely filled application form with signature
  • 2 guarantors
  • A valid means of identification (voter’s card, driver’s license or international passport)
  • Proof of home address (Nepa bill)
  • 4 passports (recently snapped passports)

  • Asset Loan

Asset loans are designed to help previous borrowers to purchase business assets such as generators, refrigerators, grinding machines, and so on, to boost their business. LAPO microfinance asset loans do not require collateral in any form and it comes with a flexible repayment structure..

 

Requirement for LAPO asset  loan

To apply for lapo asset loan, the following are the things you need for the application

  • Savings account with LAPO Microfinance bank
  • A completely filled application form with signature
  • 2 guarantors
  • A valid means of identification (voter’s card, driver’s license, or international passport)
  • Proof of home address (Nepa bill)
  • 4 passports (recently snapped passports)

  • LAPO microfinance Education Loan

This type of loan is designed for parents who need help in paying their children’s school fees and school owners who need to upgrade their educational facilities. However, this type of loan is only available to a member of any group, not an individual.

 

It comes in two offers;

LAPO school fees loan; is mainly open to parents who need loans to pay up their children’s educational materials, uniforms, and school fees. Borrowers can get loans ranging from N20,000 to N200,000 with an interest rate of 4% per month.

 

LAPO school Improvement loan; this type of loan is mainly open to school proprietors who need to upgrade their school facilities for a conducive and quality education. Borrowers can get a minimum of N250,000 to N10 million with a 4% interest rate per month.

 

Borrowers can make use of this kind of loan for Building extension, working capital, extra classrooms, dormitories, wash facilities, sickbay, buying of IT equipment, purchase of laboratory equipment & furniture, projectors, and textbooks, school buses, and blackboard.

  • Special loan

This is a type of loan designed for existing borrowers who need a bigger loan to scale their business. Borrowers can get a minimum of N50,000  to N250,000 with a 6-month maturity duration.

 

Requirement for LAPO special loan

To apply for lapo special loan, the following are the things you need for the application

  • An excellent history of loan repayment while accessing Regular Loan
  • A completely filled application form with signature
  • 2 guarantors
  • A valid means of identification (voter’s card, driver’s license, or international passport)
  • Proof of home address (Nepa bill)
  • 4 passports (recently snapped passports)

 

gbadamosi Asisat

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