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Types of LAPO loans and their application requirements

Types of LAPO loans and their application requirements

Knowing the type of loan you are eligible for wihout visiting the bank can be challenging. Here is the description of LAPO loan requirements and their benefits.

Lapo Microfinance is a national financial institution with headquarters in Benin city, Edo state and a branch in Lagos state. It aims at reducing poverty with a pro-poor movement which is done by empowering low- income individuals socially and economically through accessibility to sustainable financial services.
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LAPO started as a non-profitable and non-governmental organization with the aim to help the poorest and vulnerable people in the country. Since 1993 it works as a partner of Grameen Bank. In 2000 LAPO transformed into a micro-finance bank.
This microfinance bank focuses on assisting the poor, especially the women, in raising their socio-economic statuses by providing opportunities for them to learn income generating skills such as sewing, food processing and the likes . It not only acts as a microcredit institution, but also assists clients in overcoming problems beyond the lack of funds(Business capital), such as illiteracy and environmental degradation (which often aggravates poverty).

The bank provides micro-credits, but it also helps people in some aggravating situations. Any person can turn to LAPO if he or she needs some help.

Types of LAPO loans and their application requirements

Application requirements for different LAPO loans

The organization provides different types of loans, the type of loan depends on the needs of the customer and his abilities to payback.Here are the types of LAPO loans and their requirements:

Regular Loan

This kind of LOAN is designed for entrepreneurs. Any beginner of business can receive some capital to support or to start an enterprise. It is opened for those who belong to a trade union and the loan can be given for 32 weeks, the payments should be done weekly. The minimum amount that can be given under this type of loan is N30,000 while the maximum amount isN150,000.

Requirements:

  • Duly completed application form
  • Two guarantors are required
  • Two recent passport type photos
  • Current electricity bill
  • Any form of identification

SME Loan

The type of loan is given to support small or medium scale business. The loan program can give you up to N5,000,000. The loan term is 12 months.

Requirements:

  • Loan application letter
  • Current utility bill
  • Duly completed application form
  • Two guarantors are required
  • Any form of identification
  • Four passport-type photo

Small Business Loan

If your enterprise needs more funds for development then this loan is for you. It amounts to a minimum of N50,000 and maximum of N500,000. The term of the loan is 1-12 months

Requirements:

  • Loan application letter
  • Two guarantors are required
  • Duly completed application form
  • Any form of identification
  • Four recent passport-type photos
  • Current utility bill

Festival Loans

This loan is designed for entrepreneurs who want to sustain their enterprises during certain festive periods. It has a minimum of N50,000 and maximum of N250,000, the term of this type of loan is usually four months

Requirements:

  • Duly completed application form
  • An application letter
  • Two guarantors
  • Two recent passport-type photos
  • Current utility bill
  • Identification card

Lapo Agric Loan

This is a special kind of a loan that was designed for farmers and those who want to develop business in rural areas. The schedule of repaying the loan considers all the special factors of the farming cycle. The loan has a minimum amount of #50,000 and a maximum of #500,000 available for Individuals, and groups. The loan can be given only to practicing farmers

Requirements:

  • Duly completed application form
  • Two guarantors
  • Two recent passport-type photos
  • Current utility bill
  • Identification card

Asset Loan

The loan type was designed for those who want to invest assets and generate some income. with a minimum of N20,000 and maximum of N400,000. It is available for Individuals and groups. The term is 11 months

Requirements:

  • Savings account with LAPO MfB
  • Duly completed application form
  • Two guarantors
  • Two recent passport-type photos
  • Current utility bill
  • identification card

Education Loan

The loan is designed to cover all the expenses of the studying usually in Primary and Secondary schools.The minimum is N15,000 while the maximum is N40,000.
The term of the loan is eight months.

Requirements:

  • Loan application letter
  • Duly completed application form
  • Two Guarantors
  • Identification card
  • Current utility bill
  • Four recent passport-type photos

Overdraft Loan

This one can be provided to the householder or for business needs. This loan is useful if one needs help in an emergency. It is a loan of 1- 90 days and the maximum amount is #500,000.

Requirements:

  • Loan application letter
  • Duly completed application form
  • Two guarantors
  • Valid identification card
  • Current utility bill
  • Four recent passport-type photos

Special loan

This is for those who payback any other kind of the loans accurately and at the appropriate time which is usually six months with a minimum amount of #50,000 and a maximum of #250,000.

Requirements:

  • Duly completed application form
  • Two guarantors
  • Two recent passport-type photos
  • Current utility bill
  • Identification card

As a Business owner you should walk into any LAPO microfinance bank and get your application form as well provide all the required details like 2 guarantors,valid means of ID etc that enable you qualify for the loan in respective of the package.

 

2 Comments

2 Comments

  1. Jacob Adams danladi

    November 10, 2021 at 11:00 am

    Good morning managermen Of Lapo please i want a loan Of 500000 i pay in 16 month please I will be very happy to receive the loan thanks I’m Jacob Adams danladi

    • finance2

      November 11, 2021 at 9:44 am

      Please visit any of the branches nearest to you to discuss this with them

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