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Requirements for LAPO Microfinance Loans

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  • Post last modified:09.03.2023

LAPO Microfinance loans provide you with various funding options that suit your business needs.

If you want to start or grow your business, then you should consider LAPO loans. The loans provided at LAPO help you with the funds necessary for your business needs. The loans provided are easy to access and are flexible enough to meet your standards.

The types of loan products offered by LAPO are Regular, SME, Agricultural, Education, Special, and Asset loans. These LAPO loans each have unique features that target customers’ specific needs and provide the right solutions.

This article will bring more light to loan products at LAPO and give you a better understanding of which one will suit you best.

 

LAPO Microfinance Loans

Below are the available LAPO Microfinance loans with their requirements:

 


LAPO Microfinance Regular Loans

Limit

₦150,000

Interest

5-15%

Tenor

8 months

You can have a group of people under a loan where everyone accesses their loans individually but have a group guarantee. That is what a LAPO Microfinance Bank Regular loan is.

This loan product isn’t necessarily a group loan. It is a product where self-selected individuals form a group and each receives their loans individually but has their guarantees as a group. The aim of this loan is to ensure the availability of the working capital needs of small business owners is met.

The features of this Regular loan are minimum and maximum limits of N30,000 and N150,000 respectively, individual lending but group liability, weekly repayments, and customers belonging to a group or union.

The benefits of this LAPO Microfinance Bank loan are that no collateral is required. Customers can access funds for business expansion and other loan products to strengthen the client’s enterprise.

It also comes with low-interest rates and flexible repayment structures. The maximum duration is 8 months with a grace period of 2 weeks.

 

Requirements for LAPO Microfinance Bank Loan Regular Loan

  • Completed application form.
  • 2 guarantors.
  • 2 recent passport photographs.
  • Means of identification (National ID, driver’s license, voter’s card, etc.)
  • Current electricity bill.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance SME Loan

Limit

₦5 million

Interest

5-15%

Tenor

12 months

Do you have a small business and are looking for a way to expand it? LAPO Bank just made it easier for Small and Medium Enterprises to access funds for the growth and expansion of their businesses, irrespective of the sector they belong to.

This loan is designed to support business owners in running their businesses and increasing their daily income.

This SME loan has the following features:

  • A maximum credit facility of N5 million.
  • Available to individual business owners.
  • Affordable interest rates.

Some benefits of this LAPO Microfinance loan include no collateral required, access to funds for business expansion, and a flexible repayment structure.

It also involves expert financial advice and training in basic financial management, business planning, and customer relations.

 

Requirements for LAPO Microfinance Bank Loan SME Loan

  • Loan application letter.
  • Completed application form.
  • 2 guarantors.
  • 4 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance Agricultural Loan

Limit

₦500,000

Interest

5-15%

Tenor

12 months

Farmers are always hard at work despite their situations and sometimes need better financing for the growth of their crops and livestock.

The LAPO Agricultural loan is designed with the aim of aiding farmers to produce the best results their farms can bring. The loan can be given individually, in a group, or to corporate agricultural institutions.

This LAPO Microfinance loan features:

  • A minimum and maximum limit of N50,000 and N500,000 respectively.
  • Customers must be farmers with proof of existing farm investments to be eligible.
  • Individual, group, or corporate.

With this LAPO Microfinance loan, there are several benefits including no collateral required, providing capital for farming activities, flexible repayments and low-interest rates.

 

Requirements for LAPO Microfinance Bank Loan Agricultural Loan

  • Completed application form.
  • 2 guarantors.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance Educational Loans

Limit

₦200,000

Interest

4%

Tenor

6 months

These are loans targeted toward the funding of children’s education and the improvement of educational facilities.

It is designed to help parents and the owners of educational institutes provide for the children and ensure the smooth running of their learning experience. An individual can access this LAPO Microfinance loan in a union.

There are two types of educational loan products: School fees loans and School improvement loans.

School Fees Loan

This LAPO Microfinance loan is made for salary-earning parents/guardians who have a child/children or wards in private schools and are in need of financial support to pay their tuition and other expenses. The school fees loan covers their tuition, purchase of uniforms, books, and transportation.

Features of school fees loan:

  • Minimum of N20,000 and a maximum of N200,000.
  • Monthly repayment.
  • A duration of 6 months.
  • The loan can be disbursed all year round.
  • A grace period of 1 month after disbursement.
  • An interest rate of 4% reducing balance (48% p.a. reducing balance).

School Improvement Loan

This LAPO Microfinance loan now is designed for the owners of schools (private nursery or secondary) to provide up-to-date facilities and equipment for the benefit of both the students and the teachers. This will serve as an encouragement to the students.

The better the facilities, the happier the students will be to learn. This LAPO Microfinance loan covers the extension of buildings, classrooms, dormitories, sick bay, IT labs and equipment, sports facilities and equipment, transportation (school buses), black/whiteboards, etc.

Features of School Improvement Loan:

  • Minimum of N250,000 and a maximum of N10 million.
  • An interest rate of 4% reducing balance.
  • A grace period of 3-18 months.
  • Termly repayment mode.

 

Requirements for LAPO Microfinance Bank Loan Educational Loan

  • Loan application letter.
  • Completed application form.
  • 2 guarantors.
  • 4 recent passport photographs.
  • Current utility bill.
  • Valid means identification.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance Special Loan

Limit

₦250,000

Interest

5-15%

Tenor

6 months

Business owners who are existing loan clients usually experience significant growth in their businesses and often require bigger loans to further strengthen their businesses.

The LAPO Microfinance Special Loan product was designed to help those business owners in strengthening their businesses by providing them with funds necessary for their business growth.

Features of Special Loan

  • Minimum and maximum of N50,000 and N250,000 respectively.
  • A grace period of 1 month.
  • Available to groups.

Benefits

  • No collateral is required for this LAPO Microfinance loan
  • Access to the higher loan amounts for your business expansion.
  • Flexible repayment structure.
  • Expert financial advice and training in basic financial management, business planning, and customer relations.
  • Low-interest rate.

 

Requirements for LAPO Microfinance Bank Loan Special Loan

  • An excellent repayment performance during the duration of your regular loans.
  • Completed application form.
  • 2 guarantors.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means identification.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance Asset Loan

Limit

₦400,000

Interest

5-15%

Tenor

11 months

That building, vehicle, generator, or refrigerator you’ve been hoping to purchase can now be a reality with the LAPO Asset Loan.

This LAPO Microfinance loan provides you with funds that will cover the purchase of your desired asset. It is designed to help you acquire that dream property or equipment you have always wanted to get. Be it for personal or business purposes.

Features of Asset Loan

  • Minimum of N20,000 and a maximum of N400,000.
  • Available to individuals and groups.
  • A grace period of 1 month.

Benefits

  • No collateral is required for this LAPO Microfinance loan
  • Access to funds for business assets.
  • Flexible repayment structure.
  • Expert financial advice and training in basic financial management, business planning, and customer relations.
  • Low-interest rates. 

 

Requirements for LAPO Microfinance Bank Loan Asset Loan

  • An excellent repayment performance during the duration of your regular LAPO Microfinance loans.
  • Completed application form.
  • 2 guarantors.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means identification.

 

LAPO Microfinance Bank Loan Application Channels

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 


LAPO Microfinance Public Sector Loan

Limit

₦3 million

Interest

5-15%

Tenor

11 months

For salary earners in the public sector, this LAPO Microfinance loan is a payroll lending where you’re lent money and it is deducted from your monthly salary as repayment. You are given immediate access to funds and your repayments are easily made from the source (your salary). No guarantors are required for this product.

Features of Public Sector Loan

  • Ranges from N20,000 – N3 million.
  • Available to individuals.
  • No guarantor is required.
  • The client must be a civil servant under a state or federal government establishment.

Benefits

  • No collateral is required.
  • No bank account opening is required since it is payroll lending.
  • Flexible repayments.
  • The loan is disbursed within 6 hours.

 

Requirements for LAPO Microfinance Bank Loan Public Sector Loan

  • Completed application form.
  • Must have at least 2 years left in the public sector.
  • 2 recent passport photographs.
  • Last 3 months’ pay slip.
  • Last 3 months’ bank statement.
  • Valid means of identification.

 

LAPO Microfinance Bank Loan Application Channel

You can apply for this LAPO Microfinance Bank loan through the following:

  • Any LAPO Microfinance Bank branch 

LAPO Microfinance Bank Features

These are some other features of LAPO Microfinance bank are:

Savings Plan Account 

This Savings Plan Account is a product designed to accommodate individuals and groups who are looking to save money for future projects for a specific period.

Features of savings plan account

  • Minimum opening amount of N200.
  • Can be opened at any LAPO MFB branch across Nigeria.
  • Easy access to your account.
  • Payments can be made anywhere at your convenience.
  • Available to individuals and groups.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

My Pikin Savings Account

You want to raise money for your kid’s future and you need a place to start saving money. The My Pikin Saving Account gives parents the opportunity to save money to secure their child’s future. This allows parents to be rest assured that they’ve secured their child’s future before he/she reaches adulthood.

Features of My Pikin Savings Account

  • Minimum opening amount of N200.
  • Can be opened at any LAPO MFB branch across Nigeria.
  • Easy access to your account.
  • Payments can be made anywhere at your convenience.
  • Available to individuals and groups.
  • 25% p.a. interest on the savings.
  • A chance for your child to win a scholarship at LAPO MFB.
  • Expert financial advice.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

Fixed Deposit Account

If you are looking for a place to save money you don’t have an immediate use for and want to gain interest from it, the Term Deposit Account is the right choice for you. In this account, you can save the money you currently don’t have use for and gain reasonable interest on it.

Features of Term Deposit Account

  • Minimum operating balance of N50,000.
  • Competitive interest rate.
  • Easy account access.
  • Available to individuals, groups, and associations.
  • You can save funds that are not for immediate use.
  • Expert financial advice.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

Individual Savings Account

This account is designed to help individuals save money for future use in case of emergencies or important tasks and to also encourage a good saving habits.

Features of Individual Savings Account

  • A minimum account operating balance of N1,000.
  • Easy access to your account.
  • Available to all individuals.
  • Payments can be made anywhere nationwide.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

Savings Account

As the name implies, it is simply an account customers use to save money to secure their financial situations in the future.

Features of Savings Account

  • A minimum account operating balance of N1,000.
  • Easy access to your account.
  • Available to all individuals.
  • Payments can be made anywhere nationwide.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

Social Impact Deposit (Sid)

This product was developed for individuals who would like to make a deposit to help those with low income or are economically poor in society. The depositors are rewarded with attractive interest in their savings and are given the opportunity to nominate a child from a low-income household for a LAPO scholarship.

Features of SID

  • Minimum of N200,000 on account opening.
  • The minimum tenor of 6 months.
  • Payments can be made anywhere worldwide.
  • Expert financial advice.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

 

Festival Savings Account

Businesses tend to get busier and have increased demands during festive periods. The Festival Savings Account provides business owners and individuals with the opportunity to save money for the increase of stocks for sales during festivals and celebrations.

Features of Festival Savings Account

  • Very low entry balance.
  • Allows you to save money for stock increases for sale during festivities.
  • Available to individuals and groups.
  • Easy account access.

Requirements

  • Completed application form.
  • 2 recent passport photographs.
  • Current utility bill.
  • Valid means of identification.

LAPO Microfinance Bank Loan Calculator

If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below LAPO Microfinance Bank loan calculator:

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LAPO Microfinance Bank Loan FAQs

How can I apply for a LAPO Microfinance Bank loan?

You can apply for a LAPO loan by filling out an application form, then submitting the form along with the other documents required to any LAPO Microfinance branch. If your loan is approved, it will immediately be disbursed into your account.

What are the interest rates on LAPO Microfinance loans?

The interest rates on each loan depend on the amount being borrowed. You can revisit this article

When do I need to pay back my loans?

For each loan, there is a set duration. You are to pay back your loan after or during that period. There are grace periods attached to each loan upon failure to pay back within that time. If you exceed the grace period, there are sure consequences.

Are the loans secured?

No, they are not secured. The loans come totally unsecured with no collateral required.

Are guarantors necessary to open a savings account?

No, you do not need a guarantor present before you open a savings account.

What are the interest rates for savings accounts?

The interest rates are competitive but they are also negotiable.

How can I get more information on LAPO MIcrofinance loans

To find out more information on LAPO Microfinance loans, you can check out their loans listings page. 

LAPO Microfinance loans are solutions to financing issues that give you the funds you need and allow you to pay back gradually. If you have business or personal needs, there is a LAPO Microfinance loan to help you get through it without breaking the bank. 

This article will be your guide to finding what LAPO MIcrofinance loans would work best for you. If you wish to get more options on loans and funding, then check out loans from other providers.

Lois Samari
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You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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