Lapo agric loan is a type of loan every intentional farmer should seek if he wishes to step up on his farming. Agriculture remains one of the bedrock of Nigeria’s economy. Hence, a reduction in agriculture will lead to a decrease in the economy of the nation.
Concerning that, Lapo created an agric loan as one of its loan products. Please keep reading to learn more about this agric loan and how to apply for it.
Overview
Lapo agric loan is a loan product offered by Lift Above Poverty Organization (Lapo) made explicitly for farmers who want to improve their production and farming businesses.
With this loan, farmers can improve their farming and yields. This can be achieved through the purchase of fertilizers, employment of labor, and acquisition of mechanized farming implements.
Lapo agric loan is also called Lapo agricultural financing.
Objectives Of Lapo Agric Loan
The objective of Lapo agriculture financing is simple and clear. It is aimed at helping active farmers to increase their cultivation, production, and distribution of farm products, especially farmers with farm investments.
This loan covers both fertilizer and mechanized farming equipment. So, as a farmer, you have no excuse to give about not expanding your farming business. This is simply because Lapo has made it easy for you through Lapo agric loans.
Eligibility Criteria For Obtaining Lapo Agric Loan
To be eligible for applying for a Lapo agric loan, you must be a farmer. This is because this loan is aimed at financing agricultural production.
Also, you are not to be just a farmer but an active one. Having verifiable farm investments is also a plus for you.
Are you a practicing farmer with farm investments needing a Lapo Agric loan? If yes, proceed to get the following documents ready.
Needed Documents For Obtaining Lapo Agric Loan
To be qualified to apply for the Lapo agric loan, you must first be a farmer, and aft that, you have to provide the following documents;
- Your completed application form
- Your recent passport-size photographs. At least two photographs.
- Your current utility bill.
- Two trusted guarantors
- A valid means of identification ( it could be your national ID, voter’s card, driver’s license, or even your international passport).
How To Apply For Lapo Agric Loan
The following guidelines will help you apply for the Lapo agric loan without hassle.
Be eligible
The first step is to make sure you are a practicing farmer. This we have said countless times because this particular loan product is specifically available to farmers only.
Get your documents ready
The next step is to gather the documents we listed above ready. None of the papers should be found wanting because that will lead to rejection.
Visit the bank
After gathering your documents, visit the nearest Lapo microfinance bank in your city and present your objectives of coming to them.
Apply
Once you let them know what you came for, they will give you the application form. Please fill out the form and attach your documents before submitting it.
The management team will review your application and give you feedback on the application. This may not be instant, so be patient enough to wait.
How Much Lapo Agric Loan Can I Borrow From Lapo?
If you are applying for Lapo agric loan, then you are only permitted to access a minimum of N30,000 and a maximum of N1, 000, 000 worth of the loan.
However, you must prove beyond every reasonable doubt that you can utilize the loan and repay when due to avoid penalties.
How Long Will The Lapo Agric Loan Last?
The Lapo agric loan lasts between one month to 12 months. That is, the maximum tenor is one year.
However, there is a grace period of 30-60 days.
How To Repay Lapo Agric Loan
To repay your Lapo agric loan, you must visit the branch that issued you the loan. There are many Lapo microfinance bank branches in Nigeria.
Do I Need Collateral To Apply For Lapo Agric Loan?
No, you do not need a collateral or property document to obtain a Lapo agric loan.
All you need to borrow Lapo agric loan from Lapo include the following;
- Your completed application form
- Your recent passport-size photographs. At least two photographs.
- Your current utility bill.
- Two trusted guarantors
- A valid means of identification ( it could be your national ID, voter’s card, driver’s license, or even your international passport).
What Is Lapo USSD Code?
Lapo’s USSD banking code is *371#. The code allows you to obtain instant loans from Lapo using your smartphone. Yes, you can apply for instant loans from the comfort of your home. However, you will still have to visit the bank for other formalities.
How Can I Contact Lapo Microfinance Bank?
You can contact Lapo microfinance bank through the following means;
Head Office: LAPO Place, 15A Ikorodu-Ososun Road, Lagos State.
Annex Office: 18, Dawson Road, Benin City, Edo State.
Phone Number: +(234) 813 984 0230
WhatsApp Number: 081 5055 3264
Email Address: info@lapo-nigeria.org
Website: www.lapo-nigeria.org
Conclusion
Lapo agric loan is a loaning scheme you should jump on if you are an active farmer, especially this planting season. With this loan, you can expand your farming business by increasing fertilizer, employing more labor, and acquiring more farming implements.
Remember that you do not need collateral to obtain this loan, which lasts for a tenor of 1 year. We believe that this article has been of great help to you. Feel free to ask your questions in the comments section below.
