Do you want to know more about types of Lapo loans in Nigeria continue reading below. We can not talk about the leading microfinance banks in Nigeria without Lapo Microfinance bank, yes i said so.
In this article, we’ll discuss the types of Lapo loans and everything you need to know about Lapo loans.
Overview Of LapoÂ
Lift Above Poverty Organization(LAPO) was founded in the late 1980s as a non – governmental organization to give services that help people who belong to the middle or low-class level in the country to stand on their feet financially.
The organization became licensed to function as a microfinance bank in 2010. As aforementioned, Lapo is presently one of the ranking microfinance banks in Nigeria.
Lapo microfinance bank is one the leading microfinance banks in Nigeria and reaching for West Africa.
In its over 25 years of existence, Lapo has helped many crumbling businesses to rise, and entrepreneurs push their businesses to better and more efficient levels.
Enabling them to render better services to humanity in the most efficient ways. Lapo microfinance bank has branches in 25+ states presently in Nigeria. They won the most financially inclusive bank award in December 2022.
This is to show you how non-resilient Lapo microfinance banks have been in helping all their customers and non-customers. They are also willing to help potential customers using their different loan products.
Objective Of Lapo
Lapo Microfinance aims not only to deliver financial assistance to the majority, thereby reducing the level of poverty in society but also to develop leadership and entrepreneurship skills in low-income households in Nigeria.
Types of Lapo Loans and Products
As we said above, Lapo is an organized microfinance bank that has helped many people increase their businesses.
This was possible through the variety of loan products Lapo Microfinance bank offers.
These loans come in different forms and have little or no difference in requirements. The loans are as follows;
Lapo Asset Loan
The Lapo asset loan product is made to help customers of Lapo microfinance banks acquire assets that will facilitate their businesses and have more efficiency, thereby producing more income for them.
These assets include generating sets, refrigerators, grinding machines, delivery vehicles, etc.
The Lapo asset loan ranges from NGN 20,000 to NGN 400,000. This loan product lasts for 11 months and has a grace period of 1 month.
Requirements to Obtain Lapo Asset loan product.
- Get 2 Guarantors.
- Have a savings account with
- Lapo microfinance bank.
- Complete your loan application processes.
- Get two recent passport photographs
- Get a current utility bill
- Get a reasonable means of identification( Voter’s card, Driving license, etc.).
Lapo Education Loan
This is a loan product provided to increase the quality of education. Made to help parents and guardians meet up with their kids and ward’s tuition fees.
Owners of schools and other educational institutions can also benefit from this Lapo loan product.
The educational loan product is further divided into two;
School Fee loan
The education loan product is made for working parents and guardians who wish their kids or wards to continue their education in private schools. The Lapo school fee loan product ranges from NGN 20,000 to NGN 200,000.
Requirements to Obtain Lapo School fee loan product.
- Get 2 Guarantors.
- Complete your loan application processes.
- Four recent passport photographs
- A valid means of identification.
- A parent or guardian must do it.
- Name of the beneficiary.
- Name of beneficiary’s school.
School Improvement Loan
The School improvement loan product is made to enable school owners to improve the quality of their teaching facilities.
The Lapo school improvement loan product ranges from NGN 250,000 to NGN 1,000,000. And has a grace of 3 to 18 months, depending on the loan amount.
Requirements to Obtain Lapo School Improvement Loan
- Write an application letter to Lapo Microfinance bank requesting the school improvement loan product.
- Complete your loan application processes.
- Get two guarantors.
- Provide valid means of identification.
- Provide your current utility bill.
Lapo Public sector loan
The Lapo public sector loan product is available to civil servants at the Federal and State levels. It can be obtained through the Lapo Microfinance bank Payroll Lending Structure.
Instead of a refund, it is deducted from the customer’s salary account before it is paid. This loan product requires no guarantor.
A customer can obtain between the range of NGN 20,000 to NGN 3,000,000. This loan product lasts for a period of 1 to 12 months.
Read Also – How to Be Wealthy Through Loans
Lapo Agric Loan Product
The agricultural financing product is specially made to assist farmers with loans to boost their farms. The Lapo agric loan is designed to help farmers who wish to expand their farming business.
With this product, they can acquire more seedlings, fertilizers, and machinery for better farm produce. The Lapo agric loan product ranges from NGN 300,000 to NGN 1,000,000.
This loan product lasts for 12 months and has a grace period of 1-month minimum and two months maximum.
Requirements to obtain Lapo Aric loan
- Be a practicing farmer.
- Get two photographic passport copies
- Complete your loan application processes.
- Get two guarantors.
- Provide valid means of identification.
- Provide your current utility bill.
Lapo Regular Loan Product
Lapo regular loan products are made so that individuals qualified for Lapo loans have a group of guarantees. So one must be in a group or union to obtain this loan product aside from other requirements.
The Lapo regular loan product ranges from NGN 30,000 to NGN 100,000. Also, this loan product lasts eight months and has a grace period of 14 days.
Requirements to obtain Lapo Regular loan
For Lapo regular loan, you have to provide the following ;
- Get two photographic passport copies
- Complete your loan application processes.
- Get two guarantors.
- Provide valid means of identification.
Lapo Special Loan Products
For regular customers of Lapo Microfinance bank, a special loan was made to help boost their businesses. They have bigger loans available to them. The Lapo special loan product ranges from NGN 50,000 to NGN 250,000.
Requirements to obtain Lapo Special loan
- Complete your loan application processes.
- Provide valid means of identification.
- Provide your current utility bill.
- Get two photographic passport copies.
- Most importantly, you must have a record of refunding your previous loans on time.
Lapo Small Medium Scale Enterprise Loan Product(SME)
As the name implies, this loan product is structured to boost Small and Medium Scale Enterprises aiming to enlarge their businesses. A customer can obtain as high as NGN 5,000,000. And this loan product lasts for 12 months.
Requirements to obtain Lapo SME loan
- Write an application letter to Lapo Microfinance bank requesting the loan
- Complete your loan application processes.
- Provide valid means of identification.
- You must be 18+ to have access to this loan
- Get four photographic passport copies.
- Provide other bank account details.
- Get 2 Guarantors.
Lapo Overdraft Loan Product
This loan product is precisely the best loan a customer can request from Lapo Microfinance in an emergency. The loan product is beneficial for both enterprises and household emergencies.
Furthermore, a customer can obtain as high as NGN 500,000. This loan product lasts 1 to 12 weeks, and grace is negotiable.
Requirements to obtain Lapo Overdraft loan
- Get two photographic passport copies
- Complete your loan application processes.
- Got two guarantors.
- Provide valid means of identification.
- Get a current utility bill.
- Get two photographic passport copies.
Lapo SUFEN loan Product
The Lapo support female entrepreneurs loan product is specially in favor of female entrepreneurs. It was created to empower female entrepreneurs.
Frequently Asked Questions on Lapo Loans
What are the objectives of Lapo?
The objectives of Lapo are simple. They include;
- Giving financial assistance to low-income households/businesses.
- Reducing poverty rate in the country.
- Developing Leaders and Entrepreneurs.
How much can I borrow from Lapo?
Lapo loans range from 20,000 to 10,000,000. Depending on the loan product you are going for.
How much interest does Lapo charge?
Lapo interest rates are between 4% to 48% depending on the loan product.
What are the requirements for Lapo loans?
The general requirements for Lapo loans include the following;
- Complete your loan application processes.
- Provide valid means of identification.
- Provide your current utility bill.
- Get two photographic passport copies.
Conclusion.
In a fast-changing world where so much is happening in the business world, you wouldn’t want yours to be left behind.
LAPO Microfinance bank has made all the loans mentioned above products available for you to take advantage of.
Meanwhile, we will respond to your questions about Lapo loans in the comments section. Feel free!
