Lapo Loan is one of the most popular microfinance institutions in Nigeria and is majorly based in Ogun state and Lagos state. We will help you with how to apply for a Lapo loan.
In this article, we will give you all you need to know about how to apply for a Lapo loan and how best to get a loan through one of their friendly products to solve your personal or business needs.
Table of Contents
About Lapo Loan
A Lapo loan is a go-to resource for loans of all types and savings plans that are designed to meet the demands of various sections of society.
They will help you make the most of your finances and your lifestyle with a particular focus on giving the most convenient access to education loans, business loans, as well as a range of savings options that are tailored to your requirements.
Established in 1987 as a Non-Governmental Organisation by Godwin Ehigiamusoe (PhD), LAPO was granted a license by the Central Bank of Nigeria to be the country’s first Microfinance Bank in 2010. So far, we’ve assisted more than 5 million (5 million) individuals to live their best lives through our services which include but aren’t only:
— SME Loans
— Public Sector (Salary) Loans
— Edu-Finance Loans
— Fixed Deposit Accounts
— Individual and Group Savings Accounts
– My Pikin and I (A savings plan to ensure the long-term future for the child(ren)
Today, Lapo Loan provides services to customers from outside and within Nigeria with over 500 branches across the country. They are delighted to be able to transform our desire to improve lives into a continual possibility.
Lapo Loan App
Lapo Loan does not have an Android or iPhone application, as, at the time of filling this report, all loan applications must be done at the nearest Lapo Loan office or online.
Unlike several loan companies and credit facility outlets that own one or many loan applications. Lapo does not own any official loan app and if you see anyone online that is fake.
Lapo Loan Service
- Regular Loan: The loan product was specifically designed to function using the basis of a group (union) method. A union is an autonomous group of individuals who have access to loans independently however, they are guaranteed by a group. Regular Loan is designed to assist in meeting the requirements of customers who operate small companies.Â
- SME Loan: Large companies require large loans. This loan from LAPO Microfinance Bank “SME Loan” is a product of credit designed specifically to assist Small and Medium Scale Enterprises (SMEs) that operate in Nigeria. No matter what industry in which your business operates, LAPO MfB is willing to assist you with a credit facility that can be up to N5 million to grow your business. At a reasonable price, Nigerian SMEs can now increase their chances of success through SME Loans to expand the reach of their business.
- Education Loan: The loans are provided to improve educational quality. The loan helps parents meet the costs of education for their students and also the proprietors of educational institutions in enhancing their facilities. Education loans are aimed at safeguarding the flow of cash of businesses of clients. This loan can be obtained by clients who are active members of an association (Union).
Education Finance Loan is categorized into two major products.
School Fees Loan
School Fees is designed to cater to financially active parents and guardians who want to teach their children in private schools.
This product is specifically designed to bridge the gap between what is required of the child as well as what parents can offer about school fees/levies, uniforms, books, and school bus charges.
- Loan range: NGN 20, 000 up to NGN 200 1,000
- A grace period of 1-month time-out (Approximately 30 days following payment)
- Interest rate: 4 percent Reducing Balance (48 percent per year Reducing Balance)
- Repayment Mode – Monthly
- The loan can be repaid throughout the year
Purpose of loan
To pay tuition fees, uniforms, books & Transportation (School Bus).
School Improvement Loan
Schools Improve Loan is designed to help school owners (low or moderate-income private schools from nursery to secondary level) to improve their schools by ensuring increased enrollment of learners and the quality of education.
The loan is structured around the classification of school needs such as working capital, building improvement/renovation, and procurement of fixed assets that enhance learning.
- The loan range is NGN 250,000. up to NGN 10 10, 000 1, 000
- Grace period: between 3 and 18 months
- Interest rate: Reducing Balance 4% (48 percent per year Reducing Balance)
- Repayment Mode – Termly-Repayment must be as per the flow of cash at the school.
- The loan can be repaid throughout the year
Purpose of loan
Building extension and working capital, more classrooms dormitories, wash facilities sick bay, purchasing of IT equipment, purchasing furniture and equipment for laboratories including projectors, books and school buses and blackboards e.t.c.
4. Agricultural Loan:Agriculture financing is intended to assist farmers in achieving more efficient results through the use of loans to farmers. The size of loans ranges from N30,000 – N1,000,000
For more details about Agricultural Loan, kindly contact the Lapo Loan Customer Service center
How To Apply For Lapo Loan
Applying for any of the above loans from Lapo loan companies differs depending on the kind of loan that you want.
But we will list the very important once that are needed regardless of your kind of loan, carefully read below.
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- Current electricity bill
- A valid means of ID (national ID, driver’s license, voter’s card, or international passport)