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How To Apply For Lapo Loan

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Lapo loan is one of the most popular micro finance institution in Nigeria and majorly based in Ogun state and Lagos state. We will help you with how to apply for lapo loan.

In this article we will give you all you need to know about how to apply for Lapo loan and how best to get a loan through one of their friendly products to solve your personal or business needs.

About Lapo Loan

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 in 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 an 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

— Agricultural Loans

— Public Sector (Salary) Loans

— Edu-Finance Loans

— Fixed Deposit Accounts

— Individual and Group Savings Accounts

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– My Pikin and I (A savings plan to ensure the long-term future for the child(ren)

Today, Lapo loan provide services to customers from outside and within Nigeria with over 500 branches across the country. They are delighted to be able transform our desire to improve lives into a continual possibility.

Lapo Loan App

Lapo loan do not have an android or iphone application, as at the time of filling this reports, all loan application 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 any one online that is totally fake.

Lapo Loan Service

  1. 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. 
  2. 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 an credit facility of 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 the SME Loan to expand the reach of their business.
  3. Education Loan: The loans are provided to improve educational quality. The loan helps parents meet costs for 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 an active member of an association (Union).
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Education Finance Loan is categorised in two major products.

School Fees Loan

School Fees is designed to cater for 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 with regards to school fees/levies, uniforms, books , and school bus charges.

  • Loan range : NGN 20, 000 up to NGN 200 1,000
  • Grace period of 1 month time-out (Approximately 30 days following payment)
  • Interest rate : 4percent Reducing Balance (48 percent per year Reducing Balance)
  • Repayment Mode – Monthly
  • The loan can be repaid all through 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) in order to improve their schools by ensuring increased enrollment of learners and the quality of education.
The loan is structured around classification of school needs such as working capital, buildings improvement/renovation and procurement of fixed assests that enhances 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
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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 Lapo loan Customer Service center

How To Apply For Lapo Loan

To apply for any of the above loan from Lapo loan company differs depending on the kind of loan that you want .

But we will list the very important once that is 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)

You can Apply For Quick Loan Using These Loan Apps

These loan apps are only for urgent loan for personal needs, they are all genuine loan apps

Zuma Cash Loan App

Alikash Loan App

Cash Farm Loan App

Bell Loan App

Wecredit Loan App

Kiakia Loan App

Unicredit Loan App

Aimloan App

Zedvance Loan App

Creditmesan loan app

Naira9ja

Kmimk Loan Application

Nairabag

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