Here we have another overview of the company that can help you with financial questions. Here is the description of LAPO loan requirements, benefits and features. Read on to find out all the details of loan application.
Types of LAPO loans and application requirements The organization provides different types of loans, the type of loan depends on the needs of the customer and his abilities to payback.
Regular type
This kind of LOAN is designed for entrepreneurs. Any beginner of business can receive some capital to support or to start an enterprise. The loan can be given for 32 weeks, the payments should be done weekly.
Features:
- Amount: minimum – N30,000, maximum – N150,000
- The term of loan: 8 months
- There are 2 weeks of grace period
- Repayment frequency: Weekly
- It is open for those who belong to a trade union.
Requirements:
- Duly completed application form
- Two guarantors are required
- Two recent passport type photos
- Current electricity bill
- Any ID
SME Loan
The type of loan to support small or medium scale business. The loan program can give you up to N5,000,000. The loan term is 12 months.
Requirements:
- Loan application letter
- Current utility bill
- Duly completed application form
- Two guarantors are required
- Any ID
- Four passport-type photo
Small Business Loan
If your enterprise needs more funds for development than this loan is for you.
Features:
- Amount: minimum – N50,000, maximum – N500,000
- Individual loan
- The term of the loan: 1-12 months
Requirements:
- Loan application letter
- Two guarantors are required
- Duly completed application form
- Any ID
- Four recent passport-type photos
- Current utility bill
Festival loans
This loan is designed for entrepreneurs who want to sustain their enterprises during the certain festive period.
Features:
- Amount minimum – N50,000, maximum – N250,000
- Available for a group
- The term of a loan is four months
Requirements:
- Duly completed application form
- An application letter
- Two guarantors
- Two recent passport-type photos
- Current utility bill ID
Lapo Agric loan
This is a special kind of a loan that was designed for farmers and those who want to develop business in rural areas. The schedule of repaying the loan considers all the special factors of the farming cycle.
Features:
- Minimum – N50,000, maximum – N500,000
- Available for Individuals, and groups
- The term of the loan1-12 months
- The loan can be given only to practicing farmers
Requirements:
- Duly completed application form
- Two guarantors
- Two recent passport-type photos
- Current utility bill
- ID
Asset loan
The loan type was designed for those who want to invest assets and generate some income.
Features:
- Minimum – N20,000, maximum – N400,000
- Available for Individuals and groups
- The term is 11 months
Requirements:
- Savings account with LAPO MfB
- Duly completed application form
- Two guarantors
- Two recent passport-type photos
- Current utility bill
- ID
Education loan
The loan is designed to cover all the expenses of the studying usually in Primary and Secondary schools.
Features:
- Minimum – N15,000, maximum – N40,000
- The term of the loan is eight months
Requirements:
- Loan application letter
- Duly completed application form
- Two Guarantors
- ID
- Current utility bill
- Four recent passport-type photos
Mid-term loan
Features:
Minimum – N10,000, maximum – N80,000
The term eight months
Requirements:
- Duly completed application form
- Current utility bill
- ID
NEDOGHAMA
It was designed by NEDOGHAMA Inc. and LAPO Bank.
Features:
- Minimum – N20,000, maximum – N80,000
- The term of the loan is six months
Requirements:
- Duly completed application form
- Two guarantors
- Four recent passport-type photos
- Current utility bill
- ID
Overdraft loan
This one can be provided to the householder or for business needs. This loan is useful if one needs help in an emergency. Features:
- The maximum amount is N500,000
- The term of the loan 1-90 days
Requirements:
- Loan application letter
- Duly completed application form
- Two guarantors
- Valid identification card
- Current utility bill
- Four recent passport-type
Special loan
This is for those who payback any other kind of the loans accurately and in a term.
Features:
- Minimum – N50,000, maximum is N250,000
- The term six months
Requirements:
- Duly completed application form
- Two guarantors
- Two recent passport-type photos
- Current utility bill
- ID
Before the application, it is advisable to be sure about the proposal and select the suitable one among the types. Use a loan calculator that can be found on official website of LAPO.
LAPO loan application process
LAPO clients are welcomed to apply for loans, the process is not difficult. LAPO company created a convenient system, let’s see how to receive LAPO loan. As an example we want to consider a special loan, this one is popular among business people who want to strengthen and expand their business with the help of some extra funds.
To receive any kind of the loan a client should be eligible. The micro-finance bank doesn’t give huge amounts of money as a loan, it proposes short period of repayment. The loans are required to be aimed for self-development or for development of ones business.
One more important requirement is that you should provide guarantee of the ability to pay the money back. Your business can be considered as such a guarantee of repayment ability. The process of the application can be much faster if you have an account in LAPO bank.
You should know what kind of loan you need, collect all the required documents and visit the office of LAPO. The manager should check all the details, and make a decision about your request. Usually, the process goes much faster and easier than in other banks.
Lapo loan in Nigeria
Lift Above the Poverty Organization or LAPO started as a non-profitable and non-governmental organization with the aim to help the poorest and vulnerable people in the country. Since 1993 it works as a partner of Grameen Bank. In 2000 LAPO transformation into a micro-finance bank.
The bank provides micro-credits, but it also helps people in some aggravating situations. Any person can turn to LAPO if he or she needs some help.
