. . Press "Enter" to skip to content

How To Apply For LAPO Microfinance Bank Loan – Get Requirements

LAPO Microfinance Bank is a major national microfinance bank in Nigeria with headquarters in Benin city Edo state and Branches in Lagos.
The Microfinance bank has over the years pride itself as a friend of the low income earners with loans and other financial products targeted at the low income earners.

They started as a Non Governmental Organization (NGO) in the 1980s and became a full blown National Microfinance bank in 2012 with the Central Bank of Nigeria (CBN) approval.

Lapo Microfinance bank offers unsecured loans of up to NGN 500,000 for small businesses and NGN5, 000,000 for small and Medium-scale Enterprises.

LAPO Microfinance Bank Loans Procedure

LAPO Microfinance Bank offers many loan options to Nigerians. Here are the different kinds of loans offered by LAPO:

LAPO Microfinance SME Loan

The LAPO Microfinance Bank SME Loan is targeted to support small and Medium Scale Enterprises (SMEs) in Nigeria. Irrespective of the sector or the focus of your business, you can apply for the loan. The loan amount is up to ₦5,000,000.
Features and benefits of LAPO Microfinance  SME loan
Facility amount up to N5,000,000
Methodology: Individual
Duration: 12 months
No collateral
Access to funds for your business expansion
Flexible repayment structure
Training on basic financial management, business planning and customer relations
Expert financial advice available when you need it
Document required for LAPO Microfinance SME loan
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
Current utility bill
4 recent passport-size photographs

Small Business Loan (SBL)

The LAPO Microfinance Small Business Loan (SBL) is targeted at to meet the capital needs of small and medium scale entrepreneurs who require more funds for expansion.
Features and benefits of Small Business Loan (SBL)
Facility range: ₦50,000 (minimum) to ₦500,000 (maximum)
Methodology: Individual
Duration: 1-12 months
Grace period: 1 month
No collateral
Access to funds for business expansion
Access to other loan products
Flexible repayment structure
Training on basic financial management, business planning and customer relations
Low interest rate
Expert financial advice available
Document required to get Small Business Loan (SBL)
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
Current utility bill
4 recent passport-size photographs

LAPO Microfinance Bank Agric Loan

The Agric loan is designed to finance the farming activities of individuals, group or corporate organisations. LAPO has won a CBN award for its contribution to the agric sector. A very good part of the agric loan is that the repayment is designated to conform to the seasonal nature of farming.
Features and benefits of LAPO Microfinance Agric Loan
Facility range: ₦50,000 (minimum) to ₦500,000 (maximum)
Methodology: Individual, group and corporate
Duration: 1-12 months
Grace period: 30-60 days
Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.
No collateral
Provides capital for farming activities
Flexible repayment structure
Low interest rates
Expert financial advice available
Documents required for LAPO Microfinance Agric Loan
Duly completed application form
2 guarantors
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver’s license, voter’s card, international passport)

Lapo Education Loan

The LAPO Microfinance Education Loan is designed to help in the payment of children’s school (Primary and Secondary) related expenses in Nigeria.
Features and Benefits of Education loan
Facility range: ₦15,000 (minimum) to ₦40,000 (maximum)
Methodology: Group
Duration: 8 months
Grace period: 1 month
No collateral
Access to funds for the prompt payment of children’s school related expenses.
Flexible repayment structure
Low interest rate
Documents required for Education loan
Loan application letter
Duly completed application form
2 Guarantors
A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
Current utility bill
4 recent passport-size photographs

Lapo Asset Loan

The LAPO Microfinance Asset Loan is designed to help customers of LAPO to purchase assets such as generators, fridge and every other items that will help theme grow their business.
Features and benefits of Asset Loan
Facility range: ₦20,000 (minimum) to ₦400,000 (maximum)
Methodology: Individual and group
Duration: 11 months
Grace period: 1 month
No collateral
Quick access to funds for the purchase of business assets
Flexible repayment structure
Low interest rate
Expert financial advice available
Document required for Asset Loan
Savings account with LAPO MfB
Duly completed application form
2 guarantors
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver’s license, voters registration card or international passport)

LAPO Overdraft

LAPO Microfinance Bank Overdraft is a loan products that is targeted to help customers meet household and business emergencies at low interest rate.
Features and benefits of LAPO Overdraft
Facility range: ₦500,000 maximum
Methodology: Individual
Duration: 1-90 days
Grace period: Negotiable
Access to funds in emergency situations
No collateral
Competitive interest rate
Flexible and convenient repayment structure
Expert financial advice available
Documents required for LAPO Overdraft
Loan application letter
Duly completed application form
2 guarantors
Valid identification card (National ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs

Lapo Affordable Housing loan

The LAPO Microfinance Affordable Housing loan is a  partnership between LAPO Microfinance Bank and Lafarge which started in 2013 with a goal to aid low income earners in becoming home owners through provision of funds for the construction or reconstruction of homes. Construction is facilitated by the free technical assistance from Lafarge.
Features and benefits of affordable housing loan
Facility amount: ₦1,000,000 (maximum)
Methodology: Individual/Group
Duration: 2 years
Grace period: 1 month
No collateral
Lower interest rate
Flexible repayment structure
Expert financial advice available
Documents required for affordable housing loan
Application letter
Duly completed Affordable Housing loan application form
Current utility bill
A valid means of IDs for client and guarantors (national ID, driver’s license, voter’s card, international passport)
Proof of ownership of land/housing unit.
2 recent passport-size photographs for clients and guarantors
Clients or potential clients must have an existing, viable businesses (or income from employment) with a cash flow that is robust enough for loan repayment.
Opening of savings account with a minimum of N1, 000 for all new housing clients is required. New clients will have to operate their saving accounts for a minimum of four weeks before housing loan can be assessed.

Lapo Festive Loan

The LAPO Microfinance festive loan is designated to help its customers finance their business during festive period. It is particularly targeted at businesses with high sales rate during festive period.
Features and benefits of Festive Loan
Facility range: ₦50,000 (minimum) to ₦250,000 (maximum)
Methodology: Group
Duration: 4 months
Grace period: 1 month
No collateral
Access to a quick, higher loan to fund business activities
Training on basic financial management, business planning and customer relations
Flexible repayment structure
Low interest rate
Expert financial advice available
Documents required for festive loan
Duly completed application form
An application letter
2 guarantors
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver’s license, voter’s card or international passport)

Lapo Mid-Term Loan

The LAPO Microfinance Mid-Term Loan is designed to reduce the waiting period of clients to zero and increase their cash flow. Mid-term loan can be accessed by members of a group as more funds to finance their businesses while still repaying their previous loans.
Features and benefits of Mid-Term Loan
Facility amount: ₦10,000 (minimum) to ₦80,000 (maximum)
Methodology: Group
Duration: 8 months
Grace period: 2 weeks
Access to more funds while still repaying previous loan
No collateral
Lower interest rate
Flexible repayment structure
Expert financial advice available
Documents required for Mid-term Loan
Duly completed application form
Current utility bill
A valid means of ID (national ID, driver’s license, voter’s card or international passport)

Lapo Regular Loan

The LAPO Microfinance Regular Loan is created to help meet the working capital needs of clients that run small businesses. The loan operate on a group (union) methodology.
Features and benefits of Regular Loan
Facility range: N30,000 (minimum) to N150,000 (maximum)
Methodology: Individual lending but group liability
Duration: 8 months
Grace period: 2 weeks
Repayment frequency: Weekly
Clients must belong to a union
No collateral
Access to funds for business expansion
Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
Flexible repayment structure
Training on basic financial management, business planning and customer relations
Low interest rate
Expert financial advice available
Documents required for Regular loan
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)

Lapo Special Loan

The LAPO Microfinance Bank Special loan is meant to meet the credit needs of clients who desire bigger loan sizes to strengthen their businesses.
Features and benefits of Special Loan
Facility range: N50,000 (minimum) to N250,000 (maximum)
Methodology: Group
Duration: 6 months
Grace period: 1 month
No collateral
Access to a higher loan to fund your business enterprises
Training on basic financial management, business planning and customer relations
Flexible repayment structure
Low interest rate
Expert financial advice available
Documents required for Special loan
You must have had an excellent repayment performance while accessing Regular Loan
Duly completed application form
2 guarantors
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver’s license, voter’s card, international passport)

LAPO Microfinance Bank Loan requirement

Here are the general loan requirement to get a loan from LAPO:
Application letter
Completed application form
A valid ID
Current utility bill
Passport-size photographs
Guarantors (Depending on type of loan. Not all loan require guarantor)
Please note that this is just a general guide, each type of loan is unique and requirement may differ. We have listed requirement for specific type of loan above.

Steps To Get LAPO Microfinance Bank Loans

Follow these steps to get a loan from LAPO Microfinance Bank:
1. Get your documents ready
Firstly you need to get all required documents that may be needed ready. Depending on the type of loan you are applying for.
2. Visit a branch of LAPO Microfinance Bank
You should visit a branch of LAPO. Speak to a customer care representative and you will get the loan application form.
3. Submit Completed application with documents
Complete the loan application form and submit with all documents required. Once you have done that, you have successfully applied for a loan!
LAPO Microfinance Bank Interest rate
LAPO Microfinance bank has a flexible interest rate. The monthly interest rate is between 0.75% to 6%.
Repayment Terms of LAPO Microfinance loan
You can repay loan at any branch of LAPO Microfinance. Alternatively you can also do a bank deposit or transfer to LAPO.
LAPO Microfinance Bank Loan Calculator
You can use the LAPO Microfinance loan calculator to know more about the interest rates on your loan before applying. The calculator will help you understand how your loan and repayment will work in your favour. All you have to do is visit the loan calculator.
Loan Amount Offered by LAPO Microfinance Bank
You can get a loan up to ₦5 million.
LAPO Microfinance Bank Head office
The head office of LAPO Microfinance is located at: 18, Dawson Road, P.M.B. 1729, Benin City, Edo State, Nigeria. West Africa.
LAPO Microfinance Bank customer care phone number and email
The customer care phone number is: +234-813-984-0230 and +234-816-938-9739
The customer care email is: info@lapo-nigeria.org

LAPO Microfinance Bank website

To Apply for Lapo Microfinance bank loans online or offline please visit any of the over 200 branches of LAPO Microfinance bank in Nigeria or visit the LAPO Microfinance bank website:  www.lapo-nigeria.org

 256 total views,  7 views today

4 Comments

  1. Endurance masowa Endurance masowa March 23, 2021

    Am a civil savant, and I need housing loans of 3 million, how do I go about it

    • ojootaru ojootaru Post author | March 23, 2021

      visit any of the Lapo branches to start your application for the loan

  2. Roseline Roseline April 6, 2021

    Can a salary earner be given a loan for accommodation?

    • ojootaru ojootaru Post author | April 24, 2021

      Contact LAPO for more information

Leave a Reply

Your email address will not be published. Required fields are marked *