If you are in need of an asset loan from Lapo Microfinance Bank, then you’re in luck. Lapo Microfinance Bank is a financial institution in Nigeria that offers asset financing to individuals and business owners to enable them to acquire valuable assets such as refrigerators, grinding machines, generators, and tricycles that can help boost the productivity of their businesses without any collateral. The requirements for the loan are as follows: the applicant must be a Nigerian citizen, must have a minimum of two years in business, must have a bank account with the Lapo Microfinance Bank, and must provide collateral. The application process is as follows: the applicant must fill out an online form, upload supporting documents, and wait for the approval. If approved, the applicant will receive the loan within 24 hours.
Benefits of Lapo Microfinance Bank Asset Finance Loan
- No collateral
- Quick access to funds for the purchase of business assets
- Flexible repayment structure
- Flexible repayment structure
- Low-interest rate
- Expert financial advice is available
Features Of Lapo Microfinance Bank Asset Finance Loan
- Loan Facility range: N20,000 (minimum) to N400,000 (maximum)
- Methodology: Individual and group
- Duration: 11 months
- Grace period: 30 days
Requirements for Lapo Microfinance Bank Asset Finance Loan
In order to qualify for an asset loan from Lapo Microfinance Bank in Nigeria, you must first meet some basic requirements. The applicant must be a Nigerian citizen, must be at least 18 years old, have a steady source of income, and have a good credit history. Additionally, you will need to provide 2 credible guarantors, then you can apply for the SME loan which is collateral-free.
Documentation Needed for Application
- Must have a Savings account with LAPO Microfinance Bank
- Duly completed application form
- Provide 2 guarantors
- Provide 2 recent passport-size photographs
- Provide Current utility bill
- Provide a valid means of ID (national ID, driver’s license, voter’s card, or international passport)
Step-by-Step Process For Lapo Microfinance Bank Asset Finance Loan Application
1. Research the Lapo Microfinance Bank Asset Loan and requirements in Nigeria.
2. Meet with a loan officer at the bank to discuss your needs and fill out an application.
3. Be sure to have all required documentation, such as identification, financial statements, and guarantor’s letter, ready when you apply.
4. Once your application is approved, sign the loan agreement and begin making payments on the loan.
5. It’s important to make timely payments so that your credit rating remains high.
6. Make contact with Lapo Microfinance Bank if you’re unable to make scheduled payments; they will work with you to help keep your credit rating high.
7. If you default on your loan or become delinquent, it may be difficult for you to get another line of credit or take out loans from other banks in the future.
To apply, visit the Lapo Microfinance Bank Asset Finance Loan website where you can submit your application online and upload the required documents.