LAPO Microfinance Bank loans and all you need to know

LAPO Microfinance Bank is a major national microfinance bank in Nigeria. 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 accounts

LAPO Microfinance has diverse kind of accounts that customers can open with them. Find the different accounts you can open with LAPO Microfinance below:

 

Savings Plan Account

The LAPO Microfinance Savings Plan Account is meant to help individuals or group save money towards a particular project. The goal is to help the customer generate interest on the account while they save towards their project over a period of time

Features of Savings Plan Account

• Minimum opening and operating balance is just N200
• Very low entry balance
• Easy access to your account
• Payments can be made anywhere nationwide with Pocket Money banking service
• You are able to secure and grow savings
• Available to individuals and groups
• Expert financial advice

Document required to open a Saving Plan Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

To open a Savings plan account, you have to visit any branch of the bank nationwide.

 

My Pikin Savings Account

The LAPO Microfinance Bank My Pikin Savings Account is meant to help parent/guardian save towards the welfare of their children/dependents. The goal is to help parent save to secure the future of their children till adulthood.

Features of My Pikin Savings Account

• Account opening with N200 (minimum)
• Competitive interest rate
• A chance for your child to win LAPO MfB Scholarship
• Convenient and easy withdrawal anytime, anywhere nationwide
• Payments can be made anywhere nationwide with Pocket Money banking service
• Very low entry balance
• Secured future for your child
• Available to Groups and Individuals
• Expert financial advice

Documents required to open My Pikin Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

To open My Pikin Savings Account, visit any branch of LAPO Microfinance Bank.

 

Regular Savings

The LAPO Microfinance is a regular savings account that you can make savings on a regular basis.

Features of Regular Savings account

• Account minimum operating balance of N1, 000
• Payments can be made anywhere nationwide with Pocket Money banking service
• Easy access to your account
• Expert financial advice available

Documents required to open a Regular Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

To open a LAPO Microfinance Regular Savings Account, visit any of its branches nationwide.

 

Festival Savings Account

The LAPO Microfinance Bank Festival Savings Account enables individuals to save money in anticipation of price boom during festive periods such as Christmas.

Features of Festiival Savings Account

• Available to individuals and groups
• Very low entry balance
• Easy access to your account
• Allows you save money for stock increase intended for sale during festive periods.

Document required to open Festival Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

To open a LAPO Microfinance Bankm visit any of its branches nationwide

 

Social Impact Deposit (SID) Account

The LAPO Microfinance Bank Social Impact Deposit (SID) account is an innovative deposit and investment platform that provides individuals the opportunity to make deposit with LAPO Microfinance Bank that can be used to improve on the social needs of low-income individuals. With a minimum deposit of N200,000 and a minimum tenor of 6 months, savers in return are rewarded with attractive interest that comes with the account. Other than the attractive interest on deposits, depositor is also entitled to nominate a child from a low-income household for LAPO Scholarship award.

Features of Social Impact Deposit (SID) Account

• Account Opening Minimum of N200,000
• Payments can be made anywhere nationwide
• Expert financial advise available when you need it

Documents required to open Social Impact Deposit (SID) Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

Benefits of Social Impact Deposit (SID) Account

• Opportunity to support LAPO MfB in the empowerment of low income Nigerians.
• Depositors with 1 million naira and above for a period of two (2) years is entitled to nominate a child for LAPO Scholarship

To open a LAPO Microfinance Bank Social Impact Deposit (SID) Account, visit any branch of the bank or reach-out to their customer care.

 

Term Deposit Savings Account

The LAPO Microfinance Term Deposit Savings Account enable customers save money that they do not have immediate need for and generate huge interest on it. Individuals, clubs, unions and businesses can open this account.

Features of Term Deposit Savings Account

• Minimum operating balance is N50,000
• Highly competitive interest rate
• Easy access to your account
• Available to Individuals, Groups and Associations
• You are able to secure and grow funds that are not for immediate use
• Expert financial advice available

Document required to open Term Deposit Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

 

Individual Savings Account

The LAPO Microfinance Individual Savings Account enables customers save money to meet future needs, emergencies and also encourage savings habit. This account attracts interest on it overtime.

Features of Individuals Savings Account

• Minimum opening and operating balance is N1,000
• Low entry balance
• Easy access to your account
• Payments can be made anywhere nationwide with Pocket Money banking service
• Available to all individuals
• Expert financial advice available

Document required to open Individual Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

Top open a LAPO Microfinance Individual Savings Account, visit any of its branches nationwide

 

Voluntary Savings Account

The LAPO Voluntary Savings Account is an additional savings account for clients who are already operating a Regular Savings Account. It gives clients the opportunity to save even as they pay back their loans.

Features of Voluntary Savings Account

• No minimum opening requirement
• Easy access to your account
• Payments can be made anywhere nationwide with our Pocket Money banking service
• Designed to make LAPO MfB clients save even as they pay back their loans.
• Expert financial advice available

Documents required to open a Voluntary Savings Account

• Duly completed application form
• 2 recent passport-size photographs
• Current utility bill
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

To open a LAPO Microfinance Voluntary Savings Account, visit any of it branches.

 

LAPO Microfinance Bank loans

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)

 

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

 

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

 

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.

 

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)

 

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)

 

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)

 

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.

 

How to get a loan from LAPO Microfinance Bank

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. Complete and submit your 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 has a flexible interest rate. The monthly interest rate is between 0.75% to 6%. See the image below.

 

Repayment 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 page.

 

How much loan can you get from LAPO Microfinance

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: [email protected]

 

LAPO Microfinance Bank website

The website of LAPO Microfinance is www.lapo-nigeria.org

 

LAPO Microfinance Bank branches

LAPO Microfinance has over 200 branches in Nigeria. You can use the branch locator to find the one closest to you.