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One of Nigeria’s top microfinance organisations is LAPO Microfinance Bank. Its main office is in Lagos, where it was established in 1991. Loans, savings accounts, and insurance products are just a few of the financial services and products that LAPO Microfinance Bank provides to individuals and small enterprises.
The LAPO Microfinance Bank is dedicated to supplying underprivileged and marginalized populations with financial services. It provides service to over 2 million consumers and operates a network of over 1,000 branches across Nigeria.
The LAPO Microfinance Bank has received praise for its work in promoting financial inclusion. The BusinessDay Banks and Other Financial Institutions (BAFI) Awards presented it with the Microfinance Bank of the Year Award in 2019.
Lapo has been around for more than 25 years and over that time has assisted numerous failing businesses in rising to better and more efficient levels. Thus allowing them to provide better services to humanity. Currently in Nigeria, Lapo Microfinance Bank has branches in over 25 states. In December 2022, they were recognized as the bank with the most financial diversity.
To accommodate the demands of various customers, LAPO Microfinance Bank offers a range of loan packages. The four primary categories of LAPO loans are:
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The most fundamental LAPO loan is the regular loan. It is intended for people and small enterprises who want a little sum of money to finance their daily operations. Typical repayment terms for regular loans range from 6 to 12 months.
1. SME Loans
Small and medium-sized firms (SMEs) who require a greater sum of money to expand their operations might apply for an SME loan. SME loans frequently have lengthier repayment terms than standard loans, and collateral may be required.
2. Loan for Agriculture
This loan is intended to assist farmers and other agricultural producers in financing their businesses. Agricultural loans frequently have lower interest rates than other loan kinds, and the government may offer subsidies.
3. Loan for the Public Sector
This loan is intended for government employees who require a personal loan. There is no requirement for a guarantor because public sector loans are taken away immediately from the borrower’s income.
4. Nano Loan (pCash)
This is a small, repayable loan with a short term. Nanoloans are often used to pay for unexpected needs like medical bills or tuition. In addition to these primary loan categories, LAPO Microfinance Bank also provides a variety of other loan products, including mortgage, education, and funeral loans.
Conditions to apply for a Lapo overdraft loan
You must fulfill certain requirements in order to be eligible for a LAPO loan. Depending on the sort of loan you are asking for, these requirements may change, but they often involve having a reliable source of income, a clean credit history, and a guarantor.
- Make two copies of your passport that are photographic
- acquired two guarantors.
- Give a reliable form of identification.
- acquire a recent utility bill.
- Obtain two photocopies of your employment.
How much is Lapo willing to lend me?
A Lapo loan might cost between #20,000 and #10,000,000. Depending on the type of loan you want.
What is Lapo’s interest rate?
The range of Lapo interest rates depends on the type of loan being taken out.
Conclusion.
You wouldn’t want your firm to fall behind in a world that is changing so quickly and where so much is going on in the business world. You can take benefit of all the loans stated above thanks to LAPO Microfinance Bank. Lapo Microfinance seeks to empower low-income households in Nigeria with leadership and business skills in addition to providing financial support to the majority of the population and lowering the level of poverty in society.
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