Guide On How To Get A Loan From LAPO

How to apply for LAPO Microfinance Bank loans,Types and application requirements - How To -Bestmarket

LAPO is an organization that dedicates its services to meeting people’s needs and helping people to fight poverty. As the name implies, lift above poverty is aimed and focused at empowering the poor and the vulnerable to have a better society, especially the females.

LAPO extends the hands of financial assistance to people and it’s however worthy of note that LAPO does not only extend financial help to people but the organization also helps people in other areas like education (illiteracy) and environmental degradation. It is believed that these areas can lead to poverty if not carefully battled.

To enjoy the services of LAPO, there are many accounts that one can run with them. These accounts are explained below.

Guide On How To Get A Loan From LAPO

LAPO Microfinance Bank Accounts

SAVINGS PLAN ACCOUNT

The savings plan account is meant for customers to save money for a particular purpose. This plan will help customers generate interest even as they keep their money.

The benefits attached to this plan include the following.

  • You can open this account with a minimum of 200 naira.
  • You can fund your account using a pocket money banking service and you have easy access to your account.
  • You have access to financial advice from experts.
  • Individuals and groups of people have access to this plan.

The requirements for opening this account are not difficult to obtain. They include; a valid means of identification, a current utility bill, and two recent passport photographs. One can open this account at any LAPO microfinance office branch.

MY PIKIN SAVINGS ACCOUNT

This savings account is designed for parents to make savings for the welfare and development of their child(ren) till they become grown. As the SAVINGS PLAN ACCOUNT, MY PIKIN SAVINGS ACCOUNT has a flexible way of operation.

  • You can open this account with a minimum of 200 naira
  • There is easy access, as you can make withdrawals anytime and anywhere.
  • When you have this account, you have free access to financial counselling with experts in the field.

The requirements to open this account include the following;

Recent passport photographs, valid and recent utility bills, a valid means of ID  that is, any of these; national ID, driver’s license, voter’s card, or international passport.

Visit any LAPO microfinance office branch with the above requirements to register.

REGULAR SAVINGS

The regular savings scheme is basically for individuals’ regular and constant savings. With this, You have easy access to your account anywhere, you can make payments and transactions can be made anywhere through pocket money banking service. Also, when you have this account, you have access to advise from experts in the field of finance.
To register, visit any LAPO microfinance office branch with 2 passport photos, a recent and valid utility bill, and a valid means of identification.

FESTIVAL SAVINGS ACCOUNT:

This savings plan is for individuals to save money for festive seasons. This will help individuals to keep money when they have it in abundance and get money gathered in preparation for the hike in prices of goods in festive seasons. This feature is available for both individuals as groups. You have easy access to your bank savings also.

To register, visit any LAPO microfinance office branch with 2 passport photos, a recent and valid utility bill, and a valid means of identification.

SPECIAL IMPACT DEPOSIT ACCOUNT (SID):

This is in the form of investment. You register and make savings that will be used as loans for other individuals. The minimum amount of deposit is 200,000 and this will yield interest after some amount of time. Under this platform, you can make payments from anywhere you are. You have access to financial advice from experts.

When you have this account, you enjoy the opportunity to support LAPO MjfB in the empowerment of Nigerians with low income.
Also, depositors with 1 million naira and above for two years are entitled to nominate a child for LAPO Scholarship.

To register for this, just visit any LAPO microfinance office branch with 2 passport photos, a recent and valid utility bill, and a valid means of identification.

TERM DEPOSIT SAVINGS ACCOUNT

This is similar to SID but this term does not involve a huge amount of money as SID. Individuals can save money that they don’t need immediately and earn interest in it.

The minimum amount for operating this account is 50,000. You have easy access to your account, Individuals and organizations have access to open this account.

The registration for this savings account is also as simple as the others. The requirements are 2 passport photos, a recent and valid utility bill, and valid means of identification.

INDIVIDUAL SAVINGS ACCOUNT

The individual savings account is like the normal savings account you can have with other banks. You can make deposits into this account anytime with a pocket money banking service. You can open this account with just 1,000 naira.

The requirements for opening this account are also as others visit any LAPO microfinance office branch near to you with two recent passport photographs and recent utility bill and a valid ID card.

VOLUNTARY SAVINGS ACCOUNT

This scheme is for those who already have an individual savings account. The main purpose of designing this scheme is for customers to be able to save even as they pay their loans.

The benefits enjoyed by individuals from the LAPO microfinance bank are not limited to having various bank accounts. LAPO also allows Individuals to get loans and pay them back. Various loan schemes offered by LAPO and their features are explained below.

LAPO MICROFINANCE SME LOAN

This loan scheme is for small and medium scale businesses. Under this, you can apply for a loan of up to 500,000 thousand naira and you pay back within 12 months and it has a flexible repayment structure.

The requirements for obtaining this loan include

Loan application letter, 2 guarantors, a valid means of ID, current utility bill, 4 recent passport photographs.

SMALL BUSINESS LOAN, SBL

This loan helps individuals to start a particular business or upgrade such a business. You need no collateral for this loan. This loan has a flexible repayment plan as the interest rate is not high.

AGRICULTURAL LOAN; This loan is designed for agriculturists to help finance their agriculture business. LAPO won a CBN award for the flexibility of the repayment structure that aligns with the farming seasons. This makes it easy for farmers to repay with ease.

EDUCATIONAL LOAN: The educational loan is given to help individuals pay up their children’s school fees and other expenses such as feeding, clothing, and more. This loan ranges between 15 to 40 thousand naira. And, the duration is 8 months.

ASSET LOAN: The asset loan is for the individual to receive and get some assets that may include generators, television sets, and other assets that can help them grow their business. The loan amount ranges between 20 to 400,000. The duration is for 11 months.

LOAN OVERDRAFT; This is designed to help Individuals and customers to meet both business and also household needs and also unforeseen circumstances that come up often.

HOUSE LOAN:

LAPO partnered with Lafarge in 2013 and offers people who want to become house owners some assistance from Lafarge. One is entitled to 1000,000 naira products and services and payback.

FESTIVE Loan:

Festive loan is basically for individuals to receive loans during festive seasons. Bigger scale businesses often apply for this. The period for repayment is 4 months and one can obtain up to 250,000.

Mid-Term Loan

The midterm loan is created to reduce the waiting moment of individuals to zero. While still paying for previous loans, such individuals can obtain mid-term loans and help such individuals to repay easily.

REGULAR LOAN; Regular loan is designed to help small businesses by giving out loans to them. This is usually based on the methodology of grouping. You have to belong to a group to obtain this.

SPECIAL LOAN:

Special loan is for clients who want a bigger Liam size for their businesses.

Below is the list of the requirements for obtaining loans from LAPO;

  1. Application letter
  2. Completed application form
  3. A valid ID card.
  4. Valid and recent utility bill
  5. Passport photos
  6. Guarantors (however, not all loans require guarantors.

It is noteworthy that the above listed is just a list of the general requirements. Some other schemes require more or fewer requirements.

To obtain any loan, kindly visit any LAPO microfinance office branch where you are. Do not forget to get all requirements ready and prepared.

The usual rate of interest is between 0.75% to 6%.

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