Types Of Lapo Loan – Everything You Need To Know
Lapo Microfinance Bank is a Nigerian microfinance bank that provides loans to low-income individuals and small businesses. Lapo loans are typically unsecured, meaning that no collateral is required. This makes them a good option for borrowers who may not have access to traditional bank loans.
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- Regular Loan: This loan is designed for individuals or groups who want to borrow money for a variety of purposes, such as business, education, or medical expenses. The loan amount ranges from N30,000 to N150,000, with a repayment period of 8 months.
- SME Loan: This loan is specifically designed for small and medium-sized businesses (SMEs). The loan amount can be up to N5,000,000, with a repayment period of up to 3 years.
- Agricultural Loan: This loan is designed to help farmers improve their productivity and income. The loan amount ranges from N50,000 to N500,000, with a repayment period of up to 2 years.
- Asset Loan: This loan is designed to help borrowers acquire assets such as generators, refrigerators, and grinding machines. The loan amount ranges from N50,000 to N250,000, with a repayment period of up to 6 months.
- Education Loan: This loan is designed to help parents pay for their children’s education. The loan amount ranges from N50,000 to N500,000, with a repayment period of up to 3 years.
- Public Sector Loan: This loan is designed for civil servants who want to borrow money for personal or business purposes. The loan amount ranges from N50,000 to N500,000, with a repayment period of up to 3 years.
To qualify for a Lapo loan, you must be a Nigerian citizen, have a valid ID card, and be able to provide a guarantor. You must also have a regular source of income and be able to repay the loan on time.
In Conclusion:
LAPo loans offer flexible options for individuals in need of financial assistance. Whether you are a small business owner looking to expand or a civil servant in need of personal funds, LAPo provides loan amounts ranging from N50,000 to N500,000 with repayment periods of up to 3 years. With simple eligibility requirements and the ability to provide a guarantor, LAPo ensures that individuals have access to the funds they need to achieve their goals.
