Types of Lapo Loan: How Can I get Lapo Loan Online for Salary Earners or Civil Servants?

last Updated on August 17, 2023

Do you need quick financial assistance? Well, getting a LAPO loan might just be the answer you’re seeking

In this guide, written just for you, we’ll show you how to access the funds you need from LAPO, all from the comfort of your device. No more endless queues or daunting paperwork.

From deciding which exact loan you need from the types of LAPO loans available to filling out the application to getting the funds in your account, we’ve got you covered every step of the way.

Lapo Microfinance Bank provides an array of direct loan solutions to individuals as well as groups. Lapo also offers specialized loan products such as asset-based lending. Getting a Lapo loan in Nigeria means you’re likely to get competitive interest rates.

Lapo has a client base of over 3 million users, making it one of the largest loan companies in Nigeria.

Lapo MFB doesn’t just provide loan products to customers it also provides savings plans as well. But this article is strictly about Lapo loans.

Lapo has over 500 active branches spread across the country, So anyone can walk into any one of them and secure a loan from Lapo.

Also See: SME Loans without Collateral in Nigeria

Types of Lapo Loan

The types of Loans Lapo offer to Nigerians include:

• Lapo Regular Loan (Personal Loan)
• Lapo SME Loan
• Lapo Educational Loan
• Lapo Agric Loan
• Lapo Asset Loan
• Lapo Special Loan
• Lapo Public Sector Loan (Salary Loans)

Lapo Regular Loan (Personal Loan)

Lapo Microfinance bank’s regular loan is a loan product dedicated to operating in a group (union) mode. So you must belong to a union to access this Lapo loan.

Unions are self-selected groups of people who access loans individually but have the group’s guarantees. The Lapo Regular loan is meant for people that need working capital to run their small businesses.

Freatures of Lapo Reular loan are:

• Loan amount: N30,000 (minimum) to N150,000 (maximum)
• Type: Individual lending but group liability
• Loan Duration: 8 months
• Grace period: 2 weeks
• Repayment frequency: Weekly
• No collateral
• Flexible repayment structure

Requirements for Lapo Regular loan are:

• 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)

Lapo SME Loan

Lapo SME loan is a loan product designed for small and medium scale Enterprises in Nigeria (SMEs) looking to expand their businesses. With the Lapo SME loan, you can get up to ₦ 10,000,000 credit facility with an extendable duration of 12 months.

You can also apply for our Lapo SME loans online.

The Lapo SME loan features are:

• Loan Amount: N5,000,000
• Loan Type: Individual
• Loan Duration: 12 months
• No collateral
• Flexible repayment structure

The Lapo SME loan requirements are:

• You should be 18 years and above to apply for this loan.
•  Commercial bank account details. When your loan is approved, this account will be credited with the requested loan amount.
• 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

Also See: Best SME loans in Nigeria for Businesses

Lapo Education Loan

Lapo education loan is designed to support parents to help them meet the education expenses for their children/wards and for owners of educational institutions to improve their facilities. (Union).

Lapo’s education Loan is categorised under two main product offerings; School Fees Loan & School Improvement Loan.

School Fees Loan is for parents and guardians who want to educate their children in private schools. This loan product is designed to help parents to cover Tuition fees, uniforms, Books & Transportation (School Bus).

Checkout: How to be Eligible for First Bank Loan

The features of the School Fees Loan are:

• School Fees Loan range ‒ NGN 20, 000 – NGN 200, 000
• Grace period ‒ 1 Month moratorium (Approximately 30 days after disbursement
• Interest rate ‒ 4%
• Reducing Balance (48% per Annum Reducing Balance)
• Repayment Mode ‒ Monthly
• Loan period ‒ Loan can be disbursed all year round

While the Lapo School Improvement Loan is for school owners, whether low or medium-income private schools, from Nursery schools to Secondary schools, to help them enhance their schools in terms of Increased learners enrolment & quality education. This loan’s purpose is to serve the school’s needs such as working capital, building improvement/renovation and procurement of fixed assets that enhance learning for students.

The features of Lapo’s School Improvement loan are:

• Loan amounts: NGN 250, 000 – NGN 10, 000, 000
• Grace period: 3 -18 months
• Interest rate ‒ 4%
• Reducing Balance (48% per Annum Reducing Balance)
• Repayment Mode ‒ Termly (Repayment will be based on the school’s cash flow)
• Loan period ‒ Loans can be disbursed all year round.

Also See: How to Qualify for an ALAT Loan

Lapo Agric Loan

Lapo’s Agric Loan is created to help farmers in Nigeria achieve better results by providing agricultural loans.

The features of the Lapo Agric loan are:

• Loan size: ₦30,000- ₦1,000,000
• Loan Type: Individual, group and corporate
• Loan Duration: 1-12 months
• Grace period: 30-60 days
• Loan applicants must be practising farmers with verifiable evidence of existing farm investments.
• No collateral
• Provides capital for farming activities
• Flexible repayment structure
• Low-interest rate

The requirements to access a Lapo Agric loan are:

• 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 or international passport)

Lapo Asset Loan

Lapo Asset Loan has targeted at existing clients of LAPO Microfinance Bank to help them purchase assets such as generators, refrigerators, grinding machines etc.

The features of Lapo Asset Loan are

• Loan amounts: N20,000 – N400,000
• Loan Type: Individual and group
• Loan Duration: 11 months
• Grace period: 1 month
• No collateral
• Flexible repayment structure
• Low-interest rate

The requirements to access Lapo Asset Loan are:

• 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, voter’s card or international passport).

CHECKOUT: List of Fake Loan Apps in Nigeria to Avoid

Lapo Special Loan

Lapo’s Special Loan is designed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.

The features of Lapo’s special loan are:

• Loan amount: N50,000 – N250,000
• Loan Type: Group
• Loan Duration: 6 months
• Grace period: 1 month
• No collateral
• Access to a higher loan to fund your business enterprises
• Flexible repayment structure
• Low-interest rate

Lapo Public Sector Loan (Lapo Loan for Salary Earners)

Lapo’s Public Sector Personal Loan (PSPL) is a loan product that offers personal loans through Payroll Lending to Civil Servants in Nigeria at both the State and Federal levels.

Lapo’s PSPL is deduction-based. So repayments to LAPO Microfinance Bank are deducted before salary payments are made to the salary earners. Lapo requires no personal guarantor for this loan, however, when you have gotten this Lapo’s salary loan, monthly repayments are deducted as soon as your salary hits your account automatically.

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The features of Lapo’s Public sector loan or salary loan are:

• Loan amounts: N20,000 – N3,000,000
• Loan Type: Individual (Payroll Lending)
• Loan Duration: 1- 12 Months
• No personal Guarantor is required
• The borrower must be a Civil Servant under State or Federal Government establishment
• No collateral
• No Bank Account opening required
• Flexible repayment structure
• Interest Rate: 2.95% Flat Monthly
• Quick loan in 6 hours

The requirements for a LAPO Public Service Loan are:

• Duly completed application form
• The client must have at least two years left in public service
• 2 recent passport-size photographs
• Last three months’ payslip
• Last three months’ bank statement
• A valid means of ID (national ID, driver’s license, voter’s card or international passport)

Also See: Federal Government Survival Fund Application (Step-by-Step Process)

How do I Apply for a Lapo Loan?

To apply for a Lapo loan you have to visit a LAPO office branch or call Lapo customer care. However, for the LAPO SME Loan and the LAPO Salary Loan (Public Service Loan), you can apply for them online.

What is Lapo Loan Interest Rate?

Lapo Loans’ interest rates start from a 2.5% nominal interest rate. But the image below gives a better view of Lapo loan’s interest rates for all their products.