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Lapo Agric Loan: How To Apply And Everything you Need To Know

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Sirmike Sunday, 5 May 2024, 10:53 am

LAPO Agric is a loan product offered by LAPO Microfinance Bank to support agricultural businesses in Nigeria. The loan is available to individuals, groups, and corporate entities who are practicing farmers with verifiable evidence of existing farm investments. The loan amount ranges from N50,000 (US\$125) to N500,000 (US\$1,250), and the repayment period is 1-12 months. There is also a grace period of 30-60 days.

How To Apply For Lapo Agric Loan

Here are the steps on how to apply for a Lapo Agric Loan:

Compile the necessary documents. These include:

A completed Lapo Agric Loan application form
Two recent passport-size photographs
A valid means of identification (e.g., national ID card, driver’s license, or voter’s card)
Proof of address (e.g., utility bill or rent receipt)
Bank statement for the last three months
Tax clearance certificate (if applicable)
A letter of guarantee from two credible persons

Visit the nearest Lapo Microfinance Bank branch. You can find a list of branches on the Lapo website.

Submit your application documents to a customer service representative.

The customer service representative will review your application and may ask you some questions.

If your application is approved, you will be given a loan offer letter.

Sign the loan offer letter and return it to the customer service representative.

You will receive your loan proceeds within 7 working days.

Here are some additional details about the Lapo Agric Loan:

The loan amount ranges from N50,000 to N500,000.
The loan term is 1 to 12 months.
There is a grace period of 30 to 60 days.
No collateral is required.
The interest rate is 18% per annum.

You can apply for a Lapo Agric Loan online through the Lapo website. However, you will still need to visit a Lapo branch to submit your application documents and sign the loan offer letter.

Here are the steps on how to apply for a Lapo Agric Loan online:

Go to the Lapo website.
Click on the “Apply for Loan” button.
Select the “Agric Loan” option.
Fill out the online application form.
Upload your scanned application documents.
Submit your application.

A Lapo representative will review your application and contact you if your application is approved.

Eligibility Criteria For Obtaining Lapo Agric Loan

The eligibility criteria for obtaining a Lapo Agric Loan are as follows:

You must be a practicing farmer with verifiable evidence of existing farm investments.
You must be a Nigerian citizen.
You must be at least 18 years old.
You must have a valid means of identification, such as a national ID card, driver’s license, voter’s card, or international passport.
You must have a current utility bill.
You must provide two guarantors who are also practicing farmers.
You must have a good repayment history with Lapo Microfinance Bank or other financial institutions.

The loan amount you can borrow will depend on your income and the size of your farm. The interest rate on the loan is 15% per annum. The loan repayment period is 12 months, with a grace period of 30-60 days.

To apply for a Lapo Agric Loan, you can visit any Lapo Microfinance Bank branch or apply online. You will need to provide the following documents:

Loan application letter
Duly completed application form
Identification of guarantors
Valid means of identification
Current utility bill
4 recent passport-size photographs

Once your application is approved, you will be required to sign a loan agreement and make a down payment of 10% of the loan amount. The remaining 90% of the loan amount will be disbursed to you in cash or in the form of a bank draft.

Lapo Microfinance Bank is a reputable financial institution that has been providing loans to Nigerians for over 20 years. The bank has a good track record of providing loans to farmers and other small businesses. If you are a practicing farmer who is looking for a loan to finance your agricultural activities, then Lapo Agric Loan may be a good option for you.

Needed Documents For Obtaining Lapo Agric Loan

To obtain a Lapo agricultural loan, you will need to provide the following documents:

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

In addition to these documents, you may also be asked to provide the following:

Proof of agricultural activity (e.g., land ownership documents, farming equipment)
Financial statements (for businesses)
Tax returns (for businesses)

Lapo Microfinance Bank does not require collateral for agricultural loans. However, you will need to meet the bank’s eligibility criteria, which include:

Be a Nigerian citizen
Be at least 18 years old
Have a valid means of ID
Have a regular source of income
Have a good credit history

If you meet the eligibility criteria and provide the required documents, you will be considered for a Lapo agricultural loan. The loan amount you are approved for will depend on your individual circumstances.

Here are the steps on how to apply for a Lapo agricultural loan:

Visit a Lapo Microfinance Bank branch.
Fill out an application form.
Provide the required documents.
Meet with a loan officer to discuss your application.
If approved, you will receive your loan proceeds.

You can repay your Lapo agricultural loan in monthly installments. The interest rate on the loan will depend on the amount of the loan and the term of the loan.

Here are some of the benefits of taking a Lapo agricultural loan:

No collateral required
Flexible repayment structure
Competitive interest rates
Easy to apply for

If you are a Nigerian farmer who is looking for a loan to finance your agricultural activities, a Lapo agricultural loan may be a good option for you.

How Much Lapo Agric Loan Can I Borrow From Lapo?

The maximum amount of Lapo Agric Loan you can borrow is N500,000. The minimum amount is N50,000. The loan is available to individuals, groups, and corporations. The loan duration is 1-12 months, with a grace period of 30-60 days. Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Here are some of the requirements for applying for a Lapo Agric Loan:

Be a practicing farmer with verifiable evidence of existing farm investments.
Be a Nigerian citizen.
Have a valid identification card (e.g., voter’s card, driver’s license, or passport).
Have a current residential address in Nigeria.
Have a bank account in Nigeria.
Provide proof of income (e.g., tax returns, pay slips, or business records).
Provide a guarantor who is also a practicing farmer.

The interest rate for the Lapo Agric Loan is 10% per annum. The loan repayments are made in monthly installments. You can apply for a Lapo Agric Loan online or at any Lapo Microfinance Bank branch.

Here are the links to the Lapo Microfinance Bank website and Facebook page where you can find more information about the Lapo Agric Loan: