Agriculture is one of the major pillars of the Nigerian economy, hence, it is imperative to focus on it. Fortunately, Lapo Microfinance Bank has provided a way to empower farmers in Nigeria through their Lapo Agric Loan product. Read further to learn more details about this loan product and how to obtain it without any hassle.
An Overview of Lapo Microfinance Bank
LAPO Microfinance Bank is a financial institution that offers a wide range of products to meet your financial needs. Basically, their products are meant to assist micro, small and medium businesses, as well as members of low-income homes with the funds they need. Currently, this institution boasts a wide network of more than 500 branches all over Nigeria.
What is Lapo Agric Loan?
The Lapo Agric Loan also known as Lapo agricultural financing is a loan product that was specially designed to assist farmers to achieve bigger and better results via the provision of adequate agricultural loans.
How can I apply for the Lapo Agric Loan?
To apply for an agric loan for farmers from this institution, do this:
1. Compile all the documents you will need for the loan application process. Check the information below to see a list of the documents you need.
2. Next, visit the nearest Lapo branch office close to you and request the agric loan form.
3. Thereafter, complete the form by providing your basic details.
Lastly, attach the necessary documents to the form you have duly completed, then submit it. Wait for them to contact you after this process.
What is the maximum and minimum amount of Lapo Agric Loan I can obtain?
Basically, the agric loan grants you a loan amount that is between ₦30,000- ₦1,000,000. Hence, you can obtain a minimum amount of N30,000 and a maximum amount of N1,000,000.
Interesting Read: Government Programmes For Agric Loans In Nigeria
What is the loan tenor?
For this loan product, Lapo gives you a loan tenor between 1-12 months. Also, you get a repayment grace period of 30-60 days.
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What are the eligibility criteria?
To be able to access an agricultural loan from Lapo, you must be an active and practising farmer with farm investments. Not that your farm investments must be verifiable.
What documents do I need to obtain the Lapo Agric Loan?
To obtain an agricultural loan from this institution, you need the following important documents:
1. Accurately completed application form
2. Recent passport-size photographs (2)
3. Current utility bill
4. 2 guarantors
5. A valid means of ID (You can use your national ID, voter’s card, driver’s license, or even your international passport)
How can I contact Lapo Microfinance Bank?
Here’s how to contact Lapo Microfinance Bank:
Head Office: LAPO Place, 15A Ikorodu-Ososun Road, Lagos State.
Annex Office: 18, Dawson Road, Benin City, Edo State.
Phone Number: +(234) 813 984 0230
WhatsApp: 081 5055 3264
Email Address: info@lapo-nigeria.org
Website: www.Lapo-nigeria.org
Final Thoughts
Lapo Agric Loan is one of the products Lapo Microfinance bank offers farmers in Nigeria. If you are a farmer who needs a quick loan, this is definitely a product you should try. However, make sure you reimburse the loan on or before the due date to avoid facing default penalties.Â
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