Microfinance Bank
Lapo Ussd Code for Loans, Repayment and More
All they need to do is to follow Lapo Microfinance Bank’s instructions on how to borrow a loan or perform other transactions once they dial *371#.
Lapo USSD Code allows instant transactions for all customers of Lapo microfinance bank. These transactions include loan procurement, repayment, savings account opening and many more.
An Unstructured Supplementary Service Data (USSD) code is a mobile phone or SIM card programmed code that ensures instant financial transactions without a smartphone or internet connection, Investors King reports.
Lapo USSD Code is *371#
With the Lapo USSD code, customers of Lapo Microfinance Bank can repay their loans, apply for loans and make other transactions.
All they need to do is to follow Lapo Microfinance Bank’s instructions on how to borrow a loan or perform other transactions once they dial *371#.
It is imperative to note that to use Lapo USSD Code your bank will charge you N6 as agreed by Nigerian regulators and telecommunications companies.
Lapo Microfinance Bank Loan Types
According to information available on the Lapo Microfinance Bank website, Lapo loans attract a nominal interest rate of 2.5% and above. However, it is imperative to double-check with the lender before taking any of the microfinance bank loans to avoid issues.
Lapo Microfinance Bank offers loans from N10,000 to 5 million for ordinary consumption and for Small and Medium Enterprises, projects, assets, buildings, etc. Below are the type of loans Lapo Microfinance Bank offers.
Small and Medium Enterprises (SME) Loan
As stated above, small and medium businesses can access as much as N5 million loan or credit facility to expand their businesses. Please note that SME loans apply to all sectors.
It is important to note that this particular loan is specifically designed to support small businesses operating in Nigeria. Meaning that bigger establishments with more capital needs will need to look into other categories.
SMEs Loan Features
- Facility amount up to N5,000,000
- Methodology: Individual
- Duration: 12 months
SMEs Loan Benefits
- No collateral
- Access to funds for business expansion
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Expert financial advice is available
SMEs Loan Documentation
- 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
Agricultural Loan
Lapo Microfinance Loan also makes provision for Agricultural financing. Farmers across Nigeria can approach any Lapo Microfinance Bank for a loan size between N30,000 to N1,000,000.
For more details regarding Agricultural Loan contact the lender’s Customer Service center
Features
- Facility range: N50,000 (minimum) to N500,000 (maximum)
- Methodology: Individual, group and corporate
- Duration: 1-12 months
- Grace period: 30-60 days
- Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.
Benefits
- No collateral
- Provides capital for farming activities
- Flexible repayment structure
- Low interest rate
- Expert financial advice available
Documentation
- 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)
Regular Loan
This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses.
Features
- Facility range: N30,000 (minimum) to N150,000 (maximum)
- Methodology: Individual lending but group liability
- Duration: 8 months
- Charitable Trusts
- Grace period: 2 weeks
- Repayment frequency: Weekly
- Clients must belong to a union
Benefits
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
Documentation
- 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)