Everyone needs to survive. Everyone needs food to survive. The world relies on Agriculture and agricultural products to stand. LAPO microfinance bank understands this need and has introduced a new loan initiative for persons actively practicing in the agricultural sectors.
These are persons who just need a boost in yielding better result from agricultural practices and the LAPO microfinance bank is ready to offer this boost by introducing the Agric Loan. A loan designed for farmers for use on farms.
What businesses are Eligible for the LAPO Microfinance Agric Loan?
Only Agribusiness alone is qualified for this loan. All businesses relating to farming and agriculture can and will be granted this loan. Businesses such as:
- Crops production and technology.
- Animal husbandry.
Terms and Conditions of the LAPO Microfinance Agric Loan
Amount: The amount loaned out for farmers ranges from a minimum of N50,000 to a maximum of N500,000.
Methodology: The Agric loan is set out for individual, group and corporate businesses.
Duration: The allowable time for payment is wishing 1 – 12 months.
Grace Period: 30 – 60 days.
As earlier mentioned, this loan is only offered to practicing farmers with proof of existing farm lands or farm investments.
Benefits of the LAPO Microfinance Agric Loan
The Agric loan comes with the following benefits:
- No collateral is demanded. This means there is no security.
- Capital for farming activities are provided as requested.
- It comes with a flexible repayment structure.
- The interest rate is low.
- Financial advice can be arranged for anytime.
What Documents are required for the LAPO Microfinance Agric Loan?
To apply for the Agric loan, one must have the following documents and information:
- A filled-out application form. This form would be collected from the LAPO Microfinance bank and completed duly.
- At least 2 guarantors.
- The utility bill of your residence.
- Two (2) recent passport photographs.
- A valid means of identification. This could be a National ID, Driver’s license, Voter’s card, or an International passport.
How to Apply for the LAPO Microfinance Agric Loan
Step 1: Put together all the required documents and information.
Step 2: Visit any LAPO Microfinance bank branch around.
Step 3: Begin the application process.
Step 4: Provide the necessary information.
Step 5: Receive your requested loan.
That’s all one needs to receive the LAPO Microfinance Agric loan for development of agribusinesses in Nigeria. Thanks for reading.