FNB will let individual customers apply for a personal solar loan benefit at an interest rate of prime plus 1% to purchase solar solutions.
According to a media statement by the bank, it is one of the “cheapest rates available anywhere for an unsecured credit product”.
The loan comes with certain requirements, such as not exceeding R300 000 in value; 90% of the funds must be used for solar generation and related costs, and must be activated within two months of taking out the loan. For a full list, see below.
MJ Davis, CEO of FNB Loans says energy security continues to be one of the main challenges for individual customers, families and businesses and it wants to help customers meet their day-to-day needs.
“While we have been supporting our individual customers with a range of solutions to build resilience against energy challenges, we believe that the Personal Solar Loan Benefit adds significant value as it allows us to extend more help to customers,” says Davis.
“In order to access the benefit, you will need to obtain a quote from a reputable supplier. You will need to apply for an FNB Personal Loan, it is important that you ensure your loan amount does not exceed R300 000 and the loan amount is within 90% of the invoice received,” explains Davis.
“You will be quoted on your personalized interest rate. After your personal loan has paid out, you will need to pay a deposit to your supplier. Once deposit has been paid, you will need to log onto the FNB App to activate the benefit.”
“The interest rate will only be lowered on your FNB Personal Loan once the benefit has been activated and all supporting documentation is received and verified, activation may take up to 10 business days. The rate will also be effective from date of activation and not backdated,” adds Davis.
“All eligible customers will receive a rate of Prime +1%. This is a very attractive rate from an unsecured credit perspective. It is also a unique and flexible offering allowing customers to get access to funds for solar in a quick effective manner, meaning there is still sufficient time to start the festive season loadshedding free,” concludes Davis.
What are the requirements to qualify for the benefit?
- The loan amount you take out on your FNB Personal Loan cannot exceed R300 000.
- At least 90% of the funds from your Personal Loan must be used for solar generation and related costs.
- The funds must be used for solar panels and other solar related expenses. Solar related expenses can include batteries, inverters, and installation costs.
- Benefit must be activated within 2 months (60 calendar days) after payout on the FNB Personal Loan.
- As per National Treasury, only one credit product per customer will be allowed to benefit from this scheme. This means if you’ve already taken up a solar benefit credit product with us or with another Bank you will not qualify for this benefit.
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