South Africans looking to escape load shedding through solar installations at their homes can now apply for loans of up to R250,000 at Game, Builders and Makro.
The Massmart group, which owns the three retailers, announced the new funding solution in a statement on Wednesday (15 March).
Game, Builders and Makro solar loans
“As more South Africans look for alternative energy sources to cope with load shedding, Massmart, in partnership with Retail Credit Solutions (RCS), has introduced a solar energy funding solution for its customers,” Massmart said.
The loans can be approved within 24 hours, with repayment periods ranging from 12 to 60 months. However, the group did not indicate what the interest rate is. Successful applicants will repay via monthly debit orders, and an initiation fee and service fees may apply.
Features and benefits of the loan offering are summarised below:
- Loans up to R250,000 subject to approval.
- Flexible repayment options (from 12 to 60 months).
- Payment in bank account within 24 hours.
- Fixed monthly instalment.
- Paperless application process.
- Electronic statements (email and SMS).
- Customer Protection Insurance.
Guardrisk Life Limited underwrites the Customer Protection Insurance, which covers the full or partial loan amount if you’re unable to complete your repayments.
The insurance covers the following:
- Death Cover: Covers your full outstanding loan balance.
- Permanent Disability: Covers your full outstanding loan balance.
- Temporary Disability: Covers up to 12 months’ loan instalments.
- Loss of Income: Covers up to 12 months’ loan instalments.
To be eligible for a loan, you must meet the following criteria:
- You must be at least 18 years old.
- You must have a valid South African bank account.
- You must have a valid South African ID or driver’s licence.
- You must be employed and earn at least R2,000 per month.
- You must provide proof of income.
“Through this financing solution, we can offer much-needed assistance to cash-strapped South Africans by providing them with funding for their preferred, more sustainable energy requirements,” RCS chief commercial officer Gavin Lomberg said.
Massmart’s loan offering comes soon after the government announced a 25 percent tax rebate for South Africans who buy solar panels. This rebate is however capped at R15,000.
For businesses and investors with large solar projects, the tax rebate available is 125 percent.