First National Bank (FNB) has launched a new solar energy loan that customers in South African can add to their new or existing home loan applications.
The new loan is part of a range of alternative energy credit solutions the bank announced on Monday (27 March) to help customers deal with load shedding.
FNB solar energy loan
“Customers can now apply for a solar energy loan financed through a new or existing home loan. This allows customers to apply for a loan starting at R50,000 and going up to 15 percent of their home’s value to finance the installation of a solar energy system from a pre-screened list of reputable renewable energy providers,” FNB explained.
Once approved, the bank will add the loan amount to the customer’s bond, with the two becoming a single loan. The applicable interest rates will align with the customer’s credit profile.
“FNB will pay the deposit directly to the supplier upfront, so the customer will not be out of pocket unless there is a difference between the approved loan amount and the cost of the renewable energy solution selected by the customer, in which case the customer pays the difference or selects a more affordable solution,” the bank added.
FNB will also value the customer’s property at a higher amount to factor in the solar energy system. It will therefore register a higher mortgage bond.
How to apply
To apply for a solar energy loan from FNB, follow the steps below:
- Log into the FNB app.
- Tap on “navi-gate life.”
- Select “nav>> Home.”
- Tap “apply for a home loan/switch my home loan” and follow the prompts.
Alternatively, you can call 087 730 1144 or visit you nearest FNB branch for assistance.
Other FNB energy credit solutions
FNB customers can also benefit from other energy credit solutions available on the eBucks platform for R149 per month over 24 months.
“The service is enabled through FNB Connect, and customers will soon receive pre-approved offers for these options, too,” FNB explained.
“There is no paperwork, as the entire process is fully digitised and accessible through the bank’s platform that customers trust. This is an excellent opportunity for customers who may not have the funds available to buy a solution outright for their energy needs.”
This means that customers can apply for credit to buy UPS systems, heat pumps, smart meters, solar hybrid solutions and water filtration, among other products. To apply, follow the steps below:
- Visit the eBucks website and log in (you can also log in at checkout once you’ve identified a product).
- Select “Shop.”
- Select “Categories.”
- Select “Eco-Home solutions” (or “Energy & Water Solutions”) to view available products.
- Add your preferred product or products to cart and click checkout.
- You will see pre-approved offers, which you then apply for.
For more information, view or download the FNB alternative energy solutions PDF flyer.