FNB solar finance is now available to individual customers under the Energy Bounce Back (EBB) Loan Guarantee Scheme, the bank announced in a statement on Monday (13 November) which included details such as requirements and how to apply.
Known as the Personal Solar Loan Benefit, the funding available at an interest rate of prime +1%. Customers can use it to finance the purchase of solar solutions as South Africa continues to grapple with loadshedding.
“Without a doubt, energy security continues to be one of the main challenges for individual customers, families and businesses. As an integrated financial services provider, we want to help our customers meet their day-to-day needs to enable them to thrive,” FNB Loans CEO MJ Davis said.
“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.”
How to apply for FNB solar finance for individuals
To apply for the FNB solar finance as an individual (as opposed to as a business), follow the steps below:
- Obtain a quote from a reputable supplier.
- Apply for an FNB Personal Loan, which must not exceed R300,000 and must be within 90% of the invoice/quote you received from the supplier.
- FNB will then offer you a quote based on your personalised interest rate.
- If approved, FNB will pay out your personal loan.
- Pay a deposit to your supplier.
- Once you have paid the deposit, log onto your FNB App to activate the Personal Solar Loan 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,” Davis explained.
Requirements for the FNB Personal Solar Loan Benefit are as follows:
- 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 such as batteries, inverters and installation costs.
- You must activate the benefit within 2 months (60 calendar days) after payout on the FNB Personal Loan.
- As per National Treasury’s EBB Loan Guarantee Scheme guidelines, a customer can benefit from only one solar credit product. This means that if you’ve already taken up a solar benefit credit product with FNB or another bank, you will not qualify for this benefit.
“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,” Davis concluded.