FNB Unveils Personal Solar Loans Up to R300,000 with Attractive Prime +1% Interest Rate
In a recent announcement, FNB has introduced Personal Solar Loans for individual clients, allowing them to finance solar power systems and installations. The bank offers these loans at an attractive interest rate of Prime +1%, empowering customers to borrow up to R300,000 exclusively for solar power purposes.
As South Africans face ongoing energy challenges, with loadshedding taking a toll throughout the year, the desire to reduce reliance on Eskom has become a priority for many households. Recognizing the financial constraints that may hinder the adoption of solar power, financial institutions like FNB are now providing loans, enabling customers to repay the amount over time while enjoying the immediate benefits of solar solutions.
The Personal Solar Loan, offered by FNB, comes with the following key features:
- Loan Amount: Customers can apply for a loan amount of up to R300,000 through their FNB Personal Loan.
- Usage Requirement: At least 90% of the funds from the Personal Loan must be utilized for solar generation and related costs.
- Eligible Expenses: The funds are specifically designated for solar panels and associated expenses, including batteries, inverters, and installation costs.
- Activation Timeline: The benefit must be activated within 2 months (60 calendar days) after the payout on the FNB Personal Loan.
- Credit Product Limitation: Customers are allowed only one credit product per customer under this scheme, as per National Treasury regulations. If a customer has already availed a solar benefit credit product with FNB or another bank, they will not qualify for this benefit.
To access the attractive Prime +1% interest rate, customers need to adhere to specific provisions outlined by MJ Davis, the CEO of FNB Loans. The process involves obtaining a quote from a reputable supplier, applying for an FNB Personal Loan (ensuring it does not exceed R300,000 and stays within 90% of the invoice received), and paying a deposit to the supplier after the loan payout. The benefit activation takes place through the FNB App, and the interest rate reduction becomes effective upon activation, with the rate applicable from the activation date.
Considering the approaching end of the calendar year and the potential slowdown of activities in December, FNB customers are encouraged to seize this opportunity promptly to ensure a well-lit festive season.
