FNB introduces renewable energy loan
FNB Namibia is now granting loans for the installation of renewable energy equipment.
Jerome Namaseb, manager for product, pricing and profitability at FNB Namibia, explains the move to grant green loans: “FNB Namibia has always allowed customers to buy renewable energy products and equipment through the different loan options available to customers (such as a Wesbank loan, home loan and personal loans).
“We have realised, however, that not all customers are aware of these options and thus a decision was taken to formally introduce this offer to customers, in the form of a renewable energy loan.”
The renewable energy loan will be in the form of a personal loan over a maximum term of five years (minimum 12 months) depending on affordability.
“You would however agree that not all customers can afford to repay large renewable installations over five years or a shorter period, and we will therefore still allow customers to finance the equipment and installations via their home loans in the form of a flexi bond, re- advance or future use home loan offer if preferred, as this would reduce pressure on their daily cash flow.
“While NamPower has just signed a five-year power supply agreement with Eskom again, our electricity supply can be assisted by ordinary Namibians through the purchase of solar [installations] such as geysers,” said Namaseb.
“We are making great strides in the field of electricity with, for example, numerous solar plants that have been opened lately at Omaruru, Arandis and the like. Should you not have that capacity yet, a solar geyser has been proven to save a lot of money over the long term.”
Namaseb added that customers needed to be aware of the qualifying criteria for the renewable energy loan. The applicant must be over the age of 18 years; must have a BankWise or Lifestyle account with FNB Namibia; must be a resident of Namibia. The customer's salary must be deposited by the employer directly into the account and he or she should qualify in terms of internal scorecard rules. The customer may not be insolvent, under administration or have a garnishee order against salary.
“We advise customers to ensure that the installers are registered with the council Renewable Energy and Energy Efficiency Institute and provide the client with a detailed quotation and a maintenance plan. FNB can assist with a list of qualified and registered installers,” he said.
STAFF REPORTER
Jerome Namaseb, manager for product, pricing and profitability at FNB Namibia, explains the move to grant green loans: “FNB Namibia has always allowed customers to buy renewable energy products and equipment through the different loan options available to customers (such as a Wesbank loan, home loan and personal loans).
“We have realised, however, that not all customers are aware of these options and thus a decision was taken to formally introduce this offer to customers, in the form of a renewable energy loan.”
The renewable energy loan will be in the form of a personal loan over a maximum term of five years (minimum 12 months) depending on affordability.
“You would however agree that not all customers can afford to repay large renewable installations over five years or a shorter period, and we will therefore still allow customers to finance the equipment and installations via their home loans in the form of a flexi bond, re- advance or future use home loan offer if preferred, as this would reduce pressure on their daily cash flow.
“While NamPower has just signed a five-year power supply agreement with Eskom again, our electricity supply can be assisted by ordinary Namibians through the purchase of solar [installations] such as geysers,” said Namaseb.
“We are making great strides in the field of electricity with, for example, numerous solar plants that have been opened lately at Omaruru, Arandis and the like. Should you not have that capacity yet, a solar geyser has been proven to save a lot of money over the long term.”
Namaseb added that customers needed to be aware of the qualifying criteria for the renewable energy loan. The applicant must be over the age of 18 years; must have a BankWise or Lifestyle account with FNB Namibia; must be a resident of Namibia. The customer's salary must be deposited by the employer directly into the account and he or she should qualify in terms of internal scorecard rules. The customer may not be insolvent, under administration or have a garnishee order against salary.
“We advise customers to ensure that the installers are registered with the council Renewable Energy and Energy Efficiency Institute and provide the client with a detailed quotation and a maintenance plan. FNB can assist with a list of qualified and registered installers,” he said.
STAFF REPORTER
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