FNB Namibia has introduced renewable energy loan to its customers which can be used to acquire renewable energy products.
The loan can be used to purchase products solar geysers among others.
In statement availed to the media, the bank’s product, pricing and profitability manager Jerome Namaseb in his explanation said the bank has always allowed customers to buy renewable energy products and equipment through the available different loans such as Wesbank Loan, Home Loan and Personal loans.
He said although customers are aware of the options, a decision was taken by the bank to re-introduce in a more suitable way.
“We have realized, 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 (Personal Loan).”
Namaseb said utilities such as water and electricity are essential services that play a vital role in economic and social development, adding that quality utilities are a prerequisite for effective poverty eradication.
“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 such as geysers,” says Namaseb.
Namibia is making great strides in the field of electricity with an example of numerous solar plants that have been opened in Omaruru and Arandis.
“Should you not have that capacity yet, a solar geyser has been proven to save a lot of money over the long term,”
The loan will be offered in a form of a personal loan over a maximum term of five years and minimum term of 12 months depending on affordability.
Although not all customers can afford to repay huge renewable installations over five years or in a short period, customers can still finance the equipment and installations through their home loans in a form of Flexi Bond, re – advance or future use home offer preferably, as this will reduce pressure on daily cash flow.
A Flexi Bond gives you access payments made on a home loan, over and above the due amount.
Namaseb explained that the loan can be acquired by customers over the age of 18 in possession of a BankWise or Lifestyle account with the bank and must be a Namibian citizen.
In addition, the customer can be legible for the loan if their monthly salary is paid in the customer’s bank account with the bank.
“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,”