Pan Asia Bank’s Solar Consumer Loans to provide customers freedom from electricity bills
Monday, 20 January 2014 00:00
Pan Asia Bank has introduced another innovative product called ‘Solar Consumer Loans,’ which provides financing to customers to purchase solar energy system units, enabling them to generate their own electricity and be free from electricity bills.
Solar energy system units allow customers to install solar panels on the roof and generate electricity for household use. Electricity generated in this manner is used for household consumption and the excess power will be released to the main electricity grid for which the customer will receive credits from the CEB and LECO.
These credits can be set off against the electricity that is consumed from the main grid, enabling the household to enjoy electricity without having to pay electricity bills.
Pan Asia Bank’s Solar Consumer Loans are offered at a special low interest rate of 13% per annum (variable) with a maximum repayment period of seven years. Another unique benefit of the Solar Consumer Loan scheme is that, guarantors are not required for professionals such as doctors, engineers, accountants etc. Under this loan scheme, a customer can obtain a credit facility up to Rs. 3 million and jointly apply with his/her spouse or a child.
Some of the main customer benefits of this product offering are as follows:
nCustomers’ electricity bills would be zero, as each household would be generating more electricity than the consumption (depending on the capacity of the unit).
nAfter the loan is paid off, customers can enjoy electricity at zero cost.
nCustomers can increase utilisation of their electrical goods without being concerned about electricity cost.
The main idea behind introduction of this product is to make this technology accessible and affordable to a larger segment of households in the country, so that in today’s climate of growing energy costs and increasing environmental concerns, a viable alternative solution to the use of fossil fuel is made available.
Pan Asia Bank which raised funds with the “Global Climate Partnership fund (GCPF) in 2013 will be using those funds to finance Solar Consumer Loans and other green economic activities such as renewable energy and energy saving projects.
In addition to the fact that these activities are in line with the bank’s CSR vision, the bank is confident that they will create a perfect opportunity to generate long term sustainable economic benefits to uplift the living standards of people by creating cost effective energy for businesses and employment in a socially responsible manner. These green initiatives will also result in many strategic economic benefits to the country as development of renewable energy sources such as solar energy, wind power and biomass etc would reduce Sri Lanka’s vulnerability to global oil price volatilities.
Pan Asia Bank has been in operation for 18 years and is considered as one of the fastest growing banks in the industry. It contains a network of 77 branches, and offers a full range of retail, SME and business banking products and services. Interested customers can receive more information on this product by walking into any of Pan Asia Bank branches island wide or by calling (011) 4667222.