A loan facility designed to finance the acquisition of solar panels including installation thereof in partnership with accredited providers. The proceeds thereof shall be payable under the name of the seller/provider.
Interest and Term
Below are the Nominal Interest Rates per term as of June 1, 2024, approved by the Board of Trustees. Interest is computed based on the diminishing balance of the loan.
Effective interest rate (EIR) is the actual interest rate the borrower pays on the loan after taking into account fees/charges (e.g. documentary fee, filing fee, etc.) incidental to the loan availment.
| Term (Months) | Nominal Interest Rate (Per Annum) | Effective Interest Rate (EIR)* |
| 12 | 6.25% | 8.49% |
| 24 | 7.00% | 8.32% |
| 36 | 7.00% | 7.97% |
| 48 | 7.00% | 7.80% |
| 60 | 7.00% | 7.69% |
*Assumed Loan Amount is P100,000.00
Loan Amount
The loanable amount is equivalent to the selling price of the vehicle/property being acquired, subject to the member’s Single Borrower’s Limit, paying capacity and take-home pay policy, as applicable.
Requirements
- Proof of source of income (e.g., latest one (1) month pay slip, pension pay slip, etc.)
- Any government-issued ID
- Accomplished loan application form duly endorsed by authorized signatory of corporate member
- Quotation and assessment from accredited provider of solar product/structure. The borrower shall also submit the final quote and assessment of solar product provider in order to compute for actual loanable amount and properly evaluate borrowing capacity;
- Insurance policy with sufficient coverage against fire and other perils
Loan Proceeds
General provision is that the loan proceeds be payable to the service provider/contractor. However, for cases where the member-borrower may have paid in advance, the proof of payment maybe attached to the loan documents in order for the loan proceeds be issued to the borrower.
