LookSee launches low interest rate Solar Loan
Solar power is a dream for most South African families, but without affordable financing options, it has been unattainable for many. LookSee’s new Solar Loan offering is a game changer for households who would like to get a solar system for their home but can’t or don’t want to finance the installation on their home loan.
Marc du Plessis, executive head of LookSee explains: “Our aim has always been to help households affordably secure their home’s power supply and save money. The Solar Loan option offers preferential terms that really haven’t been available up till now and applications are open to all, regardless of who they bank with.”
The Solar Loan offering is certainly attractive to families considering solar power, with personalised interest rates starting at a low of Prime plus 1% of up to a maximum of Prime plus 2.5%. This is a significant discount on the average Prime + 7% offered on personal loans and the maximum Prime plus 17.5% stipulated by the National Credit Act.
What’s more, flexible repayment terms are offered meaning households can choose a repayment term between 12 months and 5 years (60 months) to suit their monthly budget.
As for how much you can apply for, du Plessis reveals loans are offered from R3 000 up to a maximum of R300 000. This means you can finance your solar system as well as the costs of installation.
While normal qualifying criteria apply, du Plessis notes that there are a few additional factors that you’ll need to be aware of.
“It’s important to note, for instance, that a Solar Loan can only be used for the financing of a solar system. This means you will need to provide a quotation or invoice that has at least 1 solar panel included,” he explains.
Additionally, as LookSee’s Solar Loan forms part of government’s Energy Bounce Back Loan Scheme (EBB), individuals need to be aware that they can only have 1 EBB-based loan and that applications will only be open until February 2025.
LookSee’s Solar Loan customers will also be able to get a 25% tax rebate on the cost of qualifying solar panels up to a maximum of R15 000 through National Treasury’s Home Solar Incentive. However, it’s worth noting that National Treasury has limited the rebates to solar systems that ‘come into use’ between 1 March 2023 and 29 February 2024.
Disclaimer:
- Standard Bank of South Africa Limited is an authorised financial services provider and registered credit provider (number NCRCP15).
- Normal qualifying criteria and terms and conditions apply.
The LookSee Solar Loan offers personalised interest rates capped at Prime +2.5% for loans up to R300 000.
