Seylan Bank launches Solar Loan Facility

Saturday, 3 February 2024 00:11 - - {{hitsCtrl.values.hits}}

Seylan Bank has introduced a solution to address the challenge of rising electricity bills.

In response to the pressing need for sustainable and cost-effective energy solutions, Seylan Bank’s Solar Loan Facility will help its customers achieve financial independence and make sustainable choices for their energy needs.

The Solar Loan Facility is designed with the rising electricity costs in mind, ensuring that people no longer need to compromise on the comforts of their home or allocate a significant portion of their earnings towards their monthly electricity bills. Instead, Seylan Bank offers the opportunity to pay a fixed instalment over a period of time, ultimately leading to a lifetime of free electricity as power generation via the unit will be considered as income to offset the electricity bill.

Eligibility for this loan category is open to personnel earning a minimum salary of Rs. 200,000 from a reputed company. A competitive fixed interest rate starting from 13% is maintained throughout the loan tenure. Notably, the repayment period for this loan category ranges from one to seven years, offering borrowers greater flexibility and the ability to tailor their loan terms to their specific needs.

Deputy General Manager – Retail Banking Eugene De Alwis Seneviratne said: “The future of sustainable home energy generation depends on solar power. Despite the many benefits to the environment and savings on electricity bills, we’ve noticed that the high setup cost of these units has deterred homeowners from making the switch. However, I am confident that with the introduction of our Solar Loan facility, we will be able to empower a new generation of eco-conscious homeowners to embark on a journey of financial independence, all while minimising their carbon footprint in the process. In addition, it is noteworthy that taxpayers who have a rooftop solar energy system will qualify for tax concessions as well.”

With Seylan Bank’s Solar Loan Facility, homeowners can embark on a journey towards energy independence, while enjoying substantial cost savings and contributing to a sustainable environment. The bank also arranged partnerships with 40 solar energy system partner merchants, ensuring special offers for its valued customers.