Guide on the BPI Solar Panel Loan Offer for the Public
BPI SOLAR PANEL LOAN – With BPI, you can use your house or your car as the collateral in purchasing a solar panel as a money-saving move against high electricity bills.
Are you looking for a bank that can help you finance the purchase of solar panels for your house? In the country, one of the banking entities that you may turn to is the Bank of the Philippine Islands or more popularly called BPI.
BPI offers a Solar Mortgage which has several loan offers to finance the solar panel acquisition under it. Truth be told that more and more people now want to invest in solar panels as both a nature-friendly move and to reduce the cost of their electricity bill.
Undeniably, a solar panel acquisition requires a huge amount of money. Meanwhile, it can an excellent investment as it can bring you a lifetime of saving money electric bills.
Two (2) of the BPI Solar Panel Loan offers are the Property Equity Loan and the Multi-Purpose Loan offer. Here are their features:
Property Equity Loan
Under this loan offer, the client is allowed to use his/her residential property as the collateral in applying for the loan offer. However, the bank has not cited the loanable amount with regards to using the residential property as the collateral.
Multi-Purpose Loan
This BPI Solar Panel Loan offer allows the client to use his/her car as the collateral in securing a loan for the purchase of the Solar Panel. Under the loan offer, the bank has set the following loanable amoun:
- Minimum Loanable Amount — Php 200,000
The BPI loan is payable for at least one (1) year up to 20 years. For the vehicle to qualify to be used as the collateral under the loan offer, the car must not be older than 5 years upon loan maturity.
According to the bank, for new loans, the maximum loan term is five (5) years. If the client has an existing loan, “the remaining term of the existing loan should be at least 20% of the original term”.
To apply for the BPI loan offer, you can freely visit any of the branches of the bank nearest to the area where the solar panel would be set up. You will need a quotation from the solar panel provider. Currently, it is Helios which is accredited to the bank.
If you have an existing housing loan with BPI, you may also turn to BPI Solar Top-Up Equity Loan for the financing of the purchase of your solar panels.