HSBC goes greener

Those wishing to purchase energy-saving products can now benefit from HSBC's new Green Loans, available for individuals, through the Flexicredit Personal Loan, and also to commercial customers through the Small Business Loan.

The loan amount can be as little as Lm250. For amounts up to Lm1,000 the loan term is that of five years, while any amount exceeding Lm1,000 will have a loan repayment period of eight years.

The interest rate is discounted for customers down to 2.5 per cent above the bank's current base rate. Half of the processing fees normally applicable will also go towards the HSBC Cares for the Environment Fund. This fund contributes towards the improvement of Malta's environment and aims to enhance public awareness on environmental issues. A typical APR for a Green Loan for Lm3,000 for eight years is 6.5 per cent per annum. Normal lending criteria apply to the Green Loan, together with credit scoring procedures.

This loan is ideal to finance a range of energy saving products or initiatives. Some examples include electric cars, hybrid cars, thermal insulation, energy saving appliances and white goods, solar water heaters, and double-glazing. For organisations and businesses, initiatives covered could be those of energy audits, solar room darkening, passive infrared systems and reverse osmosis, among others.

"In line with HSBC's commitment towards the environment, which is also abetted by the HSBC Cares for the Environment Fund, HSBC's Green Loans are another step in our policies of environment protection," Shaun Wallis, HSBC Bank Malta plc chief executive officer, said. "We urge individuals and companies to make use of these Green Loans and we hope that this initiative will be a catalyst for further pro-activity in the area of the environment."

A leaflet highlighting the special terms and conditions regulating HSBC's Green Loans will soon be available.