HSBC Vietnam is partnering with GIC Investment Join Stock Company to offer loans to homeowners in HCM City and Da Nang to instal rooftop solar energy systems. — Photo courtesy of HSBC Vietnam

HSBC Vietnam has rolled out a new preferential interest loan programme for homeowners in HCM City and Da Nang to buy and install rooftop solar panels.

Created in collaboration with GIC Investment Join Stock Company (GIC), the loan carries the bank’s lowest unsecured variable interest rates of 11.99 per cent and 12.99 per cent for premier customers and mass retail customers, and a tenor of up to 60 months.

Borrowers can also get discounts directly on GIC products of 14 per cent for premier customers and 12 per cent for mass retail customers.

GIC’s rooftop solar energy systems come with a 12-year product warranty and 25-year performance warranty.

With power demand projected to increase by 8 per cent annually in 2021-31, Viet Nam needs 60,000MW of installed capacity by 2020, 96,500MW by 2025 and 129,500MW by 2030.

The Government is developing renewable energy to ensure energy security and address this growing demand.

The new lending product is in line with the HSBC’s global commitment to sustainable finance.

In 2017, it announced plans to provide US$100 billion of sustainable financing and investment by 2025. — VNS