Energy Efficiency Loan

SAVE ENERGY WITH LOAN FROM RAIFFEISENBANK!

Energy efficiency loans under a program of the European Union, the European Bank for Reconstruction and Development (EBRD) and the Energy Efficiency Agency

What Do We Offer?

• Fast and cost-effective financing of energy-efficiency-at-home projects 
• Rebate of up to 20% of the capital expenses on the project after its successful completion and when certain terms have been met. The money for the subsidy is provided by the Kozloduy International Decommissioning Support Fund and the EU.
• Grace period 
• Choice of qualified and reliable suppliers of home repair services

Who can receive a loan under the EBRD Energy Efficiency Loan Program?
Adult Bulgarian citizens with a permanent Bulgarian residence, who:

• Are full-time employees or have equalized relation for an indefinite time, or work on a contract for management and control 
• Practice economic and craft activities or free professions

Energy Efficiency loan may be used for purchase and subsequent installation of:

• Energy Efficient Windows
• Insulation of Walls, Roofs, and Floors
• Biomass Fuelled Room Heaters, Stoves and Boiler Systems
• Solar Thermal Systems
• Cooling and Heating Heat Pump Systems
• Building-Integrated Photovoltaic Systems
• Heat-Exchanger Stations and Building Installations
• Gasification Installations
• Balanced Mechanical Ventilation with Heat Recovery

Loan parameters

Currency:   BGN

Loan amount:

• Minimum loan amount –  BGN 500
• Maximum loan amount – BGN 35 000

Loan term: 

• Minimum loan term – 6 months
• Maximum loan term – 10 years*

* According to the current Policy for granting consumer loans to private individuals of Raiffeisenbank 

Interest rates:

For loans with a term of up to 7 years

• 9.95% - in case of salary transfer, insurance of loan installments package “Accident” or “Life”, “Comfort” bundle, at least one utility payment and Raiffeisen Online (with/without Guarantor)
• 11.95% - without salary transfer and with Guarantor
  

For loans with a term exceeding 7 years

• 10.95% - in case of salary transfer, insurance of loan installments package “Accident” or “Life”, “Comfort” bundle, at least one utility payment and Raiffeisen Online (with/without Guarantor)
• 12.95% - without salary transfer and with Guarantor
  

* The interest rate is based on 6m SOFIBOR + Margin
The value of the 6m SOFIBOR, respectively the loan annual interest rate is recalculated and altered by The Bank two times per year – on January 14th and July 14th, considering the value of 6m SOFIBOR two work days before the above mentioned dates.

Example:
Loan in the amount of BGN 5 089.25 with a variable annual interest rate of 9.95% in the time of signing of the Loan agreement, based on 6m SOFIBOR + Margin; APR: 13.19% for a term of 7 years, monthly installment for the first year: BGN 84.36, total amount due – BGN 7 572.73, in case of salary transfer into The Bank, “Comfort” bundle for the price of BGN 3.95 per month, a registration for Online banking and one utility payment, application fee: BGN 30, disbursement commission: 2.45% of the loan amount.
* In case the project is not executed in accordance with the conditions of the REECL program, the borrower will not receive a grant

Currently, the value of the 6-months SOFIBOR is 2.170 and is listed on the website of www.bnb.bg on 10 January 2013, two working days (spot value) before 14 January 2013 

Loan disbursement - the loan is disbursed at once

Disbursement:  At one single time

Grant – in case of a project fulfillment in concordance with the conditions of the REECL Program the borrowers shall receive:

• Up to 20% of the loan amount for individual projects
• Up to 30% of the loan amount for group projects ( group project are projects of at least 3 owners or residents of different households in a certain building which apply for a project in order to implement the same energy efficient activities, affecting the common areas of facilities of the building as a whole

Fees and commissions

• Application fee - BGN 30
• A single Disbursement commition - 2.45% of the loan amount

Insurance of loan instalments:

• Raiffeisenbank gives you the opportunity to conclude “Insurance of loan instalments” on your Energy Efficiency loan
• You can choose one of the following Insurance packages: “Accident” or  “Life” with max. term  of 10 years form the date of take out the insurance. 
• With “Insurance for loan instalments” you receive security and placidity for your consumer loan instalments.

Required application forms:

• A written quotation/offer from a supplier/ installer for any eligible energy efficient home improvement project when applying for a loan
• An invoice (original) for the installation of the energy efficient materials once the project is successfully completed
• A Completion Statement for the finalization of the project – using a template, provided by The Bank 
• Incentive Grant Application Form – using a template, provided by The Bank 

GRANT for successfully completed projects

Once the project is completed successfully with the respective energy efficient materials, The Bank shall reimburse you with up to 20% of the “Energy Efficiency” loan amount (up to 30% for group projects). The maximum amount of the grant cannot exceed EUR 9 000 for a certain household. 

How to apply for an energy efficiency loan with Raiffeisenbank (Bulgaria) EAD?

• Visit the nearest Raiffeisenbank (Bulgaria) EAD branch where you will receive a free set of all necessary documents and forms;
• Make an appointment with a bank consultant to analyse your needs and the opportunities that the bank can offer to you;
• All the information needed could be obtained on the Call centre “Raiffeisen Direct” telephones:
   - 0 700 10 000  for the subscribers of BTC at the price of a local call from all around the country
   - 17 21 for the subscribers of the mobile operators without increasing of tariff
• Use the service Mobile banker at the time and place convenient for you