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Manila Bulletin devider Business devider Trade & Industry devider Home Credit to offer loans for solar panels in June

Home Credit to offer loans for solar panels in June

Published May 13, 2024 08:17 am

Consumer finance firm Home Credit Philippines announced that it will start offering loans for residential home-use solar panels in June this year, in a bid to provide renewable energy options to the mass market.

"In June, we expect to hopefully start our first loan for solar panels," said Home Credit Philippines Chief Sales Officer Puneet Suneja in a press conference in Taguig City on May 13.

He said they cannot yet disclose the solar panel brands included in the tie-up, but he noted that they are in the "final stages, with more work being done."

According to Suneja, the firm is confident that it will be able to finance up to P200,000 to P250,000 for solar panels in a residential home, covering every residential need of the customers.

This amount is based on the firm's assessment of the  necessary power capacity for the majority of homes, which was set from five to seven kilowatts (KW), in coordination with their partner merchants.

This will be the first non-bank lending solution for solar panels.

Suneja remarked that the firm sees the venture as an opportunity, as well as a response to some customers' and employees' comments on potential financing options for solar panels for their homes.

"So at the moment, it isn't about trying to sell billions of those. It's really about being able to give other options to our customers to be able to shop. We're committed to  saying 'anything you want.' So we try to develop and get as many quantities as possible," he explained.

Aside from solar panels, Suneja said it is also eyeing loans for traditional two-wheel vehicles, and have done pilots for the home improvement and construction segments.

"All of this is to expand the commodity types that people can finance through us," he added.

In 2023, Home Credit recorded more than 80 commodities in its roster including iPhones, Android phones, air conditioning units, sports and lifestyle products, home improvement materials, refrigerators, televisions (TVs), laptops and tablets, e-bikes, and home furnishings.

Among its top partner brands are Apple, Samsung, Huawei, Acer, Asus, Oppo, Xiaomi, Realme, and Honor for mobile phones, laptops, and other devices; Skyworth for TVs, Fujidenzo for home appliances, and Carrier and Condura for air conditioner units.

It has sold around P60 billion worth of goods last year, and has grown its partner shops or merchants to over 15,000 since it began operations with 43 partners in 2013.

This year, the company is aiming to serve 11 million customers from its current 10 million customer count.

"We do believe that with the current track we have, we will grow our business in double digit growth, but the focus is to reach out to more customers and get to 11 million as soon as possible," said Suneja.

 

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