Makro owner launches solar power loans
Makro and Game parent company Massmart has started offering customers a solar energy funding solution in partnership with credit provider Retail Credit Solutions (RCS).
The funding comes in the form of a loan up to R250,000, which Massmart said could be released within 24 hours through a “convenient” application process.
Massmart said the loan would be available in flexible payment plans, where fixed monthly repayments can be tailored to the customer’s monthly expense budget.
“To achieve this, the repayment period can be extended from 12 to 60 months,” Massmart said.
The loans will be offered on purchases from Makro, Builders, and Game stores.
Massmart did not specify the interest rates, but the FAQ sections on these stores’ websites explained the funding was a “cash loan”.
According to the RCS website, it charges between 15% and 28.25% interest on cash loans, depending on the customer’s risk profile.
Some of the more expensive energy products available from Makro
Massmart senior vice president for financial services, Varsha Dayaram, said the retailer had observed a significant increase in the number of people who wanted to fund solar energy projects for their homes.
“We place very high emphasis on developing funding solutions to meet the needs of our customers,” said Dayaram.
RCS chief commercial officer Gavin Lomberg said it wanted to offer customers the opportunity to meet their energy needs while maintaining their desired lifestyles in a cost-effective way.
“Through this financing solution, we can offer much-needed assistance to cash-strapped South Africans by providing them with funding for their preferred, more sustainable energy requirements,” said Lomberg.
The links below explain the application process and other details about the loans from each store:
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