- Written by Super User
System Installation: Once the deposit is confirmed with the bank, SME Bank will issue a purchase order to your Service Provider of choice to arrange for the system delivery and installation at your address indicated on the application form within 14 days. You are requested to sign the installation report, to prove that you have received the system as per quotation and to signify that you are satisfied with the installation and the system is operational. Do not sign the installation report if your system is not installed or not working.
Payment: Once the loan is granted to you, you will start paying the loan after the completion of the system installation. You will be responsible to honor the monthly installments until full payment of the loan through debit order.
Loan Defaulting: Failure to make monthly payments will result in the outstanding balance becoming due and payable immediately. An interest rate will be levied on any overdue amount in respect of any period (s).
Insurance: Applicants can insure their products with an insurance company of their choice. However, damages made to the product as a result of natural disaster such as lightning, Flood or hail, wind as well as wild animals will be covered by the scheme. Theft is not covered. Applicants can obtain claim forms from the Loan Officer and should be submitted within 3 months after the damage. Client should provide a quotation and statement made under oath from the nearest police station.
In case of death, the remaining balance of the loan is written off and the system becomes a property of the deceased’s family, provided that a certified death certificate is submitted to the Ministry
Cancellation Fee: Clients will be charged cancellation fee, 15% of total deposit received, upon cancelling their loans with the fund.
After Sales Services and Warranty: There is limited maintenance of solar systems once installed properly. However, after sales service and warranty will be provided by your Service Provider.