Terms & Conditions

1. Promotion Overview

The Green Loan Promotion is offered by The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) and is available to eligible members during the specified campaign period. The promotion has been developed to encourage members to invest in projects that improve the sustainability, resilience, efficiency, and overall security of their homes and families. By applying for and accepting a Green Loan, members acknowledge and agree to be bound by these terms and conditions, together with all applicable lending policies, membership requirements, and loan agreements established by LPECCUL.

2. Eligibility

The Green Loan Promotion is available exclusively to members of LPECCUL who meet all applicable membership, compliance, identification, and lending requirements. Applicants must be members in good standing and demonstrate the financial capacity to repay the proposed loan facility. Eligibility will be determined through LPECCUL’s standard underwriting process, which may include an assessment of income, employment, credit history, repayment performance, debt obligations, account conduct, and other relevant factors. The submission of an application does not guarantee approval, and LPECCUL reserves the right to approve, decline, amend, or defer any application at its sole discretion.

3. Eligible Green Loan Projects

Green Loans are intended to finance projects and purchases that support environmental sustainability, household resilience, resource conservation, and home protection. Eligible projects may include renewable energy solutions such as solar photovoltaic systems, battery storage systems, solar water heaters, energy monitoring systems, and energy-efficient appliances under the Energy Security category. Under the Water Security category, financing may be used for water tanks, rainwater harvesting systems, filtration and treatment systems, water pumps, plumbing improvements, and other water conservation initiatives. Under the Home Security category, financing may be used for hurricane protection upgrades, impact-resistant windows and doors, roof strengthening, home retrofitting, security cameras, alarm systems, and other approved projects that improve the safety and resilience of a residential property. LPECCUL reserves the right to determine whether a proposed project qualifies under the Green Loan programme.

4. Loan Facilities Available

The Green Loan Promotion offers both unsecured and secured financing options to accommodate projects of varying sizes and complexity. The Unsecured Green Loan provides financing of up to fifteen thousand dollars ($15,000) with repayment terms of up to three (3) years and carries a standard interest rate of ten percent (10%) per annum. The Secured Green Loan provides financing of up to one hundred and fifty thousand dollars ($150,000) with repayment terms of up to twelve (12) years and carries a standard interest rate of eight percent (8%) per annum. The actual amount approved may be lower than the maximum advertised amount and will be based on the member’s financial profile, repayment capacity, project scope, and overall lending assessment.

5. Risk-Based Lending Assessment

All Green Loan applications are subject to LPECCUL’s Risk-Based Lending Policy. While the promotion advertises standard rates of ten percent (10%) per annum for unsecured facilities and eight percent (8%) per annum for secured facilities, the final interest rate offered to a member may vary depending on the results of the lending assessment. Factors considered may include the member’s credit bureau score, repayment history, debt-to-income ratio, employment stability, income level, account conduct, existing indebtedness, security offered, and overall risk profile. LPECCUL reserves the right to assign a different rate, modify loan terms, require additional security, or decline an application where the assessed risk falls outside acceptable lending parameters.

6. Supporting Documentation

Applicants may be required to submit supporting documentation to verify the purpose and viability of the proposed project. Such documentation may include quotations, invoices, project specifications, contractor or vendor information, proof of ownership, permits, plans, photographs, identification documents, proof of income, bank statements, and any additional information deemed necessary by LPECCUL. The Credit Union reserves the right to request further documentation at any stage of the application, approval, disbursement, or monitoring process. Failure to provide requested information may result in delays, suspension of processing, or the rejection of an application.

7. Security Requirements

Secured Green Loans require acceptable collateral in accordance with LPECCUL’s lending policies and procedures. Security may take the form of shares, deposits, real estate, guarantees, assignments, or other forms of collateral approved by the Credit Union. The type, adequacy, and value of any security will be determined solely by LPECCUL and may be subject to valuation, legal review, registration, insurance, or other requirements. Members are responsible for maintaining any required security throughout the life of the loan facility and complying with all conditions associated with such security.

8. Loan Approval and Disbursement

All Green Loan applications are subject to review and approval by LPECCUL. Approval is not automatic and will depend on the outcome of the lending assessment and the applicant’s ability to satisfy all requirements. Once approved, loan proceeds may be disbursed directly to approved vendors, contractors, suppliers, service providers, or to the member, depending on the nature of the project and the documentation provided. LPECCUL reserves the right to determine the method, timing, and conditions of disbursement and may require evidence that project-related expenses have been incurred before releasing funds.

9. Verification of Loan Use

LPECCUL reserves the right to verify that loan proceeds have been used for the purpose stated in the loan application. Members may be required to provide receipts, invoices, contracts, photographs, completion certificates, inspection reports, or other documentation demonstrating that the funds have been applied to the approved project. Where necessary, LPECCUL may conduct site visits or request additional information to confirm compliance. If loan proceeds are found to have been used for unauthorized purposes, LPECCUL reserves the right to take corrective action, including the withdrawal of promotional benefits, restructuring of the facility, or other actions permitted under the loan agreement.

10. Member Responsibilities

Members are responsible for ensuring that all information provided during the application process is accurate, complete, and truthful. Borrowers must maintain their membership and loan accounts in good standing throughout the life of the facility and are required to make repayments according to the agreed schedule. Members must also maintain any required security, provide updated information when requested, and comply with all loan terms and conditions. Failure to meet these obligations may result in penalties, collection action, enforcement of security, legal proceedings, or other remedies available to the Credit Union.

11. Fees and Charges

Additional fees and charges may apply to Green Loan facilities depending on the type and size of the project being financed. These may include application fees, processing fees, legal fees, valuation costs, registration expenses, insurance premiums, government charges, and other related costs. Where applicable, such fees will be communicated to the member during the application process and may be payable before or at the time of disbursement. Members are responsible for all applicable fees and charges associated with their loan facility.

12. Promotion Changes

LPECCUL reserves the right to amend, suspend, extend, withdraw, or terminate the Green Loan Promotion at any time without prior notice. Such changes may include adjustments to eligibility requirements, qualifying projects, promotional features, lending criteria, or campaign periods. Any amendment or termination of the promotion will not affect facilities that have already been approved and disbursed unless otherwise specified in the loan agreement or required by law.

13. General Conditions

The Green Loan Promotion may not be combined with any other special financing offer, discount, subsidy, concession, or promotional programme unless expressly authorized by LPECCUL. The Credit Union reserves the right to verify all information provided by applicants and to decline any application containing false, misleading, incomplete, or fraudulent information. All lending decisions are final and remain at the sole discretion of LPECCUL. In the event of any conflict between promotional materials and these terms and conditions, these terms and conditions shall prevail.

14. Disclaimer

Terms and conditions apply. Lending is subject to membership eligibility, credit assessment, compliance requirements, security requirements where applicable, and approval by The Light & Power Employees Co-operative Credit Union Ltd. Approval is not guaranteed. The standard promotional interest rates are ten percent (10%) per annum for Unsecured Green Loans and eight percent (8%) per annum for Secured Green Loans; however, all facilities remain subject to LPECCUL’s Risk-Based Lending Policy and individual lending assessment. LPECCUL reserves the right to determine final loan amounts, repayment terms, interest rates, security requirements, and all other lending conditions based on the applicant’s overall risk profile and financial circumstances.