- Link:
- https://www.hsbc.ca/loans/products/green-loans/
- Retailer:
- HSBC
Received an email from HSBC yesterday:
Here is the electric vehicle eligibility list from the T&C : http://www.mto.gov.on.ca/english/vehicl … icle.shtml
It is not only for new purchases also for who have purchased within 90 days prior to loan application.
Here is the full Terms and Conditions of this offer: https://click.messaging.hsbc.ca/?qs=efb … 0dadd576af
You’re Pre-approved1 for $25,000 for an eligible energy efficient product* with an HSBC Energy Efficiency and Electric Vehicle Loan.
Use your funds for an Energy Efficient Appliance or energy HVAC system with rates as low as 1.99% (Prime2 – 0.46%) APR3.
Be sure to respond by November 12, 2021 to accept your Pre-approved1 HSBC Energy Efficiency and Electric Vehicle Loan.
Finance solar panels, energy efficient appliances, HVAC systems, and more.
Qualifying purchase required*
Low variable interest rate
Terms and conditions apply. Offer ends November 12, 2021.
*For full details on eligible efficient products, contact your Relationship Manager, or call HSBC’s Contact Centre 1-877-840-4722.
1.Subject to the terms below, you are pre-approved for an HSBC Personal Loan unless you have been bankrupt in the past 7 years. We reserve the right to modify or withdraw this pre-approved offer (and if you have accepted it, terminate this pre-approved offer) should there be a change in your credit or financial circumstances since the time this offer was made. Application must be received no later than the campaign expiry date. The HSBC Personal Loan is subject to standard HSBC credit review and approval, and will be governed by the terms of the applicable credit agreement. You will be asked to consent to us obtaining your credit report.
2.Prime rate is 2.45% as of August 31, 2021 and means the annual rate of interest HSBC Bank Canada announces from time to time as a reference rate for determining interest rates on Canadian dollar retail loans in Canada. The actual rate will vary depending on fluctuations to HSBC’s Prime Rate. Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC Bank Canada branch. They can also be found online.
3.“APR” means the cost of borrowing for a loan expressed as an annual rate. It includes all interest and some non interest charges associated with the loan. Since there is no cost of borrowing other than interest, the annual interest rate and APR is the same and APR will fluctuate with the Prime Rate from time to time.
It seems that there is no limit for Electric Vehicle Loan. The $25,000 limit only applies to the energy-efficient product.Qualifications and Requirements
1. The special interest rate is available to all HSBC customers who are the age of majority in their province or territory of residence, and who apply for and are approved for an EE-EV Loan of $1,000 or more during the Offer Period. All applications must be received by HSBC during the Offer Period.
2. The approval of your application for the EE-EV Loan is subject to HSBC’s standard lending guidelines, and your completion of all required application, credit and security documentation. Purchase of an Eligible Product (defined below) does automatically qualify you for an EE-EV Loan.
3. The EE-EV Loan proceeds must be used exclusively for an Eligible Product. An “Eligible Product” is:
a) An electric, hybrid electric or other vehicle that is a 2020, 2021 or 2022 model year and is green plate-eligible based on the Ontario Ministry of Transportation eligibility list (an “Eligible Vehicle”), which can be found at LINK; or
b) Another energy-efficient product that has received third-party qualification, as approved by HSBC in its sole discretion. If you have purchased, or intend to purchase, an Eligible Product that is not an Eligible Vehicle the maximum EE-EV Loan amount you can receive is $25,000.
Here is the electric vehicle eligibility list from the T&C : http://www.mto.gov.on.ca/english/vehicl … icle.shtml
It is not only for new purchases also for who have purchased within 90 days prior to loan application.
Too bad that only BEV and PHEV are qualified, hybrid is not included.The purpose of the EE-EV Loan is to provide funding to qualified customers who have purchased (within 90 days prior to loan application) one or more approved energy efficient products or electric or hybrid vehicles, or intend to buy one or more approved energy efficient products.