Energy efficiency loan with a refund of up to 20% | ProCredit Bank Skip to main content

Energy efficiency loans

  • receive a refund of up to 20% of your investment
  • online RSD loans up to RSD 600,000
  • in collaboration with the GEFF and EBRD

 

A refund of up to 20% of your investment

Invest in making your home energy efficient and apply for a refund of up to 20% of your investment. 
If you are using the loan to finance just one technology - you are entitled to a refund of up to 15%. If you are combining two or more technologies - you are entitled to a refund of up to 20%.

Purpose of the loan

Purpose of a loan eligible for a refund of up to 20%:

  • Installing new windows, doors or glazing 
  • Insulating roofs, outdoor and partition walls, and the ground floor
  • Installing biomass or gas boilers 
  • Installing solar water heaters or photovoltaic systems
  • Installing heat pumps
  • Installing new lighting
  • Installing balanced ventilation systems
  • Installing hot water storage tanks

Items that can be financed through this loan, but are not eligible for a refund:

  • Appliances (refrigerators, freezers, air conditioners, etc.)

Energy efficiency loan details

6.5%

Nominal interest rate

7.24 %

Effective interest rate

60

months is the maximum repayment period

How do I apply for a loan and the refund?

Choose the technology(ies) you wish to purchase

The Tehnology Selector , developed by the GEFF, includes energy efficient technologies which are 20% more advanced than the average technologies available on our market which you can finance via this loan and become eligible for a refund.

Download an Eligibility Certificate for the chosen technology(ies)

Once you have chosen all of the technologies you wish to purchase in the Tehnology Selector, add these products to the List of certificates and then download a unique Certificate for all technologies combined.

Collect pro forma invoices from suppliers

If you are unsure of where to find a supplier that sells energy efficient products and technologies, the Technology Selector includes a map of suppliers that are closest to you.

Submit an application online

View the loan conditions and submit a loan application online. You need to provide your last 6 account statements, an Eligibility Certificate for each technology you wish to purchase and a pro forma invoice issued by the supplier. If you do not have all of these documents at this time, you can apply now and submit the documentation at a later date.

Complete your project and install the chosen technologies

Once your loan has been disbursed, you will receive confirmation that the funds have been deposited onto the supplier’s account. Once you complete your project and have installed the technologies, ask your supplier to provide you with an invoice.

Fill in the Refund Application form for verification

Once you have completed your renovations, you need to register online by submitting an online Refund Application form through the Verification System. View our video instructions on how to fill in the Refund Application form. You will need to have an Eligibility Certificate, an invoice and proof of payment issued by the bank, the Loan Agreement and the number of your ProCredit Bank account into which your refund will be deposited. Your account number is located on your debit card. 

The GEFF team will verify your investment

The GEFF team is comprised of energy efficiency experts who will check and verify whether or not your investment is in compliance with the conditions of the loan. This may require fieldwork and on-site confirmation.

The bank deposits the funds into your account

Once the GEFF expert has verified your investment, the bank will deposit up to 20% of the investment amount into your account. You are free to spend these funds as you see fit. You can use them to invest in further improvements or deposit them into your FlexSave account, for investment at a later date.

Choose the loan amount and submit your application online

Submit an application for an
Energy efficiency loan up to RSD 600,000

activate the account online, without having to visit the bank.

Submit an application for an
Energy efficiency loan over RSD 600,000

and the loan is disbursed during a bank visit.

Energy efficiency household loans where private borrowers are eligible for a refund are provided in collaboration with the European Bank for Reconstruction and Development (EBRD) through the Green Economy Financing Facility (GEFF).

Geff logo

 

Geff-podrska

Loan conditions

Conditions of an energy efficiency loan disbursed in collaboration with the GEFF
  • Type of loan: Energy efficiency loan, with a refund of up to 20%
  • Loan currency: RSD 
  • Indexing criteria: no criteria 
  • Loan amount: up to RSD 3,525,000  
  • Downpayment: none 
  • Repayment period: 12 - 60 months 
  • NIR (per annum, fixed): 6.5%
  • EIR: 7.24% 
  • Collateral: without a bill of exchange or Attachment of Salary for loan amounts up to RSD 600,000; for loans from RSD 600,000 to RSD 2,400,000 it is necessary to provide a bill of exchange and an Attachment of Salary; for loans over RSD 2,400,000 a bill of exchange, Attachment of Salary and proof of a mortgage are required.
  • Loan application processing fee: 1%
  • Additional expenses: Bill of exchange - RSD 50, Credit Bureau Report - RSD 246, Total Account Package maintenance fee - RSD 550 
  • No maintenance fees on your loan account
  • Payment per a pro forma invoice made to the seller
  • Minimum earnings: RSD 60,000
An example of an energy efficiency loan disbursed in collaboration with the EBRD and GEFF up to RSD 600,000
  • Type of loan: special-purpose retail loan
  • Loan currency: RSD
  • Indexing criteria: no criteria
  • Loan amount: RSD 600,000.00
  • Downpayment: none
  • Repayment period: 60 months
  • NIR (per annum, fixed): 6.50%
  • EIR: 7.24%
  • One-off loan processing fee: 1.00%.  
  • Monthly instalment: RSD 11,776
  • Total loan amount the borrower returns after the repayment period of 60 months: RSD 711,979.39
  • Collateral: none
  • The example provided envisages the transfer of salary to an account held at ProCredit Bank and with the use of our Total Account Package.
  • Disbursement in line with the Loan Agreement, to the dealer’s account.
  • Minimum earnings: RSD 60,000
An example of an energy efficiency loan disbursed in collaboration with the EBRD and GEFF in amounts exceeding RSD 600,000
  • Type of loan: special-purpose retail loan
  • Loan currency: RSD
  • Indexing criteria: no criteria
  • Loan amount: RSD 1,000,000 
  • Downpayment: none
  • Repayment period: 60 months
  • NIR (per annum, fixed): 6.50%
  • EIR: 7.26%
  • One-off loan processing fee 1.00%.
  • Monthly instalment: RSD 19,610
  • Total loan amount the borrower returns after the repayment period of 60 months: RSD 1,186,978.18
  • Collateral: bill of exchange and Attachment of Salary
  • Costs: bill of exchange - RSD 100, Credit Bureau report - RSD 246.
  • The example provided envisages the transfer of salary to an account held at ProCredit Bank and with the use of our Total Account Package.
  • Disbursement in line with the Loan Agreement, to the dealer’s account.
  • Minimum earnings: RSD 60,000
     

FAQs

What is the GEFF?

The GEFF is a green economy financing facility developed by the European Bank for Reconstruction and Development to support the financing of efficient technologies in households.

The total amount of the facility is €85 million.

The programme is supported by European Union funds, as well as other donators: Federal Ministry of Finance of the Republic of Austria and the Western Balkan Investment Framework, financing technical collaboration programmes through this facility, implemented in cooperation with the Energy Community Secretariat. 

How do I apply for a refund?

To receive a refund, all you need to do is to register on the GEFF website, by submitting the online application form through the Verification System.  You need to submit the following documentation: Eligibility Certificate, invoice, bank-issued proof of payment, Loan Agreement, and information concerning the bank account to which the funds are to be transferred. 

How do I calculate the potential savings of my investment in energy efficient technology?

There is a calculator located on the GEFF website that you can use to calculate any potential energy efficiency savings on your investment. 

Enter the characteristics of your home and check mark the technologies you intend to install. You will then receive an approximation of the amount of energy efficiency savings you can expect to receive as well as annual expenditures. 

 

Are additional expenditures and installation included in the grant?

Additional installation costs and ancillary activities, such as the purchase of supporting materials, that do not fall under the category of energy efficient materials, delivery and installation, are all included in the grant, up to a certain amount and according to the following table.  

Eligible technologies    Auxiliary costs (percentage of the technology cost)

  • Thermal insulation of outdoor walls    600%
  • Partial thermal insulation of partition walls    200%
  • Thermal insulation of roofs and top floors/attics    100%
  • Thermal insulation of floors    100%
  • Biomass boilers    100%
  • Gas pumps    100%
  • Heat pumps    70%
  • High efficiency lighting systems    50%
  • Solar water heaters    50%
  • Doors, windows    25%
  • Ventilation systems (mechanical ventilation with heat recovery)    25%
  • Hot water storage tanks    25%
  • Built-in, integrated photovoltaic systems     10%
  • Air conditioning systems, refrigerators, freezers and combination refrigerators/freezers – not eligible for a refund    10%
Can the pro forma invoice also list products that are not eligible for the financial grant, air conditioners, for example?

Yes, it can. You are eligible for a loan to purchase air conditioners and other products (refrigerators, freezers or combination appliances) not listed in the Technology Selector; however, you will not receive a financial grant, that is, a refund.
 

 

Can I finance works/renovation performed on more than one location (more than one flat) through a single loan?

Yes. You can finance the installation of technologies on more than one project i.e., on multiple locations, all through a single loan.

Can I use the loan to purchase multiple products from different categories?

Yes. You can use the loan to purchase multiple products from different categories (e.g., installing new windows or biomass boilers). This, in fact, is recommended. In this way, you are entitled to a larger refund i.e., up to 20% when you invest in a minimum of 2 technologies.  

While investing in a single technology includes a 15% grant. 

Can I apply for more than one loan for the same purpose in the same building or flat?

No. For example, if a loan was already approved for the purpose of installing windows, the same windows cannot be replaced through another loan for the same purpose.  

Can I apply for more than one loan for a single-location project?

Yes. You can apply for more than one loan on a single-location project (e.g., you can finance insulation through one loan, and install new windows through another).  

Do I have to be the owner of the building/facility under renovation?

No. You do not need to own or co-own the building/facility, nor do you need to be registered at its address. You can take out a loan for family members. The only limitation is that you cannot finance the installation/ purchase of the same type of product twice, at the same address. 

Can I finance the thermal insulation of just one flat of a residential building?

No. This loan cannot be used to finance the thermal insulation of just one flat of a residential building. You can finance the thermal insulation of just one flat if the entire façade of the building is being renovated.

Can two members of the same household apply for the financing of a single project i.e., receive two loans?

Yes, they can. In this case, project financing is secured as one loan and if more than one technology is included, a higher grant is given (20% instead of 15% for just one technology).

For example, if one spouse takes out a loan for insulation, and the other a loan to purchase a heat pump, this is treated as an investment in two types of technologies and entitles you to a higher refund of 20%, despite the fact that each of these individual loans is connected to just one technology.
 

Can I apply this grant or another grant to the same project?

No. You are eligible for a financial grant issued by EBRD i.e., refund, only if you have not/plan not to apply for a grant from another institution or government subsidy. You are prohibited from applying for more than one grant for the same project.