Business energy renovation loan

Finance photovoltaic solar panels, new technology, more efficient machinery and equipment, thermal insulation or soundproofing to upgrade your business’s energy efficiency.

You repay the borrowed money over up to 20 years if the work changes the building’s layout, or up to 10 years otherwise. A grace period can postpone repayment of the borrowed capital for up to 12 months. Discuss the interest rate with a Bank of Cyprus branch or SME Centre service officer.

The company tariff charges documentation fees of €50 for small-business facilities up to €20,000 and €75 above €20,000; €150 for SMEs; and €350 for corporate customers, or €1,000 for corporate customers with mortgage registration. The individual tariff charges €50 up to €20,000 and €75 above that amount. Each payment out of the loan costs €25 under the company tariff or €20 under the individual tariff.

Both tariffs list a quarterly commitment fee of 1.5%, calculated on the daily unused loan balance. Cancelling an approved facility without using it costs 0.5%, capped at €1,000. For loans outside both named consumer-credit legal frameworks, early repayment can require compensation for the bank’s costs and losses, including lost profits, depending on the remaining loan period and market interest rates. For loans within the Law on Credit Agreements for Consumers Relating to Residential Immovable Property of 2017, the individual tariff specifies the statutory compensation formula for fixed-interest periods and possible administrative costs for variable-interest periods. Loans within the Credit Consumer Law follow that consumer-credit framework. These categories depend on which legal framework covers the loan. Mortgage cancellation on early repayment, excluding refinancing, costs €150–€250 under the company tariff or €75 under the individual tariff.

Late repayment attracts 2% additional interest while arrears remain, charged when the account is terminated. Monthly arrears fees are €5 for the first 60 days and €20 after that.