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Charter One offers Energy Efficiency Loan program in Chicago area
CHICAGO (November 6, 2007) - Charter One announced it is offering an unsecured loan to help low-to-moderate income homeowners in the Chicago area finance weatherization projects to help make their homes more energy-efficient. Now available year-round, the Charter One Energy Efficiency Loan offers select homeowners the ability to borrow $1,000 to $3,000 at a rate of 1% APR for as long as 84 months. A 3% APR is available for loans of $3,001 up to $10,000 for up to 84 months.
“Homeowners can take advantage of these below-market rate loans year-round to make energy efficient and money-saving improvements to their homes like adding insulation, installing storm windows and doors, replacing an old furnace, or upgrading a home-heating or cooling system to a more energy-efficient unit,” said Scott C. Swanson, president, Charter One, Illinois. “The Charter One Energy Efficiency Loan is just another way Charter One is committed to helping build stronger communities. We are continually looking for products to meet our customers’ needs and hope they find this loan offer helpful in weatherizing their homes.”
The new Charter One Energy Efficiency Loan is being offered throughout the year to assist homeowners who might otherwise seek higher-cost loans. Often projects to improve a home’s energy efficiency are either postponed until the necessary funds can be saved or financed with a higher rate credit card. This new product will save consumers money, help homeowners conserve energy, and may increase a home’s value.
The Charter One Energy Efficiency Loan generally is designed for applicants with incomes less than 80 percent of the area median income or who live in a low- or moderate-income census tract. The $1,000 1% APR fixed rate loan with a three-year term requires 36 low monthly payments of $28.20. The 1% APR loan requires monthly payments to be automatically deducted from a Charter One checking or savings account. Otherwise, higher APRs may apply. There are no fees or closing costs. Loan applicants must own and occupy their home or condo where improvements are being made and will need to provide work estimates for the cost of energy efficient home improvements. There is a minimum monthly payment of $25 for the Charter One Energy Efficiency Loan, which may limit the maximum loan term in months available depending on the loan amount. Only one 1% APR loan is permitted per household. Other limits or restrictions may apply.
Under the income guidelines and for larger home improvement projects, Charter One is also offering a 3% APR on loans of $3,001 up to $10,000 with terms up to seven years. For example, a $10,000 loan at a 3% APR with a seven-year term would result in 84 monthly payments of $132.13.
To apply for the Charter One Energy Efficiency Loan, homeowners should visit a Charter One branch or call 1-877-TOP-RATE. Charter One is an equal housing lender.
About Charter One
Charter One is a division of RBS Citizens, N.A., operating in Illinois, Indiana, Michigan and Ohio. It has 466 branches and more than 780 ATMs. It has 121 branches and 358 ATMs in Illinois.
RBS Citizens, N.A. is a subsidiary of Citizens Financial Group, Inc., a $159 billion commercial bank holding company headquartered in Providence, R.I. CFG’s two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 13-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Indiana, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets and deposits. CFG is owned by RBS (The Royal Bank of Scotland Group plc).
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