LOS ANGELES, June 27 (UPI) -- Union Bank of California announced a green loan program for environmentally friendly consumers.
The program offers consumer loan applicants who purchase environmentally friendly products an interest rate discount.
Union Bank's green initiative offers loan applicants a 0.25 percent discount on vehicle and home equity loans when the applicant plans to invest in an alternatively powered car or home improvements like adding solar panels.
"Preservation of the environment is an inherent part of Union Bank of California's philosophy and culture," said Executive Vice President Robert A. McNeely. "The new loan program is the latest in a line of environmentally conscious initiatives supported by the bank."
The program offers the bank's retail clients and employees the discounted rate with the purchase of new or used vehicles that run on alternative power sources other than petroleum, like a hybrid or electric car.
In addition, the program offers the discount on home equity fixed-rate loans to consumers purchasing energy-efficient upgrades for their homes including the addition of solar panels, HVAC (heating, ventilation, air-conditioning and cooling) appliances, Energy Star-rated windows and other environmentally friendly technologies.
A committee of bank executives worked closely with the UnionBanCal Corp. board of directors and the Union Bank community advisory board to establish a broad environmental policy with a mission to help safeguard the environment. The Union Bank Foundation has also recently increased its level of giving to non-profit organizations involved in activities benefiting the environment.
