The BOV Studies Plus+ loan is a financing solution offered by Bank of Valletta aimed at supporting students or professionals who are seeking to further their studies in Malta or abroad.
This loan is applicable to those who are seeking to undertake full time, part time or distance learning study courses, which would provide them with an -MQF level 5, 6, 7 or 8 qualification, or other internationally-recognised certificates.
The loan can cover the costs of the course, as well as accommodation, transport and living expenses, text books and other study-related costs.
This loan is made possible with the support of the Operational Programme II (OPII), co-funded by the European Social Fund (ESF 2014-2020 & ESF+ 2021-2027) and managed by the Malta Development Bank (MDB).
Attractive variable interest rate of 2.70%
The BOV Studies Plus+ loan includes a series of features and benefits that will be of great assistance to applicants. The loan is being offered at an advantageous interest rate of 2.70%, and students can benefit from a maximum loan amount of €100,000.
During the course, students can benefit from a maximum moratorium period of 5 years; during this period, interest is fully subsidised and students do not need to make any loan repayments.
Subsequently, the repayment of capital and interest accruing from the end of the moratorium period can be made in equal monthly instalments over a maximum period of 10 years. In addition, students do not need to provide collateral or make any upfront contribution provided that repayments are feasible from customer's expected income once the studies being financed by BOV are successfully completed.
The financial collaboration between BOV and the MDB ensures that truly affordable loans are made available to students, with MDB acting as guarantor for part of the loan (subject to a capped portion of the portfolio) and offering a full interest subsidy during the moratorium period. During this moratorium, the interest rate will be of 2.65% and such interest will be covered by the subsidy.
The BOV Studies Plus+ loan promotes education, the enhancement of specialised skills, as well as continuous personal development, and is ideal for those wishing to take their education a step further.
Attractive features and benefits
| Interest rate
||2.70%1 - interest margin of 0.25% plus CLBBR2 (currently 2.45%)
| Minimum loan amount
| Maximum loan amount
| Applicable age
||18 years upward
| Upfront contribution
| Collateral requirement
| Maximum loan term (including moratorium)
| Maximum moratorium term
|Maximum repayment term (excluding moratorium)
| Moratorium period
||Full interest subsidy and no capital loan repayments during the moratorium period
||Student need not be in employment during loan application stage and during the moratorium period
| Repayment consideration
||Future income from employment
| Processing fees/early repayment fees
1 Representative example of a BOV Studies Plus+ loan based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 2.70% p.a. (interest margin of 0.25% plus CLBBR2 of 2.45%):
The APRC will be 2.772% p.a. and the loan will be repayable in 120 equal monthly instalments of € 238.38 over a term of ten (10) years. The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €28,605.60 being capital of € 25,000 and interest of € 3,605.60 The interest that is fully subsidised during the moratorium period does not feature within this calculation. No processing fees apply.
2 Consumer Lending Bank Base Rate – CLBBR means the basis, established by the Bank from time to time, on which the rate of interest payable generally on all Bank consumer lending is determined. The CLBBR as at date of publication is 2.45%.
Further information can be obtained by visiting any BOV Branch or our website www.bov.com.
To apply click here or call our Customer Service Centre on 21312020.
When you visit us it would be useful to bring your I.D. Card and all related documentation from the relative Training Institute, College or University, and a detailed breakdown of costs related to the course.
Talk to us / 21312020 / www.bov.com
All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta). Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130.