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BOV Personal Financing
Do you need financing? Whether it is to buy a car, a home or finance your studies, we at BOV can help you. Find out how.
BOV ECO Personal Loan

Through the BOV ECO Personal Loan you can benefit from very advantageous terms to help you finance environment-friendly products and services.  

Benefits under this product also apply when financing the purchase of motorcycles and eco-friendly motor vehicles, including all types of hybrid cars and motor vehicles that have low CO2 emissions.

Overview
Benefits
Terms & Conditions
Apply Now

With a BOV Eco Personal Loan, you can realise your environmental friendly acquisitions. Here is an overview of main features:

  • low variable Interest rate of 3.25%APRC of 3.35% per annum (vide Representative Examples below)
  • Repayments on a monthly basis, can span up to a maximum period of 15 years (subject to terms and conditions)
  • Amounts from €500 to €70,000 can be borrowed (subject to terms and conditions). 
  • Free Life Cover for loan balances up to €25,000
  • No processing fees 
  • No early repayment fees apply if loan is paid in advance
  • No upfront contribution required, BOV will fully finance the purchase


The BOV ECO Personal Loan may be availed to finance the purchase of:

  • Hybrid cars
  • Electric vehicles (EVs)
  • New motor vehicles which have a CO2 emission level below 100g/km        
  • New motor vehicles which have a CO2 emission level below 130g/km, provided that customer is concurrently scrapping another motor vehicle under the current Government Car Scrappage scheme
  • Motorcycles
  • Converting a motor vehicle to run on auto-gas
  • Environment-friendly equipment such as solar water heaters, solar lamps, solar collectors and photovoltaic systems (including batteries used for storage of electricity generated from photovoltaic systems)
  • Products or systems or services which save on electricity consumption including Class 'A' white goods, double glazing, energy audits, residential energy management systems, thermal insulation products and equipment to remove dampness
  • Financing ECO-related grants pending their receipt from Government institutions


Representative Example No. 1 

A representative example of a BOV ECO Personal Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 3.25% p.a. over a term of 10 years.  

  • The variable interest rate of 3.25% is made up of an interest margin of 0.8% plus a variable Consumer Lending Bank Base Rate (CLBBR) of 2.45%.
    The Consumer Lending Bank Base Rate, (CLBBR) is 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.
  • APRC will be 3.35% p.a.
  • The loan will be repayable in 120 equal monthly instalments of €97.93, each inclusive of interest, over a period of ten years.

The total sum payable throughout the term of the loan will be €11,751.60 consisting of €10,000 capital and of €1,751.60 interest, assuming the variable interest rate remains unchanged. No processing fees apply.


Representative Example No. 2 

A representative example of a BOV ECO Personal Loan based on a loan amount of €20,000 being made available by BOV at a variable interest rate of 3.25% p.a. over a term of 15 years.

  • The variable interest rate of 3.25% is made up of an interest margin of 0.8% plus a variable Consumer Lending Bank Base Rate (CLBBR) of 2.45%.
    The Consumer Lending Bank Base Rate, (CLBBR) is 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.
  • APRC will be 3.35% p.a.
  • The loan will be repayable in 180 equal monthly instalments of €140.97, each inclusive of interest over a period of fifteen years.

The total sum payable throughout the term of the loan will be €25,374.60 consisting of €20,000 capital and of €5,374.60 interest, assuming the variable interest rate remains unchanged.  No processing fees apply.


Amount borrowed

You can borrow any amount from €500 to €70,000. The BOV ECO Personal Loan may be granted without any upfront contribution required from customer and BOV will fully finance the purchase. The maximum loan amount that you can borrow depends on your level of income and other commitments held. The loan amount being borrowed and loan purpose will also determine the term of the loan.
 

Repayment Terms

The loan is repayable by monthly instalments.

The amount you pay every month is determined by the sum you borrow, the loan term and the applicable rate of interest.

If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no early repayment fees apply.

Term Duration

Repayments may span up to a maximum period of 15 years, depending on the loan amount and loan purpose.  For loan amounts less than €10,000 the maximum loan term cannot exceed 10 years.

Fees

There are no processing fees, no early repayment fees and no other hidden fees or extra costs are applied. 

A BOV  ECO Personal  Loan means all this:

  • A fast and flexible solution to obtain financing for your ECO-friendly asset or service for your immediate enjoyment and help you contribute to protecting and sustaining our environment
  • You will also benefit from cost savings or even income generation (in case of photovoltaic systems), and from affordable and easy monthly repayment terms spread over a maximum loan term of 15 years
  • Low interest rate and no processing fees
  • An unsecured loan of up to €70,000
  • Full finance for your acquisition
  • You may pay off the loan at any time with no early repayment fee 
  • You may administer and monitor your account by means of BOV 24X7 Services

Apply now and you’ll benefit from:

  • Loan term that may be extended up to 15 years
  • Free Life Cover
  • Low Interest Rate
  • No processing fees and no early repayment fees


 

Loan Repayment

Eco Personal Loans are repayable by monthly instalments. The amount you pay every month is to be in line with your income and is determined by:

  • the sum you borrow,
  • the loan term and 
  • the applicable rate of interest.

If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly instalments, no penalties or additional fees apply.

Repayments may span up to a maximum period of 15 years provided that the term of the loan:

  • is in line with the purpose of the loan; 
  • does not go beyond borrower's retirement age; and
  • does not exceed the expected life of the asset being financed.

For loan amounts less than €10,000 the maximum loan term cannot exceed 10 years.

Other Terms & Conditions

Loans are subject to normal Bank lending criteria and final approval from your BOV Branch.

Direct Credit of Salary or Income to BOV account is required.

Interest rates and/or special conditions offered by the Bank under this product are always subject to the account being operated properly and the repayments effected regularly as agreed. Terms and conditions apply.

The Consumer Lending Bank Base Rate (CLBBR) is 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.

Click here for the current Consumer Lending Bank Base Rate. 

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Qualifying for the loan


To apply for BOV Eco Personal Loan, we require that:

  • you are over 18 years of age and
  • you are in regular full-time employment.

We shall ask you to provide us with formal confirmation of income and expenditure. As evidence of income, it will be useful to have your recent payslips together with your FS3s or Profit & Loss Accounts together with the Inland Revenue income and self-assessment form submitted to the Inland Revenue.

You are also to provide us with a quotation/ invoice of the asset or service being financed.

Your proof of identity is always necessary when contacting the Bank

Interested?

Set an appointment here.


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



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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 and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).