Get in touch - Bank of Valletta - BOV Group
Customer Service Centre - Bank of Valletta - BOV Group
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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 Budget Account

The BOV Budget Account facility gives a flexible way of borrowing small amounts of money with an agreed cash-borrowing limit. It provides a flexible way of managing cash flow and gives an extra liquidity in the short-term.


Overview
Benefits
Terms & Conditions
Apply Now

Amount borrowed
The BOV Budget Account facility offers the borrower a credit limit amounting to double the net monthly salary, up to a max of €2,500 after paying tax and NI contributions. If the borrower’s net monthly income is less than €800, the credit limit will amount to €300.

Processing fees
The BOV Budget Account facility is subject to a one-time processing fee of €30. Should you wish to revise your limit a €15 fee will apply. Other than these quoted fees, there are no renewal fee, hidden costs or any additional charges.

Interest rates are agreed in advance and calculated on a daily basis on the utilised balance.

Applying for the BOV Budget Account

To apply for a BOV Budget Account, you must:
  • be over 18 years of age
  • be in regular full-time employment
  • have your salary directly credited to your Budget Account
  • not hold a BOV eAccount or a BOV Overdraft facility 

We will ask you to provide us with a formal confirmation of your income and expenditure. As evidence of income, we will request copies of your latest three payslips and FS3 for the previous year. If you are self-employed, we will request copies of your Profit and Loss Accounts and Tax Statements issued by the Inland Revenue Department for the last two years. Your proof of identity is always required when contacting the Bank. At application stage, you will also be requested for an endorsement and a character reference from your employer on Bank’s form ADV77.
A BOV Budget Account means all this :
a flexible way of borrowing small amounts of money with an agreed cash-borrowing limit
a convenient way of managing your cash flow, giving an extra liquidity in the short-term
a credit facility of double your net monthly salary up to a maximum of €2,500 (subject to terms and conditions)
a cheque book facility

Apply now and you’ll benefit from:
a reduction in interest rate and processing fee if you qualify from one of the customised packages or value pack schemes offered by BOV
an improved purchasing power in your hands whereby you will be in a position to honour your commitments even when liquidity is tight
easy access to funds and convenient monitoring of your account by means of the Bank’s network of ATMs and 24X7 services
Applicants must be 18 years and over and must be in full time employment. Budget Account limit will be equivalent to double the applicant’s net monthly salary up to a max of €2,500 after paying tax and NI contributions. If net income is less than €800 a month, credit limit will be €300. Facility may be granted on an unsecured or secured basis. Salary/wage will preferably be credited to the account. Cheques can be drawn up to the agreed limit. Interest rates are agreed in advance and calculated on a daily basis on the utilised balance. Facility is generally renewable on an annual basis and repayable on demand. Applicants requesting a Budget Account facility must not already own a BOV eAccount or BOV Overdraft facility.

Currently, interest on the BOV Budget Account is charged at a margin of 3.25% per annum over the Consumer Lending Bank Base Rate**. The margin over the Bank’s Base Rate will depend upon whether the facility is secured or unsecured. In case of secured loan, the rate may vary according to the type of security offered.

For the latest interest rates, please visit any BOV branch, or call our Customer Service Centre on 2131 2020.

** The Consumer Lending Bank Base Rate 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.

A BOV Budget Account facility is subject to normal Bank lending criteria and final approval from your BOV Branch. Terms and conditions apply.

Click here for the current Bank Base Rate

Accepting your Application

Please refer to the Product Information Guide for more detailed information, or contact Customer Service Centre on 356 2131 2020 or the BOV Branch of your choice.

These terms and conditions are intended merely as guidance. Any Budget Account which may be granted to you by Bank of Valletta will be governed by the terms and conditions agreed to between you and the Bank at the time of your application and its acceptance by the Bank and which will be set out in a Sanction Letter addressed to you and as may be amended from time to time.

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Interested?

Do you want to learn more about the BOV Budget Account? Then click on the ‘Live Help’.  One of our representatives will be able to help you immediately.

You can also choose your next step from the options available below:
  • visit the BOV branch of your choice for more information
  • Call our Customer Service Centre on 2131 2020 between Monday and Saturdays, from 8.00am to 8.00pm (excluding Bank and Public Holidays)
  • send us an e-mail at customercare@bov.com
  • click on the ‘Get in Touch’ icon on the right hand side and submit your query and contact details. We’ll contact you as soon as possible
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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).