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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 Educational Loan

At BOV we strongly believe that education is key to a person’s success, so much that we can assist in the financing of educational courses at any registered and accredited Educational Institution, including private schools, colleges and universities, both locally and abroad. 

 

Find out more about the BOV Education Loan.

Overview
Benefits
Terms & Conditions
Apply Now

The BOV Education Loan is available to parents/legal guardians wishing to enrol their children and/or students wishing to enrol for educational courses in any registered Education Institution. The BOV Education Loan is accessible to all full-time and part-time students who are not eligible to apply under the BOV Club scheme or the BOV Graduates Package.  

Here is an overview of main features of the BOV Education Loan: 

  • Free Life Cover
  • Amount from €1,000 to €20,000 can be borrowed. BOV will finance school tuition fees and/or further education.  
  • Repayments can span up to a maximum period of 7 years (subject to terms and conditions)
  • A discounted variable Interest rate of 4.95%, APRC of 5.294% per annum*
  • A one time processing fee of 0.30% on loan amount (min €50)
  • No early repayment fees apply if loan is paid off before the repayment period
  • The BOV Education Loan may be granted without any security
  • Gradual Drawdown of financing over a maximum period of three years reducing your interest charge.


Representative Example

A representative example of a BOV Education Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.95% p.a. (interest margin of 2.50% plus consumer lending bank base rate – 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 – of 2.45%), APRC will be 5.35% p.a.* and the loan will be repayable in 60 equal monthly instalments of €188.80 over a term of five years.

The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €11,378.00 being capital of €10,000 and interest of €1,328.00; together with a processing fee of €50 that is payable at the initial stage.


Amount borrowed

You can borrow any amount from €1,000 to €20,000. The BOV Education Loan may be granted without any contribution required from customer.


Repayment Terms

 
The loan is repayable by monthly instalments.

The amount you pay every month is determined by the sum you borrow, the selected 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 installments, no penalties or additional fees apply.


Term Duration

Repayments generally span up to a maximum period of 5 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 7 years.

Processing Fees

There is a one-time processing fee, of 0.30% (min €50). No other hidden fees or extra costs are applied.


 A BOV  Education Loan means all this:

  • a fast and flexible solution to obtain financing for educational requirements;
  • an unsecured loan of up to €20,000 or a secured loan that would enable you to benefit from discounted interest rates plus benefit from easy monthly repayment terms;
  • full finance for your needs; 
  • you may pay off the loan at any time with no early repayment fee; 
  • administer and monitor your account by means of BOV 24X7 Services
  • Gradual Drawdown of financing over a maximum period of three years reducing your interest charge.

  

Apply now and you’ll benefit from: 

 


Loan Repayment

Education loans are repayable by monthly installments. The amount you pay every month is to be in line with your income and is determined by: 

  • the sum you borrow,
  • the selected 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 installments, no penalties or additional fees apply.

Repayments generally span up to a maximum period of 5 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 7 years, provided that the term of loan: 


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. In case of alternative arrangements, different terms and conditions including the rate of interest apply.

Gradual Drawdown for a maximum period of three years is allowed.

Discounted 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 Education Loan, we require that:

  • you are over 18 years of age 
  • 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.

Your proof of identity is always necessary when contacting the Bank. 

Applicants under this scheme are to present a pro forma invoice / invoice for the amount requested duly issued by the relative Training Institute / School.



Interested?


You can choose your next step from the options available below:
• visit the BOV branch of your choice to receive a personalised quote 
• 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 [email protected]
• 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).