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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 Motor Loan

The BOV Motor Loan provides best value and an affordable, customised solution designed to satisfy your financing requirements to purchase the vehicle of your dreams, being it a car, motorcycle or caravan.

 


Overview
Benefits
Terms & Conditions
Apply Now

With a BOV Motor Loan, you can realise your driving ambition and own that vehicle you’ve been dreaming of.  Once you find the vehicle of your choice, speak to us so we can help you with the right financing solution for you.  

In case of eco-friendly motor vehicles, we can also offer additional benefits under our BOV Personal Energy Loan (to finance the purchase of Electric Vehicles) or through our BOV ECO Personal Loan (to finance hybrid cars and cars/motorcycles with low emissions). 


The BOV Motor Loan has the following features:

The amount you can borrow

The BOV Motor Loan requires no security and you can borrow any amount in line with your income and provided that loan repayments are feasible.   A minimum loan amount of €1,000 applies.


Repaying your loan

We can organise a loan that is right for you, with a repayment programme that is flexible to suit your income and monthly budget.

Whilst the loan is repayable in monthly instalments, the amount you pay each month is determined by the sum you borrow, the selected term and the applicable rate of interest.

Term of Repayment generally spans up over the following loan terms:


Amount borrowed



Maximum Repayment Term   


 €1,000 to €5,000 Up to 5 years
 €5,001 to €9,999 Up to 8 years
 €10,000 or over Up to 15 years

 
The following guidelines apply:

  • term of the loan is to be in line with the purpose of the loan and the expected life of the vehicle being financed;
  • term of the loan does not go beyond borrower's retirement age; and
  • the loan will be repaid by monthly instalments which will be inclusive 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.

In addition, we provide the following:

  • Free Life Cover for unsecured/partly-secured loan balances up to €25,000
  • No down payment required, BOV will fully finance the purchase
  • Easy monthly repayments spread over a maximum term of 15 years
  • A variable Interest rate of 4.75% per annum, APRC of 4.955% per annum* (or discounted to 4.2%, APRC of 4.366%, if full collateral is provided)
  • A one time processing fee of 0.15% on loan amount (min €25)
  • No early repayment fees apply if loan is paid off before the repayment period
  • The BOV Motor Loan may be granted without any security subject to your income criteria.

 
Representative Example

Motor Loan - Unsecured or Partly Secured

A representative example of a BOV Motor Loan based on a loan amount of €15,000 being made available by BOV at a variable interest rate of 4.75% p.a. over a term of twelve years. The interest margin of 2.3% 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 at 2.45%. The APRC will be 4.955% p.a. and the loan will be repayable in 144 equal monthly instalments of €137.35 over a term of twelve years.

The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €19,803.40 being capital of €15,000 and interest of €4,778.40; together with a processing fee of €25 that is payable at the initial stage.

Motor Loan - Fully Secured 

A representative example of a BOV fully secured Motor Loan based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 4.20% p.a. over a term of fifteen years. The interest margin of 1.75% 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%. The APRC will be 4.366% p.a. and the loan will be repayable in 180 equal monthly instalments of €188.18 over a term of fifteen years.

The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €33,909.90 being capital of €25,000 and interest of €8,872.40; together with a processing fee of €37.50 that is payable at the initial stage.


Processing Fees

There is a one-time processing fee of 0.15% on loan amount (subject to a minimum fee of €25).  No other hidden fees or extra costs are applied. 


A BOV  Motor Loan means all this:

  • a fast and flexible solution to obtain financing for your vehicle;
  • a loan in line with your income with affordable monthly loan repayments;
  • a secured loan that would enable you to benefit from a discounted interest rate;
  • full finance for your acquisition; 
  • you may pay off the loan at any time before the end of the repayment term without incurring an early repayment fee; 
  • administer and monitor your account by means of BOV 24X7 Services; and
  • free life cover on loan balances up to €25,000, if loan is unsecured / partly-secured

Loan Repayment

Motor 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 selected term, subject that the term of the loan does not go beyond your retirement age and the useful life of the asset being financed, 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.

Other Terms & Conditions

 

  • Loans are subject to normal Bank lending criteria and final approval from your BOV Branch.
  • Term of the loan does not go beyond borrower's retirement age.
  • Direct Credit of Salary or Income to BOV account is required.
  • 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.

 

Additional benefits apply when taking up a BOV Personal Energy Loan to finance the purchase of Electric Vehicles or through a BOV ECO Personal Loan when financing eco-friendly motor vehicles such as hybrid cars and cars/motorcycles with low emissions.   

 

 

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Eligibility for the loan

To apply for BOV Personal 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 for the past 3 years.

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

 

Interested?

Fill in this form to start your application.




 

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BOV Motor Loan - Product Info Guide
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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).