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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 Personal Energy Loan
The BOV Personal Energy Loan is a low-cost financing solution designed to assist you invest in lifestyle choices that will reduce your carbon footprint. You can enjoy advantageous interest rates and other great benefits including a 2.0% p.a. interest rate subsidy for the first 3 years of the loan.
Overview
Benefits
Terms & Conditions
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The BOV Personal Energy Loan is a financing solution offered by Bank of Valletta aimed at personal customers to access renewable energy products and energy efficiency solutions. 

The loan can cover the costs of the installation and external connectivity of equipment and fixtures, in your home building, that generate renewable energy and/or sustain energy efficiency such as:
  • PV panels, Solar Water Collectors, and
  • Space Heating, Hot Water or Cooling generation 
as well as numerous Energy Efficiency measures such as: 
  • Insulation, Interior and Exterior Apertures, Glazing, External Shading, 
  • Green Roofs, Walls & Facades, 
  • Ventilation, Heating or Cooling and Lighting Systems, 
  • Energy Generation & Household Storage and
  • Electric Vehicle (EV) household charging stations 
All of which relate to the building envelope and/or to the building interior.

You may also invest in related Renewable Energy, which is not connected to your residential property.



The BOV Personal Energy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.



EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 


 

 

It offers the following benefits:
  • No security/collateral required.
  • No contribution required.
  • No processing fees.
  • No Early Repayment fees.
  • Low interest rate of 2.50% p.a. An interest rate subsidy of 2.0% p.a. for the first three years from first loan disbursement date. Loan term may be extended up to a maximum of 15 years, subject to the lifespan and cost savings provided from the equipment installed.
  • An affordable repayment programme that may be extended up to a maximum of 15 years, subject to the lifespan of the equipment installed.

The BOV Personal Energy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.




EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund. 

 

 

Attractive interest rate of 2.50% p.a.

The BOV Personal Energy 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 2.50%, and you can benefit from a maximum loan amount of €50,000. 

The repayment of capital and interest is to be made in equal monthly instalments over a maximum period of 15 years.

In addition, in the first three years you will be receiving a subsidy of 2.0% p.a. on the interest being accrued, which is exclusive from your monthly repayment and hence during that period you will be accelerating the repayment of your principal/capital amount.

You do not need to make any upfront contribution, nor provide collateral. 

The financial collaboration between BOV and the EIF - European Investment Fund ensures that truly affordable loans are being made available, with the EIF, providing a 2.0% p.a. interest subsidy during the initial 3 year Interest Subsidy Period. 

The BOV Personal Energy Loan promotes Renewable Energy and Energy Efficiency investments through the Energy Efficiency and Renewable Energy (EERE) Malta Fund.  It is ideal for those wishing to embark in making their energy consumption less expensive and more environmentally friendly. 

Attractive features and benefits


Interest rate    2.50%  
Subsidy Interest rate 2.00% for the initial three years
Maximum loan amount   €50,000
Applicable age  18 years
Upfront Contribution nil
Collateral requirement   nil
Maximum Loan & Repayment Term  15 years
Repayment consideration    Income from employment or similar source
Processing fees / early repayment fees   nil
Purpose – Eligibility  The loan may only be used to finance those measures described as per List of Standardised Measures, attached below.

Representative Example 

Representative example of a BOV Personal Energy Loan based on a loan amount of EUR 10,000 being made available by BOV at a variable interest rate of 2.50% p.a. (interest margin of 0.05% plus CLBBR – the   Consumer Lending 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. The CLBBR as at date of publication is 2.45%), over a term of 15 years: 

The APRC will be 2.564% p.a. and the loan will be repayable in 180 equal monthly instalments of EUR 66.84 over a term of fifteen years (15) years. 

During the first 3 years of the loan, the interest rate will be subsidised by 2.00% p.a. 

The total sum payable throughout the term of the loan, assuming the interest rate subsidy of 2.00% p.a. during the first 3 years of the loan and assuming the variable interest rate remains unchanged, will be EUR 11,477.07 consisting of  EUR 10,000 capital and EUR 1,477.07 interest. 

Without the subsidy on interest during the first 3 years, the total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged will be EUR 12,031.20 consisting of  EUR 10,000 capital and EUR 2,031.20 interest.  The subsidy on interest may therefore result in a savings of up to EUR 554.13. 


No processing fees apply on this product.


The BOV Personal Energy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.



EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund.

 

 

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Further information can be obtained by visiting any BOV Branch or our website www.bov.com.

To set an appointment, follow THIS LINK>>  call our Customer Service Centre on 21312020. 

When you visit us it would be useful to bring your I.D. Card, evidence of income, and all related documentation which will finally include a quotation with details of the goods/services being supplied.

Talk to us | 21312020 | 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


For a better understanding of potential savings in energy costs and carbon dioxide reductions, the European Investment Bank has developed a web-based tool called ‘CliMalta’ which can be accessed via https://climalta.eu/.  

The BOV Personal Energy loan benefits from the guarantee granted in the framework of the Energy Efficiency and Renewable Energy Fund of Funds (“EERE Malta”). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.


EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund.

 

 

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BOV Personal Energy Loan Standardised Measures
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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).