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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 full interest rate subsidy for the first 10 years of the loan.
Overview
Benefits
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The BOV Personal Energy Loan is a financing solution to help customers 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 which relate to the building envelope and/or to the building, such as: 
  • Insulation, Interior and Exterior Apertures, Glazing, External Shading, 
  • Green Roofs/ Walls / Facades, 
  • Ventilation, Heating or Cooling and Lighting Systems, plus
  • Energy Generation & Storage.

You may also invest in:
  • Electric Vehicles(EVs) (including PHEVs, with a battery autonomy range of at least 50 km and also electric motorcycles)
  • EV Household Charging Stations and 
  • Renewable Energy Investments which are 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.
The BOV Personal Energy Loan offers the following benefits:

  • A full interest subsidy for the first ten years of the loan.  An interest rate subsidy of 4.60% p.a. for the first 10 years from first loan disbursement date. The applicable rate of 4.6% is a fixed rate based on international markets as agreed with the EERE Malta Fund.
  • After the end of the full interest subsidy period of 10 years, a low variable interest rate of 2.50% p.a. applies for the remaining term. The variable interest rate of 2.50% is worked out at a margin of 0.05% above the Consumer Lending Bank Base Rate (CLBBR), currently 2.45%.
  • An interest rate subsidy of 4.60% p.a. for the first 10 years from first loan disbursement date. The applicable rate of 4.6% is a fixed rate based on international markets as agreed with the EERE Malta Fund.
  • During the first 10 years of the loan you pay no interest but only the capital repayment. 
  • Low Repayment for the first 10 years of the loan as you only effect repayments of the capital, given that interest is fully paid through the interest rate subsidy.
  • No security / collateral required.
  • No contribution required.
  • No processing fees.
  • No early repayment fees.
  • An affordable monthly repayment programme that may be extended up to a maximum of 15 years, subject to the loan amount and lifespan of the equipment installed or electric vehicle being purchased.

All the above benefits are subject that your loan account being managed properly, and all transactions are eligible in accordance with the terms and conditions that are agreed upon at the outset.

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. 

Full Interest Subsidy for the first ten years, followed by an attractive variable  interest rate of 2.50% p.a. for the remaining term.

During the first 10 years of the loan, also known as the Interest Subsidy Period, you will only repay the capital amount due with the interest element being settled directly from the EERE Malta Subsidy Account.

In the event that the duration of the loan is in excess of 10 years the remaining monthly repayments will need to cover both capital and interest due.  

The Personal Energy Loan offers a full interest subsidy for the first ten years of the loan.  After the end of the full interest subsidy period of 10 years, a low variable interest rate of 2.50% p.a. applies for the remaining term to a maximum of 5 years.  The maximum term for the Personal Energy Loan is in total 15 years.

The BOV Personal Energy Loan includes a series of features and benefits that will be of great assistance to applicants.

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 and transportation costs less expensive and more environmentally friendly. 

You can benefit from a maximum loan amount of €50,000.

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

You must be at least 18 years of age and in full time employment to be eligible to apply for the loan.  Loan term cannot go beyond your legal retirement age.

The BOV Personal Energy Loan cannot finance the relative EU / Malta Government grants amounts (e.g. grants related to PV/Battery Systems and grants related to purchase of EVs).  However, we are glad to provide alternative loan products to finance the grant amount/s, in addition to the relative amounts financed by the BOV Personal Energy Loan.

The loan cannot be used to refinance any deposits, payments or invoices already paid by customer or already financed through another credit facility.

Loan disbursement is to be effected directly to retailer / service provider.

Attractive features and benefits

Interest in the first ten years of the loan 4.6% p.a. fixed - fully subsidised by the EERE Malta Fund
Interest rate during the non-interest subsidy period 2.50% p.a. variable -  to be paid by the customer
Maximum loan amount   €50,000
Upfront Contribution Nil
Collateral requirement   Nil
Maximum Loan & Repayment Term  15 years
Processing Fee / Early Repayment Fee   Nil
Purpose – Eligibility  The loan may only be used to finance those measures described as per List of Standardised Measures, attached below.

Representative Example 1 - BOV Personal Energy Loan repayable over 15 years (10 years fixed interest rate fully subsidised)

Loan amount of €10,000 at a fixed interest rate of 4.6% p.a. for the first 10 years followed by a variable interest rate of 2.50% p.a. over a subsequent term of 5 years, for a total of 15 years. The variable interest rate of 2.50% p.a. is made up of an interest margin of 0.05% plus a variable Consumer Lending Base Rate (CLBBR) established by the Bank from time to time, currently 2.45% p.a. The loan will be repayable in two phases:

Phase 1 – Repayable over the initial 10 years through 120 monthly repayments of €55.56 (fifty-five Euro and fifty-six cents) each representing capital only (i.e. exclusive of interest). The interest during this initial period of 10 years will be paid monthly by the Energy Efficiency and Renewable Energy Fund of Funds (EERE Malta).

Phase 2 – Repayable over the subsequent 5 years through 60 monthly repayments of €59.21 (fifty-nine Eurp and twenty-one cents) each inclusive of interest.

The APRC will be 4.765% p.a. The total sum payable throughout the term of the loan will be €10,219.20 consisting of €10,000 capital and €219.20 interest, bearing that the interest rate subsidy of 4.6% p.a., being fully settled by the EERE Malta Fund, during the first 10 years of the loan and assuming the variable interest rate of 2.50% p.a. remains unchanged. The subsidy on interest therefore results in a savings of up to €3,112.47.  No processing fees apply on this product.

Representative Example 2 - BOV Personal Energy Loan repayable over 10 years (10 years fixed interest rate fully subsidised)

Loan amount of €10,000 at a fixed interest rate of 4.6% p.a. for the first 10 years. The loan will be repayable through 120 monthly repayments of €83.33 (eighty-three Euro and thirty-three cents) each representing capital only (i.e. exclusive of interest). The interest during this initial period of 10 years will be paid monthly by the Energy Efficiency and Renewable Energy Fund of Funds (EERE Malta).

The APRC will be 4.765% p.a. The total sum payable throughout the term of the loan will be €10,000.00 consisting of capital only, bearing that the interest rate subsidy of 4.6% p.a., being fully settled by the EERE Malta Fund during the first 10 years of the loan. The subsidy on interest therefore results in a savings of up to €2,531.60.  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.

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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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.

The BOV Home Energy loan is financially supported by Energy Efficiency and Renewable Energy Malta (EERE) Malta Fund which is co-financed by the Republic of Malta and the European Union under the European Regional Development Fund (ERDF).
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BOV Personal Energy Loan Standardised Measures
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BOV Personal Energy Loan Product 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).