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.