The BOV Studies Plus+ loan is a financing solution offered by Bank of Valletta aimed at supporting students or professionals who are seeking to further their studies in Malta or abroad.
This loan is made possible with the support of the Operational Programme II (OPII), co-funded by the European Social Fund (”ESF”) and managed by the Malta Development Bank (“MDB”).
The loan is applicable to those who are seeking to undertake full time, part time or distance learning study courses, which would provide them with -MQF level 5, 6, 7 or 8 qualification, or other internationally-recognised certificates.
The loan can cover the costs of the course, as well as accommodation, transport and living expenses, text books and other study-related costs.
Attractive interest rate of 2.95%
The BOV Studies Plus+ 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 2.95%, and students can benefit from a maximum loan amount of €100,000.
During the course, students can benefit from a maximum moratorium period of 5 years; during this period students do not need to make repayments on capital or interest.
Subsequently, the repayment of capital and interest accruing from the end of the moratorium period can be made in equal monthly instalments over a maximum period of 10 years. In addition, students do not need to make any upfront contribution, nor provide collateral.
The financial collaboration between BOV and the MDB ensures that truly affordable loans are made available to students, with MDB acting as guarantor for part of the loan (subject to a capped portion of the portfolio) and offering a full interest subsidy during the moratorium period. During this moratorium, the interest rate will be of 2.75% and such interest will be covered by the subsidy.
The BOV Studies Plus+ loan promotes education, the enhancement of specialised skills, as well as continuous personal development, and is ideal for those wishing to take their education a step further.
Attractive features and benefits
Interest rate 2.95%1Minimum loan amount nilMaximum loan amount €100,000Applicable age 18 years upwards Upfront contribution nilCollateral requirement nilMaximum Loan term (including moratorium) 15 yearsMaximum course / moratorium 5 yearsMaximum repayment term (excluding moratorium) 10 yearsRepayment consideration future income from employmentProcessing fees / early repayment fees nil
1 Representative example of a BOV Studies Plus+ loan based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 2.95% p.a. (interest margin of 0.5% plus CLBBR2 of 2.45%):
The APRC will be 3.033% p.a. and the loan will be repayable in 120 equal monthly instalments of € 241.30 over a term of ten (10) years. The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €28,956 being capital of € 25,000 and interest of € 3,956. The interest that is fully subscribed during the moratorium period does not feature within this calculation. No processing fees apply.
2 Consumer Lending Base Rate – CLBBR 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%.
Further information can be obtained by visiting any BOV Branch or our website www.bov.com. To make an appointment, call our Customer Service Centre on 21312020.
When you visit us it would be useful to bring your I.D. Card and all related documentation from the relative Training Institute, College or University, and a detailed breakdown of costs related to the course.
Talk to us / 21312020 / www.bov.com