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BOV Motor Loan
Buying the car or motorcycle of your dreams has now become more affordable.
BOV Motor Loan

Buying the car or motorcycle of your dreams has now become more affordable. The BOV Motor Loan provides best value and affordable, customised solutions designed to satisfy your financing requirements to fulfil your private transportation requirements.

Additional benefits apply when taking a loan to finance the purchase of motor cycles and eco-friendly motor vehicles. Click here for more information about the BOV ECO Personal Loan.

 


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 motor finance option.

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. 

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. Best of all, you'll get an approval on your loan, fast.

Whilst the loan is repayable by 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, is subject to Loan Amount and the provided Collateral (if any), and generally spans up over the following loan terms:

Amount you can borrow


On an Unsecured Collateral     
Basis           
                         

On a Partly Secured with
Extendible Value of
50% Collateral Basis           
                

On a Fully Secured Collateral Basis         


  Repayment Term Repayment Term  Repayment Term
 €1,000 to €5,000  5 years  5 years  5 years
 €5,001 to €9,999  8 years  8 years  8 years
 €10,000 or over  10 years  12 years  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 term up to 10 years (or longer if collateral is provided)
  • A variable Interest rate of 4.99%, APRC of 5.216% per annum* (or discounted to 4.2%, APRC of 4.366%, if full collateral is provided)
  • A discounted 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


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 4.99% p.a. (interest margin of 2.54% 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%), APRC will be 5.216% p.a.* and the loan will be repayable in 120 equal monthly instalments of €159.53 over a term of ten years.

The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €19,168.60 being capital of €15,000 and interest of €4,143.60; together with a processing fee of €25 that is payable at the initial stage.

Motor Loan - Partly Secured

A representative example of a BOV Motor Loan, which is more than 50% secured, based on a loan amount of €20,000 being made available by BOV at a variable interest rate of 4.99% p.a. (interest margin of 2.54% 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%), APRC will be 5.228% p.a.* and the loan will be repayable in 144 equal monthly instalments of €185.77 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 €26,780.88 being capital of €20,000 and interest of €6,750.88, together with a processing fee of €30 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. (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%), 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, presently discounted, of 0.15% (min €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 for your immediate enjoyment;
  • an unsecured loan in line with your income or a secured loan that would enable you to benefit from discounted interest rates and fees;
  • easy monthly loan repayment spread over a term up to 10 years (or longer if collateral is provided);
  • full finance for your acquisition; 
  • you may pay off the loan at any time with no early repayment fee; 
  • administer and monitor your account by means of BOV 24X7 Services.

Apply now and you'll benefit from:

  • Unsecured BOV Motor Loan term that may be extended up to 10 years for loan amounts of €10,000 or over (subject to terms and conditions);
  • Easy monthly repayments spread over a long term of up to 10 years (or longer if collateral is provided);
  • Free Life Cover, if loan is unsecured or partly secured;
  • Discounted Interest Rate, if loan is fully secured;
  • Discounted Processing Fee.

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, 
  • the applicable rate of interest,
  • the collateral, if any provided 

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.

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.

 

 

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Qualifying 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.

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

 

Interested?

If you want more details about the BOV Personal Loan, you may:

 

Download >
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).