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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% p.a. interest rate subsidy for the first 3 years of the loan.
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 2.5% p.a. interest rate subsidy for the first 10 years of the loan.
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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 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),
  • 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:

  • No security / collateral required.
  • No contribution required.
  • No processing fees.
  • No early repayment fees.
  • Low variable interest rate of 2.50% p.a.
  • An interest rate subsidy of 2.50% p.a. for the first 10 years from first loan disbursement date.
  • No interest or repayment of interest for the first 10 years of the loan (provided that the present variable interest rate does not increase above the 2.50% p.a. interest rate subsidy.
  • Low Repayment for the first 10 years of the loan as you only effect repayments of the capital, given that interest is paid through the interest rate subsidy.
  • Loan term 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.
  • An affordable monthly repayment programme that may be extended up to a maximum of 15 years.


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.

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.  

This is attributed to the fact that in the first 10 years you will be receiving a subsidy of 2.50% p.a. on the interest being accrued, which is exclusive from your monthly repayment. In case the variable interest rate is decreased below 2.50% p.a. by the Bank, the subsidy will cover only such interest charged. In case the variable rate increases above 2.50% p.a., the interest rate subsidy will not exceed the 2.50% p.a.

The financial collaboration between BOV and the European Investment Fund (EIF) ensures that truly affordable loans are being made available, with the EIF, providing a 2.50% p.a. interest rate subsidy during the initial 10 year Interest Subsidy Period. 

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

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 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.

Attractive features and benefits

Interest rate    2.50% p.a.  
Subsidy Interest rate 2.50% p.a. for the initial 10 years
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 

Representative example of a BOV Personal Energy Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 2.50% p.a. over a term of 15 years. The variable interest rate of 2.5% 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%.

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 Euro and twenty-one cents) each representing capital and interest.

The APRC will be 0.319% p.a.  The APRC does not include the interest amount for the first 10 years as the interest rate will be fully subsidised by EERE Malta.

The total sum payable throughout the term of the loan will be €10,219.80 consisting of €10,000 capital and €219.80 interest, assuming the interest rate subsidy of 2.50% p.a. during the first 10 years of the loan and assuming the variable interest rate remains unchanged.

Without the subsidy on interest during the first 10 years, the total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged would be €12,031.20 consisting of €10,000 capital and €2,031.20 interest.  The subsidy on interest may therefore result in a savings of up to €1,811.40.

No processing fees and early repayment 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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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 a quotation / invoice with details of the goods / services being financed.

Talk to us | 213212020 | 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).