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.
The repayment of capital and interest is to be made in equal monthly instalments over a maximum period of 15 years.
In addition, in the first three years you will be receiving a subsidy of 2.0% p.a. on the interest being accrued, which is exclusive from your monthly repayment and hence during that period you will be accelerating the repayment of your principal/capital amount.
You do not need to make any upfront contribution, nor provide collateral.
The financial collaboration between BOV and the EIF - European Investment Fund ensures that truly affordable loans are being made available, with the EIF, providing a 2.0% p.a. interest subsidy during the initial 3 year Interest Subsidy Period.
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 less expensive and more environmentally friendly.
Attractive features and benefits
| Interest rate |
2.50% |
| Subsidy Interest rate |
2.00% for the initial three years |
| Maximum loan amount |
€50,000 |
| Applicable age |
18 years |
| Upfront Contribution |
nil |
| Collateral requirement |
nil |
| Maximum Loan & Repayment Term |
15 years |
| Repayment consideration |
Income from employment or similar source |
| Processing fees / early repayment fees |
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 EUR 10,000 being made available by BOV at a variable interest rate of 2.50% p.a. (interest margin of 0.05% plus CLBBR – the Consumer Lending Base Rate 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%), over a term of 15 years:
The APRC will be 2.564% p.a. and the loan will be repayable in 180 equal monthly instalments of EUR 66.84 over a term of fifteen years (15) years.
During the first 3 years of the loan, the interest rate will be subsidised by 2.00% p.a.
The total sum payable throughout the term of the loan, assuming the interest rate subsidy of 2.00% p.a. during the first 3 years of the loan and assuming the variable interest rate remains unchanged, will be EUR 11,477.07 consisting of EUR 10,000 capital and EUR 1,477.07 interest.
Without the subsidy on interest during the first 3 years, the total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged will be EUR 12,031.20 consisting of EUR 10,000 capital and EUR 2,031.20 interest. The subsidy on interest may therefore result in a savings of up to EUR 554.13.
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.
EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund.