With a BOV Personal Loan, you can
fulfil your dreams and your personal requirements. Shaped to suit your needs,
the BOV Personal Loan provides affordable, customised solutions, designed to
satisfy your purchasing requirements. Discuss with us so that we can assist you
in selecting the best financing option. The BOV Personal Loan has the following
features:
The amount you can borrow
The BOV Personal 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 |
25 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 asset 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 3.5%, APRC of 3.63%, 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 Personal Loan may be granted without any security subject to your income criteria
Representatives Examples
Personal Loan - Unsecured
A representative example of a BOV Personal 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.
Personal Loan - Partly Secured
A representative example of a BOV Personal 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.
Personal Loan - Fully Secured
A representative example of a BOV fully secured personal loan based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 3.50% p.a. (interest margin of 1.05% 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 3.63% p.a.* and the loan will be repayable in 180 equal monthly instalments of €179.32 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 €32,315.10 being capital of €25,000 and interest of €7,277.60; 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.