Loan Amount | - Unsecured/Partially Secured/Fully Secured: Minimum €1,000
- Maximum loan amount depends on your income
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Interest rate | - Unsecured: Variable Interest rate of 4.75% p.a.
- Partially Secured (by pledge over cash investments/securities): Variable Interest rate of 4.75% p.a.
- Fully Secured (by pledge over cash investments/securities): Variable Interest rate of 3.50% p.a.
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Upfront contribution | Nil |
Security Required | - Applicable only for Partially Secured and Fully Secured loans (by pledge over cash investments / securities).
- For Partially Secured loans (by pledge over cash investments/securities), the bank may apply a margin / capping to the value of the pledged securities, to ensure they cover the required security value.
- For Fully Secured loans (by pledge over cash investments/securities), the bank may apply a margin / capping to the value of the pledged securities, to ensure they cover both the loan amount and one year’s interest.
- Note: These margins represent a conservative adjustment to the collateral’s market value, providing a buffer against market fluctuations and ensuring adequate coverage in the event of default.
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Loan repayment term | - Unsecured/Partially Secured: A maximum of 15 years, depending on the loan amount, the expected lifespan of the vehicle being purchased, and your age.
- Fully Secured: A maximum of 25 years, depending on the loan amount, the expected lifespan of the vehicle being purchased, and your age.
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Processing fee | - Unsecured / Partially Secured / Fully Secured (by pledge over cash investments/securities) with a one-time processing fee of 0.25% of loan amount (min. €45)
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Benefits | - Free Group Life Cover – up to Eur25,000 or up to the loan amount (whichever is the lower) is provided on unsecured or partially secured Motor Loans. Fully secured Motor Loans are not eligible for Free Group Life Cover.
- Additional benefits for Eco-friendly vehicles may be applied for at advantageous rates under the BOV Personal Green Loan.
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Representative example | - Unsecured: Based on a loan amount of €20,000 being made available by BOV at a variable interest rate of 4.75% p.a. (interest margin of 2.30% plus CLBBR of 2.45%).
The APRC** will be 4.90% p.a. and the loan will be repayable over a term of 12 years by 143 equal monthly instalments of €182.48 and 1 final monthly instalment of €176.50. Please note that the final monthly payment is indicative and may differ to reflect the actual amount owed, taking into account the first loan disbursement date, the first loan repayment date, any accrued interest, any prepayments and any lump sum payment/s.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged for the purposes of this representative example, will be €26,321.14, being capital of €20,000, interest of €6,271.14 and a one time processing fee of €50.00 payable at the initial stage.
- Partially Secured (by pledge over cash investments/securities): Based on a loan amount of €25,000 being made available by BOV at a variable interest rate of 4.75% p.a. (interest margin of 2.30% plus CLBBR of 2.45%).
The APRC** will be 4.90% p.a. and the loan will be repayable over a term of 12 years by 143 equal monthly instalments of €228.10 and 1 final monthly instalment of €220.56. Please note that the final monthly payment is indicative and may differ to reflect the actual amount owed, taking into account the first loan disbursement date, the first loan repayment date, any accrued interest, any prepayments and any lump sum payment/s.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged for the purposes of this representative example, will be €32,901.36, being capital of €25,000, interest of €7,838.86 and a one time processing fee of €62.50 payable at the initial stage.
- Fully Secured (by pledge over cash investments/securities): Based on a loan amount of €20,000 being made available by BOV at a variable interest rate of 3.5% p.a. (interest margin of 1.05% plus CLBBR of 2.45%).
The APRC** will be 3.59% p.a. and the loan will be repayable over a term of 20 years by 143 equal monthly instalments of €115.99 and 1 final monthly instalment of €111.64. Please note that the final monthly payment is indicative and may differ to reflect the actual amount owed, taking into account the first loan disbursement date, the first loan repayment date, any accrued interest, any prepayments and any lump sum payment/s.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged for the purposes of this representative example, will be €27,883.25, being capital of €20,000, interest of €7,833.25 and a one time processing fee of €50.00 payable at the initial stage
** Note: The APRC is based on the following assumptions:
• that you withdraw the total amount of credit immediately and in full at the start of the credit agreement
• that the fully drawn amount of credit is repaid by monthly instalments inclusive of interest, over the agreed term
• that the interest rate remains unchanged during the term of the loan, and
• that the introduction and revision of any other charges may affect the APRC.
Interest will be charged on an Actual/365-day basis. Each instalment will first settle the interest, and the remaining amount will be applied to reduce the loan amount. |
Other Conditions | All loans are subject to:
- normal bank lending criteria
- a credit worthiness assessment,
-credit approval by the bank
- a credit agreement
Security may be requested as required.You must provide the relevant vehicle invoice or documentary evidence at the time of application, which must clearly state the following details: carbon emissions, vehicle type (make and model), and year of manufacture. |
