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BOV ECO Personal Loan
Environmental-friendly financing is possible with the BOV ECO Personal Loan.
BOV ECO Personal Loan

Least Cost Environmental-friendly financing is provided through the BOV ECO Personal Loan.

Additional benefits apply when taking the BOV ECO Personal Loan to finance the purchase of motor cycles and eco-friendly motor vehicles. 

 

 

Overview
Benefits
Terms & Conditions
Reviews
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With a BOV Eco Personal Loan, you can realise your environmental friendly acquisitions. Here is an overview of main features:

  • Free Life Cover for loan balances up to €25,000,
  • Amount from € 500 to €40,000 can be borrowed. No down payment required, BOV will fully finance the purchase,
  • Repayments can span up to a maximum period of 10 years (subject to terms and conditions),
  • A low variable Interest rate of 4.85%, APRC of 5.03% per annum*,
  • Nil processing fees,
  • No early repayment fees apply if loan is paid off before the repayment period,
  • The BOV Eco Personal Loan may be granted without any security.

 

The BOV Eco Personal Loan may be availed to finance the purchase of:

  • environmental-friendly equipment such as solar water heaters, solar lamps, solar collectors and photovoltaic systems
  • products or systems or services which save on electricity consumption including Class 'A' white goods, double glazing, energy audits, residential energy management systems, thermal insulation products and equipment to remove dampness
  • electric or hybrid cars
  • motorcycles
  • new motor vehicles which have a CO2 emission level below 100g/km        
  • new motor vehicles which have a  CO2  emission level below 130g/km, provided that customer is concurrently scrapping another motor vehicle under the current Government Car Scrappage scheme
  • converting a motor vehicle to run on autogas.

 

Representative Example

A representative example of a BOV Eco Personal Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.85% p.a. (interest margin of 2.40% 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 5.03% p.a.* and the loan will be repayable in 96 equal monthly instalments of €126.21 over a term of eight years.

 The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €12,116.16 being capital of €10,000 and interest of €2,116.16; and no processing fees.

 

Amount borrowed

You can borrow any amount from €500 to €40,000. The BOV Eco Personal Loan may be granted without any down payment required from customer and BOV will fully finance the purchase.

 

Repayment Terms

 
The loan is repayable by monthly installments.

 The amount you pay every month is determined by the sum you borrow, the selected term and the applicable rate of interest.

If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly installments, no penalties or additional fees apply.

 

Term Duration

Repayments generally span up to a maximum period of 7 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 10 years.


Processing Fees

There are no processing fees and no other hidden fees or extra costs are applied. 


A BOV  Eco Personal  Loan means all this:

  • a fast and flexible solution to obtain financing for your vehicle or asset for your immediate enjoyment; cost savings or even income with the added plus of polluting less;
  • an unsecured loan of up to €40,000 or a secured loan that would enable you to benefit from discounted interest rates, no fees plus benefit from easy monthly repayment terms;
  • 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:

 

 

 

 

 


 

 

 

 

Loan Repayment

Eco Personal Loans are repayable by monthly installments. 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 and 
  • the applicable rate of interest.

 If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly installments, no penalties or additional fees apply.

Repayments generally span up to a maximum period of 7 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 10 years, provided that the term of loan:

  • is in line with the purpose of the loan; 
  • does not go beyond borrower's retirement age; and
  • does not exceed the expected life of the asset being financed.


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.

The Consumer Lending Bank Base Rate, (CLBBR) is 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.

Click here for the current Consumer Lending Bank Base Rate. 

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Qualifying for the loan

 To apply for BOV Eco 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. 

 

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BOV Eco Personal Loan - Product Information 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).