Last Updated on Thursday, 27 October, 2022 at 10:01 am by Andre Camilleri
Bank of Valletta has just improved its existent suite of Motor Loans with several additional benefits such as reduced interest rates, extended loan terms, and higher applicable loan amounts. These benefits complement the Bank’s Free Life Cover available on all personal loans up to €25,000 – a feature which so far places BOV as the only Bank in Malta offering life cover on loans for free!
Alan Micallef, Lead Consumer & Micro-Business Finance at Bank of Valletta spoke about these improved benefits and mentioned how the Bank is making motor finance more accessible and attractive to customers. He highlighted how those interested in buying a new car or motorcycle and require financial assistance can benefit from several financing options from BOV, tailor-made to client requirements and the type of vehicle being purchased, being it electric, hybrid or the conventional fuel-powered vehicle.
Mr. Micallef also highlighted another scheme which also gives the opportunity to customers to finance their motor insurance premium. “BOV offers a tailor-made Motor Loan product that not only finances the purchase of the car, but also finances the related comprehensive motor insurance premia up to 7 years. This is another first on the market, in line with the Bank’s efforts to give customers improved products and services across its product suite.”
To make these offers even more attractive, the Bank is also covering the financing of any applicable Government Incentive on Motor Vehicles. Customers need not fork out the full amount until the actual grant is refunded.
On most BOV Motor Loans, the term may be extended up to 15 years, making repayments much more feasible. There is no capping in the loan amount, however the maximum loan amount depends on customer’s income and repayment capability. No customer contribution or security is required on all Motor Loans. Furthermore, when taking up a BOV Personal Energy Loan to finance the purchase of Electric Vehicles, customers will not pay any interest during the first ten years of the loan as they will benefit from a fully subsidised interest rate during this period. This is subject to current variable rates remain unchanged.