New mini-bus finance package from BoV

Bank of Valletta is launching a new finance package for mini-bus owners who are planning to change their old mini-bus for a new and more modern vehicle. This new package, available to all members of the Koperattiva tal-Mini Buses operating under the name of Co-Op Services Limited, provides for a maximum loan amount of Lm10,000.

Mini-bus owners wishing to replace their vehicle or buy a new one will need to contribute a minimum ten per cent of the total cost towards the purchase of the mini bus. The loan will be repayable over a period not exceeding ten years but in any case, not beyond retirement age of the applicant. Repayments will be effected by standing order on a monthly basis.

Speaking about this new product, BoV chief officer for credit management and retail business Tonio Depasquale said, "Bank of Valletta is responding to a very specific market need and is launching a financing product directed at a specific market segment.

"This new product is in line with the bank's relationship banking strategy whereby we are actively seeking to identify customer needs and to tailor financial services which cater for the specific requirements of customers."

The interest rate payable on this loan facility is dependent on the type of security provided and varies from 4.5 per cent (1.25 per cent over the bank's base rate, presently at 3.25 per cent) to 6 per cent. The latter rate applies should the loan be granted on an unsecured basis.

Full details on how to apply for this new financing package as well as the terms and conditions governing same are available from any BoV branch.