Bank launches 'eco' loan

Bank of Valletta yesterday launched the BOV ECO Personal Loan, a new financing product designed to assist customers to finance purchases of eco-friendly equipment and products such as solar water heaters, solar lamps, solar collectors and photovoltaic systems.

The new loan was launched by the bank's chief executive officer Tonio Depasquale, during a visit by George Pullicino, Minister for the Environment and Rural Affairs, to the new BOV Centre in Sta Venera. The centre is due to be inaugurated on Thursday.

The minister was given a presentation of the energy-efficiency features driven through the building's computerised Building Management System - a system that has the potential to maximise on energy saving.

The main features of the new loan include a discount of 0.75 per cent on the interest rate applicable to the standard loan interest rate for unsecured loans, a discount of 50 per cent on bank processing fees and possibility to extend term of loan up to seven years.

Loans are applicable from a minimum of Lm500 up to a maximum of Lm5,000. No contribution from the customer will be required and the facility may be granted on an unsecured basis. Normal lending criteria will apply when assessing applications for finance.