Bank of Valletta has announced a special offer on its suite of personal loans with immediate effect.
All unsecured and partly secured personal loans are now available at an interest rate of 4.99 per cent, while secured personal loans are being offered at an interest rate of 4.2 per cent. This offer remains valid until June 30.
Edward Grech, chief officer consumer finance, said that the offer is intended to further assist customers seeking to finance their personal projects, be it the acquisition of a new car, purchase of furniture or renovation project in the house or purchase of a boat.
Mr Grech also spoke about the free life cover that is being offered by BOV with all personal loans.
“The free life cover offers the client peace of mind. In case theunexpected happens and one passes away before all repayments are made, the loan is automatically settled through a claim under the Group Life Policy, thereby saving surviving dependents from financial burdens.”
Mr Grech explained that the life cover is automatically offered when the loan is sanctioned, without the need for the customer to ask for it and without the need for the customer to carry any medical underwriting.
The life cover is available to all individual customers taking up financing in their sole name or jointly with other third parties. It applies for loan balances up to €25,000, where the applicant is between the ages of 18 and 69. This benefit, which was introduced two years ago, is linked to any unsecured and partly-secured loan products offered under the suite of BOV Personal Loans.
“At Bank of Valletta, we are passionate about the customer service we deliver. For us, the focus is on the long-term working relationship built with every one of our clients throughout their life. This was the basis on which we decided to link the free life cover to the BOV personal loan. We truly believe that this offers added value to our clients, and clients’ feedback in this regard corroborates our thinking.”
With this offer, BOV is giving its customers two important benefits – a highly competitive interest rate and a free life cover.
A representative example of a BOV personal loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.99 per cent per annum (interest margin of 2.54 per cent 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 per cent): APR will be 5.337 per cent p.a. and the loan will be repayable in 84 equal monthly instalments of €141.62 over a term of seven years. The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €11,946.08 being capital of €10,000 and interest of €1,896.08; together with a processing fee of €50 that is payable at the initial stage.
All loans are subject to normal bank lending criteria and final approval from your BOV branch.