Bank of Valletta has launched the BOV Personal Loan +, a secured loan product that offers added value to the customer who requires higher credit facilities.

The customer can now secure such borrowing against the value of his property. The product may be used to cover borrowing for personal requirements, injection of additional capital into a business or any other legitimate purpose.

It may also be utilised for investment in collective investment schemes and/or life assurance products.

The BOV Personal Loan + is granted over a period not exceeding 20 years, although shorter repayment terms may be applied when these are feasible. 

In all cases, the loan maturity cannot be extended beyond the legal retirement age. Repayments have to be effected by regular monthly standing orders. No early repayment fee will apply in the case of customers who choose to repay more than the agreed monthly instalment or for those who pay off the loan before the established time-frame.

Total monthly repayments may not exceed 25 per cent of gross monthly incomes. An interest rate of 2.25 per cent over the bank's base rate, currently at 3.25 per cent per annum will currently apply.

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