The scholastic year will soon be over, but for some this brings the question of what comes next. Dreams of furthering studies locally or abroad in private schools, colleges and universities or through distance learning may be hampered by the cost of tuition fees. Getting an education loan can help one choose the right path without giving up on the best available choice.
The BOV Education Loan was designed to assist parents or legal guardians who would like to enroll their children and students wishing to follow educational courses in registered Education Institutions, giving them the freedom to choose the best education that fits their future goals. Features and benefits include:
- Free Life Cover
- Borrowing amount from €1,000 to €20,000
- A variable Interest rate of 4.95%, APRC of 5.294% per annum
- One-time processing fee of 0.30% on loan amount (min €50)
- No down payment required
- Repayments up to a maximum period of 7 years (subject to terms and conditions)
- No early repayment fees apply if loan is paid off before the repayment period
- The BOV Education Loan may be granted without any security
- Gradual drawdown of financing in line with duration of course, up to a maximum period of 3 years
- The loan account can also be administered and monitored through BOV Internet and Mobile Banking
If your next education step seems out of financial reach, the BOV Education Loan could be your solution. Set up an appointment with a BOV financing specialist by calling on 2131 2020, send an email on firstname.lastname@example.org or visit any BOV branch. A number of BOV branches are open on Thursday from 3.30 pm till 6 pm for more convenience.
A representative example of a BOV Education Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.95% p.a. (interest margin of 2.50% 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%), APRC will be 5.294% p.a.* and the loan will be repayable in 84 equal monthly instalments of €141.43 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 €11,930.12 being capital of €10,000 and interest of €1,880.12; together with a processing fee of €50 that is payable at the initial stage.
All loans are subject to credit approval by the Bank and a credit agreement. Security may be requested including mortgage or other comparable security. Free life cover applies to a maximum of €25,000 per loan, until age 69 or until loan is closed, whichever is the earlier and is applicable if loan will be unsecured or partially secured.
Content supplied by Bank of Valletta p.l.c