Bank of Valletta announced an upgrade of its BOV Eco Loan, widening the scope of financing for green products and services. The BOV Eco Loan can now also be used to finance purchase of motor vehicles with low CO₂ emission levels, such as Autogas cars.

Alan Micallef, Head Consumer Finance at Bank of Valletta explained, “As from 2016, Bank of Valletta is accepting applications for the BOV Eco Loan relating to the purchase of new motor vehicles, given that their CO₂ emission levels are below 100g/km, or 130g/km where the applicant is concurrently scrapping another vehicle under the Government Car Scrappage scheme. The BOV Eco Loan can also be used to finance the purchase of electric or hybrid motor vehicles, as well as to convert motor vehicles to run on Autogas.”

Micallef said that the new purposes being considered under the BOV Eco Loan are aligned with the Bank’s corporate responsibility, through which it seeks not only to adopt environmental friendly practices itself, but also to encourage and reward customers who make environmental-friendly choices.

BOV Eco Loan financing can be obtained for amounts starting from €500, going up to a maximum of €40,000. Generally the repayment term is of seven years; however it may be extended to eight years for loans granted to purchase motor vehicles with low CO₂ emission levels. The BOV Eco Loan also features a discounted interest margin and carries no processing fees.

First launched on the market 10 years ago, this environmental-friendly loan is designed to provide easy access to financing, coupled with attractive terms for individual customers who are considering investing in eco-friendly products.