Bank of Valletta plc

09/15/2017 | News release | Distributed by Public on 09/15/2017 09:15

BOV launches special motor loan scheme linked to auction of BMWs used by Heads of States during Malta Presidency of the EU

Bank of Valletta announced a BOV Motor Loan - Special Scheme linked to the auction of the fleet of 80 BMWs that had been used by Heads of State during the Maltese Presidency of the EU. The cars will be auctioned at the MFCC Ta' Qali on the 20th September 2017.

Speaking about the initiative, Mr Edward Grech, Chief Officer Consumer Lending explained, 'The BOV Personal Loan is the base product that caters for the different needs of the market. In fact, we also provide financing designed specifically for high value vehicles. We felt that this event is particular enough for us to develop a special scheme to assist those individuals who are interested in acquiring one of these luxury cars that have played such an important role in the history of Europe and Malta.'

The loan is available as unsecured, partly secured or fully secured, each carrying a related interest rate margin, ranging from 4.45% to 4.99%. The scheme is available for a maximum term of up to 8 or 10 years. No charges are levied on this loan. Furthermore, the Bank is offering free life cover, in line with the loan amount, capped at EUR25,000. A BOV representative will be present at MFCC during the viewing days between the 18th and 19th September from 12.00 noon to 20.00 hours, and during the actual auction on the 20th September 2017.

The benefits offered under this scheme are available to those loans that are processed by the 30th September 2017.

As had been announced by Muscat Motors immediately after the Malta Presidency of the EU, the auction will be for 40 BMWs '5 Series' and 40 BMWs '4 Series'. These cars were also used during the Malta Informal Summit, which took place at the Grand Master's Palace in Valletta on 3rd February 2017, and which welcomed to Malta several world leaders and dignitaries in order to discuss the pressing issue of migration. All proceeds from the auction will be donated to the Malta Community Chest Fund Foundation to support its invaluable work in our communities.

Further information about the BOV Motor Loan Special Scheme are available from the Bank's website, any BOV branch or by contacting BOV Customer Service Centre on 2131 2020.

All loans are subject to normal bank lending criteria.