Bank Of Valletta Launches Yacht Finance Package

by Robert Lee, Tax-News.com, London

01 March 2007

Malta's Bank of Valletta has announced the launch of a new financing package designed to meet the requirements of customers who are considering purchasing a boat or a yacht.

Through the new BOV Boat & Yacht Finance package, customers can borrow between Lm25,000 and Lm250,000 (EUR58,000 and EUR580,000) to finance the purchase of their new boat or yacht. Under this new financing option, Bank of Valletta said it will consider finance of up to 80% of the valuation or the cost of the boat or yacht, at attractive interest rates. BOV Boat & Yacht Finance can be granted over a period up to 10 years for loans of up to Lm100,000, or up to 12 years for loans in excess of Lm100,000.

Speaking about this new financing package, John Soler, Chief Officer Credit at Bank of Valletta, said that “through the launch of the new BOV Boat & Yacht Finance, we can offer customers a fast and flexible solution to finance their boat or yacht. We are well positioned to support our customers through a wide range of consumer lending products and the launch of this new package complements our comprehensive range of products in this area”.

Soler added that the features of the new BOV Boat & Yacht finance package are designed to offer customers a straightforward and efficient application process. “Our aim is to get our customers on board as soon as possible."

The bank said that the new product supplements other financing options for this purpose which BOV already offers, including the BOV Personal Loan which caters, amongst other options, for loan requests of lesser amounts.

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