An interest rate of 0% is being offered by Bank of Valletta and APS Bank for those who take a loan to invest in an electric or hybrid vehicle and initiatives in favour of energy efficiency and renewable energy.

This will be possible through the EERE financial instrument under the European Regional Development Fund where a total of €15 million have been allocated for this scheme.

The Government said that the scheme consists of a portfolio guarantee and a subsidy in the interest rate for 10 years, which will help to offer an interest rate of 0% for those who take a loan.

Private individuals, SMEs, large enterprises, constituent bodies and entities in both the public and private sector can benefit from this scheme.

The scheme was announced by Transport Minister Aaron Farrugia, Economy Minister Silvio Schembri and Parliamentary Secretary for EU Funds Chris Bonett.

The loan can be taken out for the purchase of an electric or hybrid vehicle; an EV charging station; connections to energy supplies for photovoltaic systems; insulation systems; ventilation systems; and other measures relating to the conservation of water.

Minister Aaron Farrugia said that “Transport Malta is offering up to €13,000 in financial grants to those who want to buy an electric vehicle. There are also grants for vehicles for commercial use and motorbikes. The financial grants offered by TM and these interest free loans are important to incentivise people to switch to more sustainable travel.”

File photo

Permalink: Interest-free loans for electric vehicles or energy efficient initiatives