BAI - FAQS

What is BAI Bank Overdraft?

BAI Bank Overdraft (Authorized) is a credit to the treasury that corresponds to a debit balance in the customer's current deposit account.

Who is BAI Bank Overdraft aimed at?

It is aimed at Corporate Customers, with priorities in the following sectors: productive; health; domestic trade; catering; gas stations; private education institutions and support services to the productive sector.

What is the purpose of BAI Bank Overdraft?

Coverage of expenses arising from the company's activity, such as payroll, tax payments, other current expenses.

In what currencies can BAI Bank Overdraft credit be granted?

It can be granted in Kwanzas (Kz).

What is the maximum amount of BAI Bank Overdraft Credit?

The maximum amount to be granted is negotiable depending on the risk of the operation and analysis of the company's performance at the Bank.

What are the necessary access conditions for joining the BAI Bank Overdraft credit?

Being a BAI Customer for at least six (6) months;
Positive assessment of the company's risk profile;
Consignment of revenues corresponding to a monthly minimum equivalent to 33% of ease.

Which documents are necessary for the subscription to the BAI Bank Overdraft credit?

General

❑ Letter of credit application, including at least:

a) the amount requested;
b) the purpose of the credit;
c) the intended term;
d) the guarantees one can offer the Bank;
e) explanation of the source of the cash flows necessary to settle the requested funding;
f) statement: “I declare that I know the content of article 11 of Law no. 3/14, of 10 February - Law criminalizing the offenses regarding money laundering and terrorist financing".

❑ Certificate of commercial registration with a maximum seniority of 3 (three) months;

❑ Supporting documents according to the purpose of the overdraft.

Tax situation

❑ Negative certificate with a validity period of 3 months;

❑ Model declaration 1 or 2 from the last tax year.

Financial information

❑ Reports and accounts of the last two years signed by the TOC and management;

❑ Opinion of the external auditor if the company complies with the requirements established by law (in Decree No. 38/00 (art.1) and Presidential Decree No. 147/13 - Major contributors);

❑ Extract from the minutes of the General Meeting approving the reports and accounts of the two past years; if there are no audited report and accounts;

❑ General analytical balance sheet for the last two financial years or financial statements

forecast to date;

❑ Most recent analytical balance sheet for the current year;

❑ Real and estimated 12-month treasury map.

Public procurement (Law No. 9/16 of 16 June) (if applicable)

❑ Contract approved by the competent body with the Court of Auditors' permit in accordance with the law.

Note: law approving the OGE (General State Budget) of the year in reference to the contract.

What types of guarantees must be presented for the granting of BAI Bank Overdraft credit?

One or more guarantees should be considered, according to their sufficiency and the perceived risk of the operation:

❑ Blank promissory note, signed by the company and endorsed by the partners (and married spouses in communion of acquired goods)

❑ Property mortgage (Documentation required):

Certificate from the Land Registry Office with a maximum seniority of 3 (three) months;
Proof of payment of the IPU of the last year;
Evaluation report issued by a CMC certified entity with a maximum seniority of 1 year

❑ Pledge of financial investment in the Bank;

❑ Pledge of equipment or stock of goods properly insured (respective identification with evidence of the value on company letterhead).

Note: if the guarantee indicated does not appear in those listed, complementary documentation will be indicated by the Bank.

How is BAI Bank Overdraft debt settled?

❑ The capital is paid at the maturity of the credit (up to 90 days);

❑ Interest is paid monthly.

What is the interest rate for BAI Bank Overdraft?

The interest rate is fixed and is 25% per year.

What are the associated costs?

According to the BAI Operations Pricing in force.

What is the effort rate?

The effort rate corresponds to the percentage of net income (in this case the salary) destined to the payment of the credit installment (or credits). The Bank must take into account other responsibilities that the interested party may have at BAI or other financial institutions. The effort rate is calculated according to the formula:

Effort rate = (Monthly financial charges / Income) x 100

Ex: ( Credit Installment (s) 500 / Net Salary 2000) / 100 = Effort rate 33.3

How will the credit be made available?

It will be made available directly to the Beneficiary’s current account.

Where should the customer subscribe for the BAI Bank Overdraft credit?

At the Account Domiciliation Desk.

Are there any associated costs?

Yes, there are. According to the current BAI Operations Price List in force.

What is the credit analysis and decision period?

Up to 10 days.

What is the service channel?

The service channel is the account domiciliation desk.