BAI - Credit

It is intended for the purchase of new vehicles sold by dealers authorized by the Ministry of Transport.

Note: The vehicle is owned by the Client with reservation of title in favor of the Bank as long as there are installments or rents to be amortized.

Who can subscribe to the BAI Car Loan?

Private customers.

What are the benefits of subscribing to BAI Car Loan?

Ease of purchasing a new vehicle for personal use.

In which currencies can BAI Car Loan be granted?

Kwanzas.

What is the maximum amount of BAI Car Loan?

Up to 85% of the amount indicated on the dealer's invoice, it being mandatory that the customer has a minimum contribution of 15%.

What is the interest rate for BAI Car Loan?

Luibor 1 month + 3%.

With the entry of VAT, will stamp duty continue to be charged on all commissions?

In credit products, VAT has replaced stamp duty. Previously, 0.7% were charged in fees in price lists, now 14% VAT will be charged.

What are the access conditions necessary to apply for BAI Car Loan?

Being a BAI Customer for at least 6 (six) months;
Having a salary domiciled at BAI for at least 3 (three) months;
Legal-employment relationship with an employer (public or private) confirmed with the
existence of an indefinite contract.

What documents are required to subscribe to BAI Car Loan?

Letter of credit request ⁽¹⁾;
Proforma invoice for the vehicle;
Photocopy of the identity card;
Photocopy of the taxpayer card;
Salary Consignment Declaration;
Photocopy of the last 3 (three) salary receipts;
Updated residence certificate or Address Confirmation Statement ⁽²⁾;

Note 1: The application letter must mention: the type of credit; purpose; the amount; the credit guarantees to be offered.

Note 2: The address confirmation statement must be completed only if: the customer does not provide proof of the current address (residence certificate, water, electricity or telephone bill); or the address indicated on the identification document does not correspond to the customer's current address (one must attach the copy of the declarant's identification document and proof of residence to the address confirmation statement and fill out the account opening form to update the data.

What are the types of guarantees to be presented for the granting of BAI Car Loan?

Motor insurance (during the term of the credit);
Reservation of ownership of the car in favor of BAI;
If the guarantee to be presented is different from that referred to, complementary documentation will be indicated by the Bank.

How is BAI Car Loan debt settled?

The Bank will debit the monthly installments of capital and interest directly from the borrower's salary account, according to the debit authorization granted by them in the respective contract, on the same day or on the first business day after the transfer made by the employer remuneration for that account.

Are there any associated costs?

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

What is the effort rate for BAI Car Loan?

Up to 35% of the monthly base salary earned by the client.

What is the effort rate?

The effort rate corresponds to the percentage of the 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

Where should the customer proceed with the subscription to BAI Car Loan?

At their account domiciliation branch.

What is the credit analysis and decision period?

Up to 10 (twenty) working days.

What is the credit repayment term and form?

a) The capital plus interest repayment term is up to 36 (thirty-six) months;

b) The Bank will debit the monthly installments of capital and interest directly from the borrower's salary account, in accordance with the debit authorization granted by them in the respective contract, on the same day or on the first business day after transfer made by the employer remuneration for that account.

What is the service channel?

Account domiciliation desk.