BAI - FAQS

What is BAI Personal Credit?

It is a medium-term credit for the purchase of durable goods or services that do not qualify for car or housing loans.

Who can subscribe to the BAI Personal Credit?

Private customers.

What are the benefits of subscribing to BAI Personal Credit?

Use of credit for any purpose;
Concession limits and repayment term higher than that practiced in consumer credit modalities.

In which currencies can BAI Personal Credit be granted?

Kwanzas.

What is the maximum amount of BAI Personal Credit?

Up to the limit of the Client's debt capacity.

What is the interest rate for BAI Personal Credit?

The interest rate for BAI Personal Credit is Luibor 1M + 3%.

What are the access conditions required to apply for BAI Personal credit?

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

What documents are required to subscribe to the BAI Personal credit?

Letter of credit request ⁽¹⁾;
Photocopy of the identity card⁽²⁾;
Photocopy of the taxpayer card;
Salary consignment statement;
Photocopy of the last 3 (three) salary receipts;
Updated residence certificate or Address Confirmation Statement ⁽³⁾.

Guarantor documentation ⁽⁴⁾:

Guarantor Registration Form;
Photocopy of the identity card;
Photocopy of the taxpayer card;
Salary consignment statement;
Photocopy of the last 3 (three) salary receipts;
Updated residence certificate or Address Confirmation Statement;

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

Note 2: If the applicant is married under a regime of communion of acquired assets and / or there is a co-payment by the spouse, he / she must attach: (marriage certificate or statement of marriage; declaration of consent of the spouse; declaration of income; photocopy identity card, photocopy of taxpayer card).

Note 3: The address confirmation statement must be completed only if: the customer does not provide proof of the current address (proof of residence, 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.

Note 4: If the guarantor is married under a regime of communion of acquired goods, he / she must attach: (marriage certificate or statement of marriage; declaration of consent of the spouse; photocopy of the identity card; photocopy of the taxpayer card) .

What are the types of guarantees to be presented for the granting of BAI Personal credit?

Salary domiciliation;
Life insurance (valid for the duration of the credit);
Guarantor (BAI client with proven suitability and proven financial capacity and effort rate ≤ 50%).

Are there any associated costs?

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

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 is the effort rate for BAI Personal credit?

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 Personal Credit?

At their account domiciliation desk.

How will the credit be made available?

It will be made available by direct credit to the Beneficiary's Order.

What is the credit analysis and decision period?

Up to 10 (twenty) working days.

What is the credit repayment term and form?

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 repayment term for BAI Personal credit?

Up to 60 months.

What is the service channel?

Account domiciliation desk.

(+244) 924 100 100

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