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Bank of Angola sets deadlines for credit applications

Banking institutions operating in Angola have a maximum period of 40 working days from when a loan application is made to communicate their final decision to customers, regardless of whether the outcome is positive or negative, the National Bank of Angola has said.

The maximum period of 40 days applies to clients who apply for loans for agricultural and industrial and other investment projects exceeding 600 million kwanzas (US$1 million), with banking institutions in these cases having a period of 15 working days to request additional information from the client.

In the case of housing loans, the deadlines set by the Angolan central bank are five working days and 30 working days, for requesting additional information and for communicating the decision, and the deadlines for non-mortgage loans to individuals are of five and 15 days, respectively.

Instruction 07/2020, of 20 April, arose from the need to establish minimum levels of services provided to consumers by setting a maximum period for response, formalisation and provision of credit to these customers.

The instruction also includes the deadlines for the signing documentation and providing the credit, once approved, which varies between five working days for signing contracts that do not require a public deed and 20 days for those that do require it, as well as a period of 40 days for registration of mortgages with the land registry.

Source: Macauhub

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