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  • Benefits
  • Costs
  • Features
  • How to Apply
  • Further Aspects

Do you want a new Car?

Then come talk with us and learn all the advantages of the Leasing Automóvel (Automobile Leasing) that Millennium bim designed for you.

The Leasing Automóvel is a flexible financing solution that enables you to purchase a motor vehicle, with the following advantages:
 
Lower Monthly Payments
In general, the Leasing  Automóvel financing consists of lower monthly payments compared to other Credit options, due to the fact that the leasing agreement has a Customer's initial payment and an opt out payment at the end, thus reducing the value of the financed principal;
 
Flexibility 
Leasing gives flexible conditions regarding the maturity date, up front value and opt out value;
 
Possibility to Transfer the Agreement Position 
During the lifetime of the leasing agreement, the Customer is allowed to transfer its contractual position to another interested party.
 
Leasing its Easier!

​ 

Example 

 Selling Price of the Vehicle                                                        MZM 600.000,00
...........................................................................................             ..............................................................................................
 Maturity                                                                                           5 years / 60 months
..........................................................................................              ..............................................................................................
 Monthly Instalment                                                                    MZM 15.096,48
.........................................................................................               ..............................................................................................
 Up front Payment                                                                       10%
.........................................................................................               .............................................................................................
Opt out Amount                                                                           2%
.........................................................................................               .............................................................................................

 
There are 2 types of financial costs related to the Leasing Automóvel:
 
Commissions 
A Process Organization Comission and a Contract Alteration Comission will be applicable. These comissions are previously set by the Bank.
 
Interest Rate 
The applicable interest rate charged will be the PRSF-Prime Rate of the Financial System plus a spread defined according to the Risk Analysis performed by the Bank.
 
More details can be found in the Bank's Price List available online and at any Millennium bim Branch. 

 

   

The Leasing Agreement will allow the Customer to use the Vehicle during a certain time period, for a monthly lease amount. At the end of the Lease period, the Customer has the option to pay the Bank the final (opt out) amount and become the owner of the vehicle or to quit, thus not acquiring the vehicle.

Currency
Metical (MZM).

Amount
Up to 90% of the vehicle's purchasing value , with a minimum of MZM 100.000,00. 
 
Maturity
From 18 to 60 months.
 
Related Insurances
Car Insurance for Liability.
 
Guarantee
A personal guarantee might be required. 
 
Initial Amount
Starting at 10% of the purchasing value of the vehicle.
 
Opt out Amount
Variable from 2% to 10%.
 
Early Repayment
Allowed, total or partial, with a penalty fee over the due otstanding amount.
 
Ownership
The vehicle is owned by the Lessor during the contract. The name of the Lessee appears in the vehicle's Registration Document.

 

To apply for a Leasing Automóvel, please:

  • ​Visit your Millennium bim Branch or contact your Relationship Manager and ask for a simulation;
  • Call our Customer Line at:
  • +258 21 35 00 35
    +258 82 35 00 350
    +258 84 35 00 350
    +258 86 35 00 350
     
    This way you will get all the necessary information to find the Leasing option more adequate to your needs.

     

    Surety

    Through this special guarantee, a third party (the Guarantor),  ensures with his/her assets the fullfiment of an obligation of one of the parties in a business, assuming the contractual responsabilities to the Creditor in case of failure by the Debtor.
     
    Guarantor
    Individual or entity providing the guarantee.
     
    Civil Liability Insurance
    Insurance that guarantees the repair of damages caused by the Insured to third parties.
     
    Insurance Against All Risks 
    The Insurance Against All Risks covers the damages sustained by the secured vehicle, even when the driver was the one responsible for the accident.
     
    Residual Value 
    Corresponds to a percentage of the financing that will be paid at the end of the contract. The higher the percentage the lower the installment of the loan, but the greater the amount payable at the end of the loan.