Societe Generale Ghana Launches "Happy Auto Loan"

Societe Generale Ghana, a leading banking institution, has outdoored a prestigious product to meet the financial needs of its customers. The new addition to the numerous offers by the bank is the “Happy Auto Loan.”

A press conference was held on Thursday, April 23, 2015 at the Head Office of the bank to launch the “Happy Auto Loan”; a credit facility which offers its valuable customers FINANCING to purchase vehicles of their choice, “be it new or used.”

This facility aims at offering customers a short to medium-term facility to purchase vehicles at a flexible repayment period of up to 60 months.

As part of efforts to ensure convenience for its customers, the new loan facility will provide them the opportunity to get ‘Sound Drive’, a world class comprehensive motor insurance from the bank’s insurance partner, Allianz Insurance Ltd.

Allianz Insurance Ltd is the world’s largest property and liability insurance company, when customers purchase a car with the "Happy Auto Loan" facility.

“It covers third party related liabilities as well as the fact that it is an all risk comprehensive INSURANCE COVERAGE. Which is what is required when customers buy a car with the "Happy Auto Loan". With our Sound Drive comprehensive cover, customers get an extensive level of cover and full reimbursement whatever the damage to the vehicle may be. Our customers get to enjoy very competitive premiums as well as a no excess policy giving them 100% coverage for all claims they make.”

Addressing a section of the media, Mrs. Nathalie Douellou, Head of Product Development and Channel Distribution, noted that the 'Happy Auto Loan' “is designed to be used to FINANCE the purchase of saloon cars, SUVs and pickups with maximum age of the car not exceeding 5 years and maximum mileage not exceeding 80,000 km. The loan would FINANCE up to 80% of the value of the chosen car.”

There is however no limit on the value “if the car is brand new, so customers can apply for any amount in the case where they would want to purchase a brand new car.”

The bank further reminded its customers to take note of the terms and conditions backing the loan facility, stating that “if the vehicle to be purchased is a used one, the maximum amount that can be secured is GHC 100,000. Your monthly repayments for the facility should not exceed 40% of your monthly salary. If you are a repeat borrower and have salary above GHC 2,000.00 repayment should not be more than 45% of your salary.

“The customer will be requested a contribution of at least 20% of the value of the car, in order to benefit the competitive conditions for the loan.”

Deputy Managing Director of the bank, Francois Marchal also highlighted the objects of the loan facility, stressing that the product serves a unique purpose for the bank’s strategy to be the preferred bank for all its clients and potential customers.

“All these developments make Societe Generale Ghana one of the fastest growing banks in Ghana…the Happy Auto Loan will be available at all of Societe Generale Ghana’s branches and agencies across the country…Aim is to make sure customers are happy and this is certainly guaranteed with such an extensive customer care,” Head of Retail of the bank, Kwaku Tweneboah-Kodua told the gathering.

The loan facility offers clients a flexible repayment period up to 5 years.