Societe Generale launches auto loan

Societe Generale last Thursday launched its auto loan meant to make car purchase for its customers easy.

The loan funds up to 80 per cent of the value of the chosen car and the customer has up to 60 months to pay the loan which can be used to buy either a new or a second vehicle. 

Known as ‘Happy Auto Loan,’ the package allows the bank’s customers to finance the buying of saloon cars, SUVs and pickups with the maximum age of the car not exceeding five years and mileage of up to 80,000 kilometres.

At the ceremony to launch the product, the Deputy Managing Director of Societe General Ghana, Mr Francois Marchal, said the bank was ahead of its competitors with the Happy Auto Loan.

“We want to offer what our competitors do not by offering more than the standard. This means that we offer the most competitive prices and build solid partnerships with well-known providers to guarantee that our customers receive best products with the best financing conditions.” 

According to the bank, there was no limit to how much a customer could receive to purchase a new car. However, for a used car, the maximum amount available for the customer is GH¢100,000.

As part of the conditions, the customers have to select their choice of vehicle from any of the bank’s approved vendors before proceeding to the bank to begin the application process. 

The bank currently has at least 22 new and used auto-dealer partners in Accra and Kumasi. 

Apart from the vehicle being registered jointly in the name of the bank and customer, the vehicles bought will be used as security for acquiring the loan.

The Head of Segment and Product Development, Mr Fred Addy, said an added value to the package was that the car was comprehensively insured by its insurance package, known as Sound Drive—a product of Allianz.

“With the package, our customers will not have to worry about looking for additional money to pay for any additional costs of the motor insurance premium. The customer’s contribution towards the purchase of the car includes the value of their first year premium,” he said.

That aside, Mr Addy said the customers also had the option of adding the ECOWAS brown card, which insures customers as they travel across the sub-region. 

Taking the gathering through the features of the loan, the Head of Product Development and Channel of the bank, Mrs Nathalie Douellou, stated that the fact that the vehicle would be used as security, borrowers would enjoy rates up to 2.5 below the usual interest rate at the bank. This is, however, dependent on the customer’s profile.

Writer’s email: seth.bokpe@graphic.com.gh