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27.04.2015 Business & Finance

Societe Generale Ghana Lauches ‘happy Auto Loan’

…as A New Way Of Modernizing Banking
By Alex Boye
Societe Generale Ghana Lauches happy Auto Loan
27.04.2015 LISTEN

Societe Generale Ghana, as part of efforts in modernizing banking on the African continent has launched what is called the ‘happy auto loan’.

The happy auto loan, according to the bank’s officials is a credit facility which offers its valuable customers financing to purchase vehicles of their choice, be it new or used.

Speaking at the launch in Accra last Friday, the Deputy Managing Director of the bank, Francois Marchal, stated that the main objective of the happy auto loan was to enable its customers to purchase vehicles of their choice from the bank’s partner vendors.

He stressed on the fact that banking was meant to cut across the needs of all stakeholders of the industry, hence the introduction of the product to meet the needs of all customers whose needs go beyond what was offered within day to day retail banking.

Mr. Marchal also stated that the product would go a long way to serve a great purpose for the bank’s strategy to be a preferred bank for all customers and potential customers.

“To be a preferred bank’ we believe that innovation in creating products is key and we know that we cannot simply be innovative for the sake of innovation” Mr. Marchal hinted.

According to the deputy managing director, it was the believe of the bank to have tailor-make products that transcend what is offered by their competitors and show that they understand the needs of each and every valued customer of the bank.

Mr. Marchal further stressed on the fact that the bank has spearheaded the industry by offering what their competitors do not offer, which is competitive pricing and solid partnerships with renowned providers which guaranteed customers that they will get the finest products and the best financing conditions.

Head of Retail at the Bank, Kwaku Tweneboah Kodua, on his part threw more light on the distribution and benefits of the product for customers, saying that the product will be easily accessible in all of the bank’s 39 branches across the country.

He assured customers that the process for acquiring this loan will be easy and straightforward, adding that customers would be assisted by friendly and well-trained in-branch staff.

The key product mechanics and the rationale behind the birthing of the product were presented by Mrs. Nathalie Douellou, Head of Product Development and Channels Distribution of the Bank. She stated that, the product was designed to be used to finance the purchase of saloon cars, SUV’s and pickups with the maximum age of the car not exceeding 5 years and maximum mileage not exceeding 80,000km.

She underscored that the vehicle purchased will be used as security for acquiring the happy auto loan, saying that vehicles purchased will be registered in the joint names of the bank’s (1st) and (2nd) customers.

Mrs. Douellou also assured that customers would have the flexibility of repaying their credit over a maximum period of 5 years for vehicles less than 2 years old and for vehicles older than 2 years, the maximum repayment period is 4 years.

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