Société Générale: the bank for individuals

Being one of the French banking groups which export the best, the Societe Generale is present in 66 countries around the world. It is also one of the big names in finance on the world stage for 150 years. Alongside BNP Paribas and Crédit Lyonnais, the multinational claims the rank of leader in its sector. It shares its vision with its 25 million customers, mainly made up of individuals.

Société Générale, one of the oldest French banks

Société Générale represents more than French excellence in financial services. This bank looks after the interests of its customers, in this case the millions of individuals who place their trust in it.

150 years of trust for Société Générale

Born under the Second Empire, Société Générale was founded in 1864. It is one of the three oldest in the banking sector in France. Its century and a half of existence is synonymous with maturity for its international clientele spread across 5 continents. This bank has remained faithful to its vision since its creation by offering financial services adapted to a wide audience.

Generalist, it offers a whole range of diversified services. These are different savings choices, insurance policies, but also consumer loans and other real estate loans. Detailed on the website jeux.societegenarale.fr, the tricolor group’s catalog of offers includes a multitude of savings, borrowing or financial restructuring solutions.

Société Générale’s offers are aimed at individuals, but professionals wishing to benefit from tailor-made services are not left out either. The bank has demonstrated financial strength resistant to crises and other fluctuations. Its commitment to innovation is matched only by its dynamism. The limited company with capital of 1,062 million euros has set itself the main objective of consistently creating value.

Simple and modern financial services

Concretely, Société Générale offers to open an account with ease. Then, the bank attaches great importance to respecting the expectations of each customer who comes through its door. In other words, the offers are aimed at all profiles. The formulas adapt to the income and sector of activity of the target clientele. They even consider the habits, the culture of the country of establishment as well as the preferences.

The Digital offer Kapsul is aimed at students and employees who need a basic current account. Its holder can freely use a bank card compatible with the Visa network. This entry-level offer does not allow overdraft. To benefit from it, you will have to opt for the Sobrio formula with which the transfer and withdrawal limits are already comfortable.

Since the Covid19 crisis, Société Générale has accelerated its digital transformation. It strengthens its online presence thanks to its Direct Agency. This platform provides access to current transactions and usual financial products from any terminal connected to the Internet. Opening an account can be done in full. The user can even talk to an advisor there.

Retail banking for individuals

As a retail bank, Société Générale is required to respect the benchmark index imposed by the central administration. It freely creates its financial products in compliance with the interest rate set by the French monetary authority. Its loans are aimed at all beneficiary profiles, including households, project leaders and business leaders.

Flexible real estate loan with this French bank

Whether for the purchase of a main home or for a rental investment, the Société Générale real estate loan remains a complete financing solution. The future owner of a house benefits from reduced application fees compared to those of the competition. It also benefits from advantageous borrower insurance. The contract covers death and partial loss of autonomy by default. Then, it is always possible to have the credit guaranteed by a mutual establishment.

At this French bank, the rate remains competitive, whatever the economic situation. Moreover, the subscriber has the choice between several formulas. In any case, he can negotiate the repayment terms. He is certain that his banker is offering him the opportunity to acquire the house of his dreams under the best conditions. Thanks to the bridging loan, an owner who wishes to sell his property can have funds available before the transaction.

An adaptive interest rate and personalized advice

Clients who wish to finance their project with easy-to-understand terms are served by Société Générale. The bank offers a fixed interest rate to simplify reading the amortization table. It is also possible to opt for a variable percentage. Obviously, this parameter changes depending on the profile of the applicant, especially depending on the total duration of the loan and the amount granted. A loan spread over the long term does not have the same terms as a consumer loan.

To help subscribers find the formula that best suits them, the online comparator offers realistic scenarios. The simulator suggests options that will help borrowers make their choice. Representing a commitment over several years, the amount, duration of the contract, insurance coverage and other details of the loan must be decided with full knowledge of the facts.

Moreover, personalized support from a customer advisor or a broker should also help the borrower see things clearly. The explanations focus on the choice of credit, but also the decision on the type of property. Indeed, details on the work to be carried out, the energy performance of the home and other complexities will also enter into the equation.

Tailor-made borrower insurance

Société Générale’s offers are structured around 4 main lines: savings, consumer loans, real estate loans and financial restructuring. Borrowers are also entitled to insurance which will protect them throughout the repayment period.

The amount of borrower insurance is calculated based on the profile

Linked to the real estate loan, borrower insurance is not compulsory, but remains strongly encouraged. This guarantee mainly covers the bank since it gives it the certainty of recovering the money granted and the interest, even if the client’s situation deteriorates. Every month, the subscriber pays a contribution to protect against the vagaries of life. Unexpected events such as disability or death of an account holder may occur. Designed for extreme cases, borrower insurance is the subject of a formal contract with a third party organization.

The purpose of risk pooling is to recover capital, but also helps protect the candidate for a bank loan. He pays an amount calculated according to his profile, that is to say according to his income. In any case, Société Générale does not require him to take out a policy with it. Insurance delegation remains possible. The person concerned can very well compare the offers from other companies before deciding with their soul and conscience. He can also seek help from a broker who will guide him towards the best contract for his situation.

Coverage and guarantees studied on a case-by-case basis

Societe Generale borrower insurance mainly covers two types of losses. In the first case, the subscriber loses his life or his ability to work. Faced with partial or general disability, SOGECAP takes over. This company pays the bank the total amount outstanding. Thus, the family of the deceased or the person unfit to practice a profession should no longer honor the monthly payments.

There is also the possibility of work stoppage or job loss. In this specific situation, the insurance company will carry out its investigation and verify that it is indeed a case of force majeure against which the person concerned has no other options. If so, it will pay the monthly payment until the borrower finds a job.

There are some exclusions for credit insurance. The company can decide on this alone. It excludes clients who have killed themselves or caused their own disability. The same goes for illnesses and accidents linked to alcoholism. Borrowers are asked not to practice extreme sports.

Consumer credits and gains in purchasing power

Consumption drives the economy. This is why Société Générale offers its customers financial solutions for all projects. Those who have difficulty maintaining decent purchasing power can even subscribe to a loan buy-back.

Consumer credit, the immediate financial solution

Whether it is to go on vacation, buy a new motorcycle or improve the decoration of the house, consumer credit remains a suitable financing solution. The bank grants this offer to all borrower profiles. For urgent money needs, there is the Expresso loan, the amount of which starts at €1000. The subscriber does not have to provide quotes or proof of expenses. The process can be carried out exclusively online.

For young workers, the personal loan ranges from €1,000 to €7,000. This credit is granted to those under 30 who wish to repay the amount over 1 to 5 years. The subscriber is entitled to 3 monthly payment deferrals. The bank has also thought of apprentice craftsmen, students or households by offering them an advantageous rate (APR at 2.4%). Those who need a means of transportation have the choice between a classic car loan or a rental with option to purchase.

Gain purchasing power with credit redemption

Intended for customers with a property loan in the process of being repaid, credit refinancing is a financial restructuring. This is a consolidation of debts. Société Générale buys all of the person’s liabilities and pays them on their behalf. In return, the subscriber must pay the entire amount reimbursed and interest for an agreed period. This agreement commits it for an average of 20 years.

The main advantage of credit repurchase would be the gain in purchasing power. In fact, the beneficiary will no longer have several monthly payments to honor, but only one with a reduced amount. The repayment is spread over a longer period, but it has a greater savings or investment capacity. He also has the opportunity to embark on a new project instead of just paying debts. Furthermore, there will only be one due date: which considerably reduces the risk of late payment penalties.

Mutual health insurance and insurance for material goods

Not to be confused with coverage dedicated to the borrower, Société Générale insurance is a separate branch of the banking group. The company deploys a wide range of policies for vehicles, home and complementary health insurance.

More than just complementary health and life insurance

Individuals who wish to subscribe to mutual insurance complementary to their universal coverage are welcome at Société Générale. The company mainly offers 4 membership packages with 5 additional options. For €15 to €65 per month, the customer is reimbursed for dental care, purchases of prostheses or glasses. Members can benefit from a telemedicine service.

For those who wish to save to build up capital, life insurance is offered within an attractive tax framework. The money can be invested in many projects, particularly in rental real estate or company shares. Profits from investments accrue to the account holder. In the event of death, the capital can be paid to loved ones.

As life expectancy increases, Société Générale has thought about seniors. It is also possible to take out a disability policy. The member will be covered against loss of autonomy. He will receive a life annuity and will receive funds to purchase equipment adapted to his physically disabled condition.

Home and auto insurance

Homeowners and tenants can take out home insurance. In fact, students benefit from their own contract with Société Générale. From €4/month, they will be able to insure their accommodation against theft and deterioration of the goods found there. Households also have their range of blankets. Available from €7/month, the policy recognizes various losses, including fire. The subscriber and his family will be transported and then relocated to the hotel in the event of fire or flooding.

Regarding car insurance, the company offers several options to choose from. In summary, the insured is guaranteed minimum compensation of €1,200. He can receive up to €400,000 in compensation. Your vehicle can be broken down and repaired in a network of 1,800 approved garages. Technical assistance is provided in the event of an accident or mechanical problem. Motorcyclists and scooter riders receive reimbursement of 3 months of contributions if they do not report any incidents in 3 years.

Other Société Générale financial products dedicated to individuals

Société Générale has always been a preferred contact for individuals when it comes to savings. The account holder can choose one plan or combine several according to their convenience.

Booklets regulated by the State

Certain types of savings are regulated by the state. Société Générale holds the various accreditations necessary to grant them to individuals. Among the most common formulas, there is the A booklet. This is a saving available at any time. It has the merit of being completely tax-exempt (0% income tax). The interest rate paid to the holder is set by the administration. The maximum amount caps at €22,950.

Then, there is the LDDS or Sustainable and Solidarity Development Booklet. Also exempt from tax, it is remunerated at 2% per year with a maximum of €12,000. In its wake, there is the Livret d’Épargne Populaire which grows at 4.6% per year. This fixed rate is guaranteed by the Banque de France which also limits the amount and is capped at €15,400 for a legally constituted couple. The secret of these tax-free savings would be to let the money grow quietly without touching it for at least half a year.

Dedicated savings products

For a real estate purchase or to carry out work, it is possible to subscribe to a dedicated product. These include the PEL (Home Savings Plan) and the CEL (Home Savings Account). This is an amount of money that the customer has saved over a period of time. This fund serves as apersonal report when the person takes out a real estate loan with Société Générale or elsewhere.

The PEL is capped at €61,200 while the maximum for the CEL is set at €15,300. There is also the PEA or Stock Savings Plan or its version for small businesses called PEA-PME. The list of financial products is growing with a securities account, PER (Retirement Savings Plans). These funds can be mobilized to grow in a real estate company type investment. Consult an advisor for further information.