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SIC Life Savings & Loans – What you should know
sic-savings-and-loans

SIC Life Savings and Loans offer most of the services other financial institutions offer their customers. And loan products are one of those services they offer. This is because individuals surely need money to get things done daily. However, is it possible to lead a decent life without money to solve your needs? Is it possible to carry out all your financial obligations with little or no money? It’s clear that these questions do not really need answers. You can also assess so many other questions regarding the importance of money. Yet, you cannot undermine the importance of money.  

Lack of money makes people get loans such as; mortgage loans, consolidation loans, mobile money loans, insurance loans, etc. 

As you read the rest of this article, you’ll learn more about SIC Life Savings and Loans. Besides that, you’ll see the products and services they offer here in Ghana.

About SIC Life Savings & Loans

They formerly knew SIC Life Savings and Loans as SICLife Trust Finance Limited. On July 27, 2010, the Bank of Ghana licensed SIC Life Savings & Loans Company Ltd (SICLife S & L) under the Banking Act, 2004 (Act 673). This license allows them to operate the business of a FINANCE HOUSE. On July 15, 2015, the Company received the licence to operate as a Savings and Loans. Meanwhile, SIC Life Company Limited is Ghana’s leading Life Insurance Company. And they wholly own SIC Life Savings and Loans as a subsidiary.

What are the products of SIC Life Savings & Loans?

Just like every other financial institution, SIC Life Savings & Loans have products they offer their customers.

The following are the products of SIC Life Savings & Loans Company Ltd:

  1. Loans
  2. Accounts
  3. Money transfer services.

What are their loan products?

They offer various types of loans to prospective clients at a competitive interest rate with flexible repayment terms.

The following are SIC Life Savings & Loans (loan) products:

  1. Personal Loans

They designed this product for salaried workers the opportunity to meet any pressing financial need.

Personal loan requirements:
  1. One (1) passport picture
  2. Copy of a valid national identification card or
  3. Passport
  4. Driver’s license
  5. Voters identification
  6. NHIS identification
  7. Recent three (3) months bank statements
  8. Recent three (3) months’ pay slips
  9. Guarantor
  10. One (1) passport picture of guarantor
  11. Copy of identification card of guarantor.
  1. Business Loans

They created this product for their business’ and institutional clients’ financial support to expand their businesses.

Limited Liability Company requirements:
  1. One passport size picture of Directors
  2. Copy of identification document of Directors which includes; passport, driver’s licence, voter ID card, NHIS card, national identification card.
  3. Six months’ recent bank statement
  4. Business registration documents
  5. Certificate of incorporation
  6. Certificate to begin business
  7. The company’s code
  8. Board resolution
  9. Application letter for the loan
  10. Guarantor
  11. Picture of guarantor and copy of identification document
  12. Industry and business risk analysis, company profile, management profile, analysis of credit history
  13. At least get two years’ financial statement and cash flow projections
  14. Stock list and inspection report (if applicable)
  15. Visitation report to business and residence.
  1. Fixed Income Loans

They designed this product to target the fixed income workers. Especially those of the Controller and Accountant General’s Department pay-roll month on month.

They didn’t clearly specify the requirements for this product. However, let’s move on to other products.

  1. Sika Plan Loans

They created this loan product for the micro enterprises and this includes their Sika Plan customers.

Sika Plan loan requirements:
  1. Get one (1) passport size picture and copy of a valid national identification card or Passport
  2. Driver’s license
  3. Voters identification
  4. NHIS identification
  5. You can also get Sika plan statement to confirm contribution
  6. Your recent three months bank statement
  7. A guarantor
  8. A copy of identification document and picture of your guarantor.
  1. Asset Finance

With this product, clients can own any product of their choice and pay overtime. They finance varieties of products, such as furniture, home office electronic appliances, generator set/plant, water pumps, audio equipment, etc.

Asset Finance requirements for individuals:
  1. Get one passport size picture
  2. One copy of a valid national identification card which could be; Passport, Driver’s license, Voters ID card, NHIS ID card, National ID card
  3. Get a recent three to six (3-6) months bank statements
  4. Also, a recent three (3) months pay slips
  5. A guarantor
  6. One passport size picture of your guarantor
  7. A copy of your guarantor’s national ID, and
  8. Utility bill.
Asset Finance requirements for business and institutions:
  1. The Board/ Council resolution
  2. An application letter for the facility
  3. The company profile, management profile
  4. Get financial statement for at least two years and cash flow projections
  5. The company registration documents
  6. A copy of National IDs of signatories to the bank account(s) which could be; Passport pictures of signatories of the accounts
  7. The last six months’ bank statement
  8. Utility bill.

Other SIC Life Savings & Loans options and their feature:

  1. Scheme Loan
  1. One passport picture
  2. A copy of valid national identification
  3. Passport
  4. Driver’s license
  5. Voters identification
  6. NHIS identification
  7. A recent three months pay slips
  8. Guarantor
  9. One passport picture of guarantor
  1. Sole Trader Loan
  1. Business registration documents
  2. Certificate of registration
  3. Form “A”
  4. One passport size picture of the business owner
  5. A copy of identification document of owner such as; passport, driver’s licence, NHIS card, national identification card, voter ID
  6. A recent six months bank statement
  7. Guarantor
  8. A copy of identification document and picture of guarantor.

What are their account products?

SIC Life Savings and Loans offer various account products to their customers. They are:

  1. Trust Abapa Susu Account

They specifically designed this account for traders, market men and women who want to save daily. Therefore, it is a saving/ Susu mobilization account which helps the people involved to make small deposits. They can even collect it at their doorsteps and deposit it into their account.

  1. Trust Savings Account

This type of account product lets your money work harder for you. This could be because it’s an individual savings account that has multiple levels of competitive interest rates. Therefore, the more you save, the more you earn.

  1. Trust Current Account

This account is a non-interest bearing individual one. They do it to offer the basic day-to-day banking needs. Besides that, it allows the flexibility of using a cheque book.

  1. Trust Kiddy Account

They created this account to help parents / guardians /trustees save gradually towards their child’s future and education. It’s a unique savings account for children between the ages of 0-17years.

  1. Trust Business Current Account

As an interest bearing current account, they specifically designed it to offer business institutions (SME), churches, associations and professional institutions the flexibility of banking.

  1. Trust Business Savings Account

This savings account targets businesses, churches, clubs, associations and institutions. In order to help them cultivate the culture of savings.

  1. Trust Flexi Investment Plan Account

With this type of investment account, individuals can now switch from a pro-expenditure lifestyle to a wealth creation lifestyle. It has a minimum opening balance of GHc 50.00.

  1. Trust Special Fixed Term Deposit

This is an investment account which lets clients invest for a period to yield returns higher than the existing Treasury bill rates. This perfectly suits clients who do not have immediate use for their funds and will invest it.

What are SIC Life Savings and Loans money transfer services?

In order to make financial transactions easier for their customers, they offer Money Transfer services. 

They carry out the money transfer through the following channels:

  1. Western Union
  2. Ria Money Transfer
  3. MoneyGram
  4. Vigo

Conclusions

Borrowers would never risk their assets as collateral for loans if they have sufficient cash flow. Especially in the time of emergency or need for a quick loan. But the fact remains the same, which is that individuals will always need money to solve their needs as long as they live.

However, getting a loan makes more sense, especially when you do not have any other alternative to explore. Meanwhile, having a savings account is a great option you can fall back on when you need money. And because of this, you can try out SIC Savings and Loans.

Related posts:

How to get a mortgage loan from First National Bank

How to get a loan from First National Bank Ghana

Guarantor loans – Meaning and what you should know about them
Categories: Financial Institutions
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