The following are the main financing facilities of Singer Finance

 

  • Leasing
  • Revolving Loans
  • Vehicle Loans
  • Land Mortgage Loans (property loans)
  • Personal Loans
  • Loans against Fixed Deposits
  • Consumer Finance – Group Sales
  • Micro Finance
  • Factoring
  • Gold Loans

 

We provide finance facilities to prospective individuals and business establishments that satisfy our credit criteria to meet their funding requirements, including vehicles, machinery or property purchases for personal or business use.

 

Singer Finance offers competitive and transparent pricing and rates for facilities based on the asset (vehicle/machinery/property) and a customer’s repayment capacity and other credentials. 

 

Amount financed, rental, maximum repayment period, additional security requirements, and other terms and conditions vary depending on the brand, country of origin and estimated economic life, year of manufacture and all other variables pertaining to the vehicle or machinery.

 

Before granting a facility, Singer Finance will independently evaluate and verify the repayment capacity, past payment behaviour, net worth and other pertinent facts concerning the customer.

 

We will explain the monthly rentals and other charges applicable to your facility before signing the contract with Singer Finance. We invite you to obtain, peruse and clarify our terms and conditions with our officers.

 

Ensure that you obtain confirmation from Singer Finance representatives about pricing, rates, and other terms & conditions at the time of entering into the contract.

 

Complaint Handling & Redress

For complaints in relation to our financial products please refer Complaint Handling Policy of the company.

BASE INTEREST RATES & CHARGES

 

LEASING

Amount financed, rental, maximum repayment period, additional security requirements, and other terms and conditions vary depending on the brand, country of origin and estimated economic life, year of manufacture and all other variables pertaining to the vehicle or machinery.

We accommodate all vehicle categories accepted by the Registrar of Motor Vehicles (RMV).

Ex – Motor Cars, Vans, Dual Purpose Vehicles, Motor Lorries, Land Vehicles, Motor Coach (Buses), Three Wheelers, Motor Bikes etc.

You can repay either in equal rentals or in structured payments, whichever suits your income generating pattern, subject to the terms and conditions approved by us.

(Prevailing law pertaining to Finance lease product is the Leasing Act No 33 (Amendment) of 2007, and Law of Contract).

Interest and penalties

Interest rates   – 16.25% p.a. (minimum)

Interest rates   – 37.00% p.a. (maximum)

Penalties          – Over Due Interest – 4.5% p.m.

Other charges and fees

Service charge – As per the facility amount/type of vehicle (refer chart)
Insurance premium fee – As per the insurance quotation – premium can be paid by cash/credit
Stamp duty – If applicable – 1% of the net receivable
RMV transfer fee – As per the RMV guidelines

REVOLVING LOANS

The repayment terms and conditions for Revolving Loans are flexible. You can pay back as you wish, subject to the monthly minimum payment of interest stipulated by us at the time of entering into the contract.

You can settle the loan facility, partly or in full, during the term of the contract.

(Laws pertaining to Revolving Loans are Mortgage Act (Amendment) Number 3 of 1990 and Law of contract)

Interest and penalties

Interest rates   – 16.50% p.a. (minimum)

Interest rates   – 22.00% p.a. (maximum)

Penalties          – Over Due Interest – 4.5% p.m.

Other charges and fees

Service charge – As per the facility amount/type of vehicle (refer chart)
Insurance premium fee – As per the insurance quotation – premium can be paid by cash/credit
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)
RMV transfer fee – As per the RMV guidelines
Vehicle Mortgage Fee – 0.1% of the facility amount (stamp duty for mortgage bond)
– Rs.250/- for mortgage bond registration
– Rs.5,000/- for vehicle mortgage bond processing fee

VEHICLE LOANS

We accommodate all vehicle categories accepted by the Registrar of Motor Vehicles (RMV).

Ex – Motor Cars, Vans, Dual Purpose Vehicles, Motor Lorries, Land Vehicles, Motor Coach (Buses), Three Wheelers, Motor Bikes etc.

You can repay either in equal instalments or in structured payments, whichever suits your income generating pattern, subject to the terms and conditions approved by us.

(Laws pertaining to Vehicle Loans are Mortgage Act (Amendment) Number 3 of 1990 and Law of contract)

Interest and penalties

Interest rates   – 18.50% p.a. (minimum)

Interest rates   – 20.00% p.a. (maximum)

Penalties          – Over Due Interest – 4.5% p.m.

Other charges and fees

Service charge – As per the facility amount/type of vehicle (refer chart)
Insurance premium fee – As per the insurance quotation – premium can be paid by cash/credit
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)
RMV transfer fee – As per the RMV guidelines
Vehicle Mortgage Fee – 0.1% of the facility amount (stamp duty for mortgage bond)
– Rs.250/- for mortgage bond registration
– Rs.5,000/- for vehicle mortgage bond processing fee

LAND MORTGAGE LOANS (PROPERTY LOANS)

For Land Mortgage Loans, we require the primary mortgage over an immovable property valued by a professional valuer.

Maximum Loan amount will be, 70% of the market value of the property and maximum repayment period is 60 months (05 years).

(Laws pertaining to property Loans are Mortgage Act (Amendment) Number 3 of 1990 and Law of contract)

 

Interest and penalties

Interest rates   – 18.00% p.a. (minimum)

Interest rates   – 25.00% p.a. (maximum)

Penalties          – Over Due Interest – 4.5% p.m.

Other charges and fees

Service charge – As per the facility amount/type of vehicle (refer chart)
Insurance (DTA) – If applicable – as per the insurance quotation
Insurance (Title Insurance) – If applicable – as per the insurance quotation
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)
Legal fee – As per the facility amount
Valuation Fees – As per the property value

PERSONAL LOANS

Your life is meant for much greater things and we are here to help make it happen. Start your next adventure with our Sahana Personal Loans, specifically designed around you and all your unique needs because to us at Singer Finance, every loan is personal.

Interest and penalties

Interest rates   – 15.50% p.a. (minimum)

Interest rates   – 30.00% p.a. (maximum)

Penalties          – Over Due Interest – 4.5% p.m.

Other charges and fees

Service charge – As per the facility amount (refer chart)
Insurance (DTA) – If applicable – as per the insurance quotation
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)

LOANS AGAINST FIXED DEPOSITS

Depositors could obtain temporary refunds (loans) against their fixed deposits up to a maximum of 75% (if the FD interest is paid monthly) or 80% (if the interest is paid at maturity) of the capital held in deposit.

Such refunds will be subject to an all-inclusive service charge of 5% per annum above the rate of interest applicable on the deposit.

This facility shall be granted at the discretion of the management, and the company reserves the right to vary the service charge levied on temporary refunds at any given time.

CONSUMER FINANCE - GROUP SALES

This unique facility is made available to staff of reputed organizations in both public and private sectors. Employees of these organizations may select any consumer product and pay for it in monthly installments. These installments are deducted from the respective employee’s salary and remitted to us by the organizations concerned. Customers enjoy the benefits of the product from the very first day without being obliged to pay the entire sum up front.
We have established a dedicated unit with competent staff at head office to supervise this facility. A state-of-the-art IT system supports the unit. Singer Finance being the market leader in this segment is serving the employees of more than 400 reputed institutions island wide.

Interest and penalties

Interest rates   – 35.00% p.a. (minimum)

Interest rates   – 45.00% p.a. (maximum)

Penalties          – No Penalties

Other charges – No other charges and fees

 

MICRO FINANCE

Micro Finance is a source of financial services for entrepreneurs and small businesses lacking access to banking and related services. This is a group-based model where several entrepreneurs come together to apply for a loan facility as a group. Micro Finance provides entrepreneurs with small loans to fund their machinery and equipment, furniture and fixtures, inventory supplies, and working capital requirements.
(Laws pertaining to micro-Loans are Microfinance Act No 6 of 2016 and Law of contract)

Interest and penalties

Interest rates   – 35.00% p.a. (minimum)

Interest rates   – 38.00% p.a. (maximum)

Penalties          – No Penalties

 

Other charges and fees

 

Service charge – 3% from the facility amount
Loan Management Fund – 1.5% from the facility amount
Entrance fee – Rs.500/- (only for the first cycle)
Opening Savings Accounts – Rs.600/-
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)

FACTORING

Factoring is a working capital solution designed to improve the cash flow of a business which sells goods and services on credit terms.  Factoring will make funds available, even when banks would not do so. This is the fastest way to collect money on invoices generated for products delivered or services rendered.

In Factoring we purchase your account receivable (credit sales) at a discount and advance you upfront 70% -85%. You would not have funds tide up until the debtors make the payments. We pay you on behalf of your debtors. Factoring will help you to expedite the progress of your business while transferring the hassle of debt management to the factor.

Laws pertaining to factoring are Law of contract. However, in case of having an additional collateral, i.e., primary mortgage over a property or a vehicle, Mortgage Act (Amendment) Number 3 of 1990 is applicable.

 

Interest and penalties

Interest rates   – AWPLR+6% p.m. (minimum)

Interest rates   – 23.00% p.a. (maximum)

Penalties          – Over Due Interest 36% p.a to 54% p.a

 

Other charges and fees

 

Service charge – 0.1% to 0.2% (Based on Invoice value)
Re-factoring Charge –   0.20% to 3%

GOLD LOANS

Sri Lankan citizens over 18 years of age who own gold or gold jewellery (16K – 24K) can obtain a gold loan facility.

The tenor of the loan be selected from 1/3/6/9/and 12 months. The rate of interest on your loan is fixed rate of interest is mentioned in Gold Loan ticket provided at the time of disbursement of the loan. Interest will be charged on daily basis.

(Laws pertaining to gold Loans are Mortgage Act No 06 of 1949, mainly section 85, 86, 87 and 88)

Interest and penalties

Interest rates   – 16.80% p.a. (minimum)

Interest rates   – 21.48% p.a. (maximum)

Penalties          – Over Due Interest – 6% p.a.

Other charges and fees

Service charge
Granting Amount < 100,000 – 1.50% of the granted amount
Granting Amount 100,000 to <500,000
 – 1.25% of the granted amount
Granting Amount >500,000
 – 1.00% of the granted amount

 

SERVICE CHARGE CHART

Category Amount Financed Amount
Bike Any amount                 4,000
Three Wheeler Any amount                 6,500
Mini Trucks/Dual Purpose Up to Rs.999,999 (below 1000CC)                 9,500
Above Rs.1,000,000 (1000CC & above)               13,000
Car/Van 999,999 and below               11,000
1,000,000 – 1,999,999               16,000
2,000,000 – 2,999,999               21,500
3,000,000 – 4,999,999               23,500
5,000,000 & above               32,000
Two Wheel Tractors – Brand New (U/R) Any amount                 7,500
Four Wheel Tractors – Registered 999,999 and below               16,500
1,000,000 – 1,999,999               21,500
2,000,000               26,500
Four Wheel Tractors – Brand New (U/R) Any amount               30,000
All other categories Less than 500,000               13,000
500,000 – 999,999               16,500
1,000,000 – 1,999,999               22,500
2,000,000 – 2,999,999               30,000
3,000,000 – 3,999,999               30,000
4,000,000 – 4,999,999               30,000
5,000,000 – 9,999,999               37,000
10,000,000 & above               38,000
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