The following are the main financing facilities of Singer Finance

 

  • Leasing
  • Revolving Loans
  • Vehicle Loans
  • Personal Loans
  • Gold Loans
  • Micro 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.

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.

Interest and penalties

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

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

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

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
Commission Up to 3% from the facility amount

 

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.

Interest and penalties

Interest rates   – 19.00% p.a. (minimum)

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

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

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
Commission Up to 3% from the facility amount
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.

Interest and penalties

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

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

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

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
Commission Up to 3% from the facility amount
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

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 – 54% p.a.

Other charges and fees

Service charge 1% of the facility amount (refer chart)
Insurance (DTA) 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)
Commission Up to 3% from the facility amount (if applicable)

GOLD LOANS

Interest and penalties

Interest rates   – 17.88% p.a. (minimum)

Interest rates   – 23.04% p.a. (maximum)

Penalties          – Over Due Interest – 7% 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

 

MICRO LOANS

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.

Interest and penalties

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

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

 

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