The following are the main financing facilities of Singer Finance

 

  • Leasing
  • Revolving Loans
  • Vehicle Loans
  • Land Mortgage Loans (property loans)
  • Personal 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   – 18.5% p.a. (minimum)

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

Other charges and fees

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

 

 

SERVICE CHARGE CHART

Vehicle Category/Amount Financed Amount
3/W Registered                  7,500
M/B Registered                  4,500
M/B Unregistered                  6,500
< 500,000                12,000
500,000 – 999,999                15,000
1,000,000 – 1,999,999                21,000
2,000,000 – 2,999,999                28,000
3,000,000 – 3,999,999                28,000
4,000,000 – 4,999,999                28,000
5,000,000 – 9,999,999                37,000
10,000,000 & above                38,000

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% p.a. (minimum)

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

Other charges and fees

Service charge – As per the facility amount (refer chart)
Insurance premium fee – As per the insurance quotation and market value of the vehicle  – 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 nature of the transaction (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.

Interest and penalties

Interest rates   – 20% p.a. (minimum)

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

Other charges and fees

Service charge – As per the facility amount (refer chart)
Insurance premium fee – As per the insurance quotation and market value of the vehicle  – 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 nature of the transaction (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.

Interest and penalties

Interest rates   – 18.5% p.a. (minimum)

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

Other charges and fees

Service charge – As per the facility amount (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 fee – 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.

 

We offer Group Loans, Educational Loans and Wedding Loans. 

GROUP LOANS

– Flexible repayment period of up to three years (36 months)

– Two years and above in the permanent cadre of the current place of employment

– Payroll deductions will be applicable

Interest and penalties

Interest rates   -17.5 % p.a. (minimum)

Penalties          – N/A

Other charges and fees

Service charge – 1% of the facility amount
Insurance (DTA) – As per the insurance quotation
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)

 

EDUCATION LOANS

Enriching yourself with a degree or an MBA and investing in your child’s education are two decisions that should not be postponed. Contact us to explore a suitable financial option that would match your requirement.

 

Loans will be granted only for pre-approved institutions and approved degrees/post-graduate courses with high demand in the employment market nationally and internationally.

The main educational loans are 

 

– University Education Loans   

These loans will be granted as joint loans (with parent or guardian)

For the first degree, we offer a repayment period of 08 years and for post-degree programmes, we offer a repayment period of 05 years.

– Sipdiriya Education Loan

For medical students of government universities, we offer a maximum loan amount of Rs.600,000/- (monthly disbursement of Rs.10,000/- X 60 months)

For Science, IT and Finance students who are professionally qualified in the government university network, we offer a maximum loan amount of Rs.480,000/- (monthly disbursement of Rs.10,000/- X 48 months)

Monthly disbursement will be remitted to Singer Finance savings account opened in the name of the student.

Interest and penalties

Interest rates   – 16.5% p.a. (minimum)

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

Other charges and fees

Service charge – 1% of the facility amount
Insurance (DTA) – As per the insurance quotation
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)
Savings account opening charge – Rs.500/- minimum

 

WEDDING LOANS

Dreams come in all forms, shapes, sizes and budgets, but one thing will always be certain, they are personal in every way. From buying your first camera, investing in a new passion, to financing the wedding you have envisioned since childhood, we are here to help you make them all a reality.

Interest and penalties

Interest rates   – 16.5% p.a. (minimum)

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

Other charges and fees

Service charge – 1% of the facility amount
Insurance (DTA) – As per the insurance quotation
Stamp duty – 0.1% of the facility amount (for the demand promissory note obtained)

 

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