The following are the main financing facilities of Singer Finance

 

  • Leasing
  • Revolving Loans
  • Vehicle 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   – 23.00% 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   – 23.00% 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   – 23.00% 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

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   – 30.00% 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