CUSTOMER PROTECTION

Finance Business Act. Direction No 01 of 2018

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Sinhala

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English

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Tamil

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Financial Customer Protection Framework document

Recoveries/Collections play a major role in finance business in order to secure the company asset. At Singer Finance Senior Manager or equal position heading the recovery division. He is assisted by Recovery Managers/executives; Recovery officers/assistants manage the collections infield level. In addition, at Branch level Branch Managers and branch staff is also involved in collection functions.

Further to strengthen the recoveries, Legal panel handles the difficult cases by way of Arbitration/ filling actions through Magistrate & District courts.

Generally Following steps will be taken as a procedure of the Company in Recoveries.

  • Reminder calls
  • Customer visits
  • Reminder letters follow ups
  • Notice of Termination
  • Letter of Termination
  • Repossession order for vehicles
  • Repossessed notice/final notice
  • Paper advertisement for disposal
  • Offer letter to buyers for selected purchases
  • Disposal of assets through Public Auctions/Yard sales
  • Balance recovery procedure/Legal action

Introduction

Singer Finance (Lanka) PLC (SFLP), is committed to providing a high quality of service at all times. As a responsible entity and having a rich heritage of corporate values from time immemorial, the Company has always maintained a close relationship with all stakeholders. However, SFLP recognises that customers may have a reason to communicate to the organization on matters from time to time.

How To Complain

If you are not satisfied with any aspect of our services or products, please contact us on any of the following ways:

  • Visit our web page on www.singerfinance.com and write your concern by filling the section; “Contact Us“, kindly indicate product or service that is relevant e.g.- Leasing / Fixed Deposit / Group Sales, if you wish to be contacted by phone, please include your contact number in the body of the message.
  • Call us on (+94)112 400 400 speak to an agent and inform your concern.

What Happened Next ?

Once we receive your concern, we will get in touch with you through your preferred mode of communication, within three working days. We will aim to resolve your complaint as quickly as possible and keep you regularly informed of the progress we are making in trying to resolve it.

What Could Be Done If You Remain Dissatisfied

If you remain dissatisfied with the response from above step I and step II, you could communicate to the COO or CEO through the following means:

  • E-mail the Chief Operating Officer at imanp@singersl.com and coordinator at faznas@singersl.com
  • Write to :-The Chief Executive Officer,
    Singer Finance (Lanka) PLC,
    No 498 R A De Mel Mawatha,
    Colombo  03.

The CEO / COO will respond to you within 3 working days (By phone or e-mail) and 7 working days (through post) and provide the following response:

  • Offer remedial action or redress where appropriate.
  • Provide a final response for the decision taken by the Company with regard to your complaint/concern
Financial Customer Protection Framework
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Financial Customer Protection Framework document

Recovery Procedures

Recoveries/Collections play a major role in finance business in order to secure the company asset. At Singer Finance Senior Manager or equal position heading the recovery division. He is assisted by Recovery Managers/executives; Recovery officers/assistants manage the collections infield level. In addition, at Branch level Branch Managers and branch staff is also involved in collection functions.

Further to strengthen the recoveries, Legal panel handles the difficult cases by way of Arbitration/ filling actions through Magistrate & District courts.

Generally Following steps will be taken as a procedure of the Company in Recoveries.

  • Reminder calls
  • Customer visits
  • Reminder letters follow ups
  • Notice of Termination
  • Letter of Termination
  • Repossession order for vehicles
  • Repossessed notice/final notice
  • Paper advertisement for disposal
  • Offer letter to buyers for selected purchases
  • Disposal of assets through Public Auctions/Yard sales
  • Balance recovery procedure/Legal action
Complaint Handling Policy

Introduction

Singer Finance (Lanka) PLC (SFLP), is committed to providing a high quality of service at all times. As a responsible entity and having a rich heritage of corporate values from time immemorial, the Company has always maintained a close relationship with all stakeholders. However, SFLP recognises that customers may have a reason to communicate to the organization on matters from time to time.

How To Complain

If you are not satisfied with any aspect of our services or products, please contact us on any of the following ways:

  • Visit our web page on www.singerfinance.com and write your concern by filling the section; “Contact Us“, kindly indicate product or service that is relevant e.g.- Leasing / Fixed Deposit / Group Sales, if you wish to be contacted by phone, please include your contact number in the body of the message.
  • Call us on (+94)112 400 400 speak to an agent and inform your concern.

What Happened Next ?

Once we receive your concern, we will get in touch with you through your preferred mode of communication, within three working days. We will aim to resolve your complaint as quickly as possible and keep you regularly informed of the progress we are making in trying to resolve it.

What Could Be Done If You Remain Dissatisfied

If you remain dissatisfied with the response from above step I and step II, you could communicate to the COO or CEO through the following means:

  • E-mail the Chief Operating Officer at imanp@singersl.com and coordinator at faznas@singersl.com
  • Write to :-The Chief Executive Officer,
    Singer Finance (Lanka) PLC,
    No 498 R A De Mel Mawatha,
    Colombo  03.

The CEO / COO will respond to you within 3 working days (By phone or e-mail) and 7 working days (through post) and provide the following response:

  • Offer remedial action or redress where appropriate.
  • Provide a final response for the decision taken by the Company with regard to your complaint/concern

Fact Sheets

Fixed Deposits

  • Anyone above 18 years of age, who is a Sri Lankan citizen and holds a National Identity Card, can place a Fixed Deposit.
  • Minimum Deposit is Rs 5,000.
  • Deposits can be made individually or jointly maximum up to three holders.
  • Deposits from Individuals Corporates, Associations, Trusts or Charities are accepted.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • Interest can be paid monthly or at maturity to a payee nominated in the application.
  • Renewal notice will be received 7-14 days prior to the maturity of the deposit, Depositor is required to forward the renewal notice with instructions and signature on or before maturity date in order to make any change to the deposit, failing to do so, the deposit will be renewed at the previous instructions.
  • The Depositor will be required to surrender the Deposits certificate for any withdrawals.
  • For any premature withdrawals, a reduced scale of interest will be applied at the company’s discretion.
  • Proceeds can be taken by cash, Account payee cheque or credited to a designated bank account.
  • If no instructions are received by the maturity the deposit will be automatically renewed for the same period at the prevailing interest rates.
  • Depositors could obtain temporary refunds against the deposit up to maximum of 80% with an all-inclusive service charge of 3% per annum above the rate of interest applicable to the deposit. Deposit Certificate will be held under lien for this facitlity.
  • Eligible deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board for compensation up to a maximum of Rs 600,000 per depositor.
  • Deposits with no transaction or no correspondence for a maximum of 10 years will be flagged as Dormant and subsequently reported to Central Bank of Sri Lanka, as per the Finance Business Act, No:42 of 2011
  • Applications and other documents can be downloaded HERE if required.
  • Deposits can be made from one month up to 5 years at the rates given HERE.
  • Complains or suggestions can be made HERE.

Ordinary Savings Accounts

  • Anyone above 18 years of age, who is a Sri Lankan citizen and holds a National Identity Card, can open an Ordinary Savings Account.
  • Minimum amount to open an account is Rs 300.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • Passbook or Statement option can be requested by the customer.
  • Interest will be accumulated daily and be credited to the account monthly.
  • Attractive Interest rate of 6.25%p.a will be offered. The company reserves the right to revise the rate without notifying the customer.
  • A debit card will be offered in the near future for all Savings Account holders which can be used at any VISA accepted ATM and POS machines of Authorized Merchants.
  • Savings Accounts with no transactions for 365 days will be made dormant and freeze debits and credits. If the Dormant status continues for 10 years, such accounts will reported to the Central Bank, under the Finance Business Act, No:42 of 2011.
  • In the event of a closure of the Account, a service charge of Rs 300 will be deducted by the company.
  • Applications and other documents can be downloaded HERE if required.
  • Complains or suggestions can be made HERE.

Minor Savings Accounts

  • Muthu Children’s savings account can be opened by the parent/guardian, in the name of a minor (under 18 years of age).
  • Minor’s birth certificate must be produced together with the Application, the national Identity Card and billing proof of the parent/ guardian.
  • Minimum amount to open an account is Rs 300.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • When the Minor turns 18 years the account will be automatically transferred to a normal savings account.
  • No withdrawals will be permitted until the minor turns 18 years.
  • A Passbook will be issued for all Muthu Savings Account.
  • Interest will be accumulated daily and be credited to the account monthly.
  • Upon completion of sixty months of the date of opening the account, the balance can be transferred to an account maintained by the Minor.
  • In the event of a closure of the Account at the age of 18 or transferring to an account maintained at a different bank/ Finance Company, a service charge of Rs 300 will be deducted by the company.
  • If the account is transferred to an Ordinary Account with us, there won’t be any Service charge.
  • A Gift scheme and a non-gift scheme are available with rates of 2.75%p.a and 6.75%p.a respectively.
  • Gift scheme includes at least 2 options of gifts to select from as mentioned below:
Account Balance (Rs) Rate Gifts
5,000.00 2.75% Atlas school items or gift voucher for Rs 500
10,000.00 2.75% School items or gift voucher for Rs 700
25,000.00 2.75% School items or gift voucher for Rs 1200
50,000.00 2.75% Kids bicycle or gift voucher of Rs 6500
100,000.00 2.75% Kids cupboard or gift voucher for Rs 8000
300,000.00 2.75% Laptop SINX-243AT or kids bedroom furniture set (Bed & wardrobe)
  • Applications and other documents can be downloaded HERE if required.
  • Complains or suggestions can be made HERE.

Fact Sheet - Savings

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Sinhala

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Tamil

Fact Sheet - Deposits

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Sinhala

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Tamil

Capital Leasing Facility For Vehicles

We provide Finance leasing facilities for vehicles.

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

Eg – Motor Car, Van, Dual Purpose Vehicles, Motor Lorry, Land Vehicles, Motor Coach (Bus), Three Wheeler, Motor Bikes etc.

Finance Leasing Facility For Machinery

We provide leasing facilities to prospective individuals, business establishments who can meet our credit criteria, for them to purchase machinery.

Rates And Pricing Of Lease Facility

Singer Finance offer competitive rates and pricing for lease rentals, in transparent manner. Same is variable based on the vehicle / machinery category to be leased, and the repayment capacity and other credentials of the customer.

Singer Finance hereby inform the customer to obtain a confirmation from our company representative, about pricing, rates, other terms and conditions, at the time of entering in to the lease contract.

Other Terms And Conditions Of Lease Facility

Amount Financed, lease rental, maximum repayment period, additional security requirements, and other terms and conditions varies depending on the Brand, Country of Origin, and estimated economic life, year of manufacture and all other variables pertaining to the vehicle or Machinery.

Repayment capacity, past payment behavior, net worth, and any other important facts with regard to the customer will be independently evaluated by the credit evaluating authority of Singer Finance before granting the lease facility.

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

Monthly rental and any other charges will be explained to you before entering in to the lease contract. You are invited to get all terms and conditions clarified by our officers, upfront.

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

Property Loans

We provide loan facilities for your personal, business, funding requirements.

Repayment capacity, past payment behavior, net worth, and any other important facts with regard to the customer will be independently evaluated by the credit evaluating authority of Singer Finance before granting the lease facility.

We require the primary mortgage over an immoveable property, which should be valued by a professional.

Eg – If you want to buy a property, or you want to enhance the working capital of your business, want to expand your business premises, you need to invest money in your children’s education; property loan is a good solution.

You may prove the repayment capacity and ability with supporting documents.

We will go ahead with primary mortgage over immoveable property (Land or a building) prior to grant a property loan.

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

Interest Rates Of Property Loans

Singer Finance offer competitive rates in transparent manner. Same is variable based on the repayment capacity and other credentials of the customer.

Singer Finance hereby informs the customer to obtain a confirmation from our company representative, about interest rates, other terms and conditions, at the time of entering in to the contract.

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan.

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

Revolving Loans

We have customized our product portfolio for your convenience. Revolving Loan facilities are granted against vehicles.

Repayment terms and conditions are flexible than in case of a revolving loans. You can pay back as you wish, subject to monthly minimum payment of interest stipulated by us at the time of entering in to the contract.

You can settle the loan facility partly or in full during the term of contract. No surcharges will be applied for pre – termination of the contract.

Interest Rates Of Revolving Loans

Singer Finance offer competitive rates in transparent manner. Rates are dependent on based on the repayment capacity and other credentials of the customer.

Singer Finance hereby informs the customer to obtain a confirmation from our company representative, about interest rates, other terms and conditions, at the time of entering in to the contract.

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan.

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

Factoring

Factoring facility is the best solution available for you to improve the working capital, or cash position of your business. You may enjoy our customized, tailor made factoring services with unique benefits.

We will purchase your debtors and pay you in advance for you to drive the business with better cash position.

Interest Rates Of Factoring Facility

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan. You will be issued an offer letter, stating all terms and conditions, at the time of entering in to the contract.

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

We invite you to call 0115400400 or visit our website www.singerfinance.com, or visit our facebook page, for further clarifications.

Further, you are invited to visit any Singer Finance branch office and meet our staff to enjoy our services.

Fact Sheet Lending - Sinhala

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Sinhala

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Tamil

Key Features Of The Product

  • Ability to redeem only one article when you have obtained a gold loan for more than one article.
  • Ability to make payments by you or by a person nominated by you without a prior notice.
  • Repayments can be made in instalments at your convenience through more than 450 locations Island wide.
  • Highest security with trusted excellence and 100% free insurance cover for your valuables.
  • No interest will be charged for the first 07 days.
  • Hassle free service.
  • Ability to redeem your articles without a prior notice.
  • Highest advance with attractive interest rates.
  • Repayment terms of 1, 3, 6, 9 & 12 Months.
  • Well trained, experience & friendly staff.

Procedure To Be Followed To Get The Service

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

Main Terms & Conditions

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.

Applicable Legal Provisions To The Service

This product is governed by mortgaged Act No 06 of 1949, mainly section 85, 86, 87 and 88.

Complaint Handling Procedure

Please refer the complaint handling policy published in the Singer Finance web site.

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Sinhala

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Tamil

Deposits & Savings

Fixed Deposits

  • Anyone above 18 years of age, who is a Sri Lankan citizen and holds a National Identity Card, can place a Fixed Deposit.
  • Minimum Deposit is Rs 5,000.
  • Deposits can be made individually or jointly maximum up to three holders.
  • Deposits from Individuals Corporates, Associations, Trusts or Charities are accepted.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • Interest can be paid monthly or at maturity to a payee nominated in the application.
  • Renewal notice will be received 7-14 days prior to the maturity of the deposit, Depositor is required to forward the renewal notice with instructions and signature on or before maturity date in order to make any change to the deposit, failing to do so, the deposit will be renewed at the previous instructions.
  • The Depositor will be required to surrender the Deposits certificate for any withdrawals.
  • For any premature withdrawals, a reduced scale of interest will be applied at the company’s discretion.
  • Proceeds can be taken by cash, Account payee cheque or credited to a designated bank account.
  • If no instructions are received by the maturity the deposit will be automatically renewed for the same period at the prevailing interest rates.
  • Depositors could obtain temporary refunds against the deposit up to maximum of 80% with an all-inclusive service charge of 3% per annum above the rate of interest applicable to the deposit. Deposit Certificate will be held under lien for this facitlity.
  • Eligible deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board for compensation up to a maximum of Rs 600,000 per depositor.
  • Deposits with no transaction or no correspondence for a maximum of 10 years will be flagged as Dormant and subsequently reported to Central Bank of Sri Lanka, as per the Finance Business Act, No:42 of 2011
  • Applications and other documents can be downloaded HERE if required.
  • Deposits can be made from one month up to 5 years at the rates given HERE.
  • Complains or suggestions can be made HERE.

Ordinary Savings Accounts

  • Anyone above 18 years of age, who is a Sri Lankan citizen and holds a National Identity Card, can open an Ordinary Savings Account.
  • Minimum amount to open an account is Rs 300.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • Passbook or Statement option can be requested by the customer.
  • Interest will be accumulated daily and be credited to the account monthly.
  • Attractive Interest rate of 6.25%p.a will be offered. The company reserves the right to revise the rate without notifying the customer.
  • A debit card will be offered in the near future for all Savings Account holders which can be used at any VISA accepted ATM and POS machines of Authorized Merchants.
  • Savings Accounts with no transactions for 365 days will be made dormant and freeze debits and credits. If the Dormant status continues for 10 years, such accounts will reported to the Central Bank, under the Finance Business Act, No:42 of 2011.
  • In the event of a closure of the Account, a service charge of Rs 300 will be deducted by the company.
  • Applications and other documents can be downloaded HERE if required.
  • Complains or suggestions can be made HERE.

Minor Savings Accounts

  • Muthu Children’s savings account can be opened by the parent/guardian, in the name of a minor (under 18 years of age).
  • Minor’s birth certificate must be produced together with the Application, the national Identity Card and billing proof of the parent/ guardian.
  • Minimum amount to open an account is Rs 300.
  • Deposits are accepted by cash, direct transfers or cheques drawn in favor of Singer Finance (Lanka) PLC, and crossed as “Account Payee only”.
  • When the Minor turns 18 years the account will be automatically transferred to a normal savings account.
  • No withdrawals will be permitted until the minor turns 18 years.
  • A Passbook will be issued for all Muthu Savings Account.
  • Interest will be accumulated daily and be credited to the account monthly.
  • Upon completion of sixty months of the date of opening the account, the balance can be transferred to an account maintained by the Minor.
  • In the event of a closure of the Account at the age of 18 or transferring to an account maintained at a different bank/ Finance Company, a service charge of Rs 300 will be deducted by the company.
  • If the account is transferred to an Ordinary Account with us, there won’t be any Service charge.
  • A Gift scheme and a non-gift scheme are available with rates of 2.75%p.a and 6.75%p.a respectively.
  • Gift scheme includes at least 2 options of gifts to select from as mentioned below:
Account Balance (Rs) Rate Gifts
5,000.00 2.75% Atlas school items or gift voucher for Rs 500
10,000.00 2.75% School items or gift voucher for Rs 700
25,000.00 2.75% School items or gift voucher for Rs 1200
50,000.00 2.75% Kids bicycle or gift voucher of Rs 6500
100,000.00 2.75% Kids cupboard or gift voucher for Rs 8000
300,000.00 2.75% Laptop SINX-243AT or kids bedroom furniture set (Bed & wardrobe)
  • Applications and other documents can be downloaded HERE if required.
  • Complains or suggestions can be made HERE.

Fact Sheet - Savings

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Sinhala

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Tamil

Fact Sheet - Deposits

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Sinhala

null

Tamil

Lending Products

Capital Leasing Facility For Vehicles

We provide Finance leasing facilities for vehicles.

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

Eg – Motor Car, Van, Dual Purpose Vehicles, Motor Lorry, Land Vehicles, Motor Coach (Bus), Three Wheeler, Motor Bikes etc.

Finance Leasing Facility For Machinery

We provide leasing facilities to prospective individuals, business establishments who can meet our credit criteria, for them to purchase machinery.

Rates And Pricing Of Lease Facility

Singer Finance offer competitive rates and pricing for lease rentals, in transparent manner. Same is variable based on the vehicle / machinery category to be leased, and the repayment capacity and other credentials of the customer.

Singer Finance hereby inform the customer to obtain a confirmation from our company representative, about pricing, rates, other terms and conditions, at the time of entering in to the lease contract.

Other Terms And Conditions Of Lease Facility

Amount Financed, lease rental, maximum repayment period, additional security requirements, and other terms and conditions varies depending on the Brand, Country of Origin, and estimated economic life, year of manufacture and all other variables pertaining to the vehicle or Machinery.

Repayment capacity, past payment behavior, net worth, and any other important facts with regard to the customer will be independently evaluated by the credit evaluating authority of Singer Finance before granting the lease facility.

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

Monthly rental and any other charges will be explained to you before entering in to the lease contract. You are invited to get all terms and conditions clarified by our officers, upfront.

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

Property Loans

We provide loan facilities for your personal, business, funding requirements.

Repayment capacity, past payment behavior, net worth, and any other important facts with regard to the customer will be independently evaluated by the credit evaluating authority of Singer Finance before granting the lease facility.

We require the primary mortgage over an immoveable property, which should be valued by a professional.

Eg – If you want to buy a property, or you want to enhance the working capital of your business, want to expand your business premises, you need to invest money in your children’s education; property loan is a good solution.

You may prove the repayment capacity and ability with supporting documents.

We will go ahead with primary mortgage over immoveable property (Land or a building) prior to grant a property loan.

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

Interest Rates Of Property Loans

Singer Finance offer competitive rates in transparent manner. Same is variable based on the repayment capacity and other credentials of the customer.

Singer Finance hereby informs the customer to obtain a confirmation from our company representative, about interest rates, other terms and conditions, at the time of entering in to the contract.

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan.

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

Revolving Loans

We have customized our product portfolio for your convenience. Revolving Loan facilities are granted against vehicles.

Repayment terms and conditions are flexible than in case of a revolving loans. You can pay back as you wish, subject to monthly minimum payment of interest stipulated by us at the time of entering in to the contract.

You can settle the loan facility partly or in full during the term of contract. No surcharges will be applied for pre – termination of the contract.

Interest Rates Of Revolving Loans

Singer Finance offer competitive rates in transparent manner. Rates are dependent on based on the repayment capacity and other credentials of the customer.

Singer Finance hereby informs the customer to obtain a confirmation from our company representative, about interest rates, other terms and conditions, at the time of entering in to the contract.

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan.

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

Factoring

Factoring facility is the best solution available for you to improve the working capital, or cash position of your business. You may enjoy our customized, tailor made factoring services with unique benefits.

We will purchase your debtors and pay you in advance for you to drive the business with better cash position.

Interest Rates Of Factoring Facility

Annual Interest rate, overdue interest rates, documentation charges and any other transaction cost involved, will be clarified in writing, before granting the loan. You will be issued an offer letter, stating all terms and conditions, at the time of entering in to the contract.

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

We invite you to call 0115400400 or visit our website www.singerfinance.com, or visit our facebook page, for further clarifications.

Further, you are invited to visit any Singer Finance branch office and meet our staff to enjoy our services.

Fact Sheet Lending - Sinhala

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Sinhala

null

Tamil

Gold Loans

Key Features Of The Product

  • Ability to redeem only one article when you have obtained a gold loan for more than one article.
  • Ability to make payments by you or by a person nominated by you without a prior notice.
  • Repayments can be made in instalments at your convenience through more than 450 locations Island wide.
  • Highest security with trusted excellence and 100% free insurance cover for your valuables.
  • No interest will be charged for the first 07 days.
  • Hassle free service.
  • Ability to redeem your articles without a prior notice.
  • Highest advance with attractive interest rates.
  • Repayment terms of 1, 3, 6, 9 & 12 Months.
  • Well trained, experience & friendly staff.

Procedure To Be Followed To Get The Service

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

Main Terms & Conditions

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.

Applicable Legal Provisions To The Service

This product is governed by mortgaged Act No 06 of 1949, mainly section 85, 86, 87 and 88.

Complaint Handling Procedure

Please refer the complaint handling policy published in the Singer Finance web site.

null

Sinhala

null

Tamil