: BBB+ (lka)
Customer Protection
Your rights matter — discover our commitment to protecting and empowering you as a valued consumer.
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Stakeholder Communication Policy 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
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Financial Customer Protection Framework Document
The Financial Ombudsman, Sri Lanka
Singer Finance (Lanka) PLC
The present holder of this office is Mr. Ananda Kumaradasa
The Financial Ombudsman has the power to inquire into and settle any complaints and disputes between individual customers and the financial institutions covered by the Ombudsman Scheme.
The financial institutions that are voluntarily participating in this scheme are only those regulated and supervised by the Central Bank of Sri Lanka.
The objective of the Ombudsman scheme is the satisfactory settlement and resolution of complaints/disputes by customers of banks and other financial institutions covered by the Scheme, with power to make monetary awards binding on the participating financial institutions....
Fact Sheets
Saving Accounts
Individual
Normal Savings Accounts
Diriliya Savings Accounts for Women
Next Gen Savings Accounts
Senior Citizens Savings Accounts (over 60 years of age)
Muthu Minor Savings Accounts (under 18 years of age)
Corporate
Anyone above 18 years of age, who is a Sri Lankan citizen and holds a valid identification document (National Identity Card, Driving License or Passport), can open a Savings Account.
Any Corporates, Associations, Trusts or Charities registered in Sri Lanka and having valid legal documents (Certificate of Business Registration/Certificate of Incorporation) can open a Corporate 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”.
Customer can choose one option between savings passbook or savings statement. If the savings passbook is misplaced, the company should be informed about it immediately and an affidavit should be given to the company to issue a new passbook.
Interest will be accumulated daily and be credited to the account monthly.
A debit card will be offered for all Savings Account holders which can be used at any VISA accepted ATM and POS machines of Authorized Merchants.
Online banking facility is available for all Savings Account holders.
The account should have a minimum balance of Rs.300
Savings Accounts with no transactions for 365 days will be made dormant and freeze debits and credits. Reactivation shall be done on customer’s request. If the Dormant status continues for 10 years, such accounts will be reported to the Central Bank, under the Finance Business Act, No:42 of 2011.
Savings Accounts are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board of the Central Bank of Sri Lanka for compensation up to a maximum of Rs 1,100,000 per depositor.
In the event of a closure of the Account, a service charge of Rs.300 will be deducted by the company.
In the event of an unauthorized or mistaken transaction, the company should be informed for immediate assistance.
Following documents are required to be duly filled and submitted to the nearest branch to open a savings account. You can download the documents HERE if needed.
Individual / Joint
Savings Application Form
Know Your Customer (KYC) Form
FATCA Form
A copy of the National Identity Card (NIC) or Passport/Driving License
Documentary evidence for address verification (If required)
Online Banking Application
Debit Card Application
Verification of Nominees (If required)
Corporate and other institutions
Savings Application Form
Know Your Customer (KYC) form
FATCA Form
Business Registration/Certificate of Incorporation
Articles of Association
Board Resolution
Declaration of Beneficial Ownership
KYC forms of Directors and copy of the National Identity Card (NIC) or Passport/ Driving License
Authorized signatories letter
Identification document of authorized signatories
Form 20
Form 13 (If required)
Attractive Interest rates will be offered. The company reserves the right to revise the rate without notifying the customer. Rate sheet HERE
Complains or suggestions can be made HERE.
Complaint Handling Policy downloaded HERE if required.
Muthu 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. However, the minor will not be able to withdraw funds from the account unless the minor submits the identity by calling over to a branch and proving him/herself as the account holder. In addition, the account holder has the opportunity to continue the balance in a new ordinary savings account by completing the required documents. The general dormant policy of the Company will apply for all the accounts categorized under ordinary savings accounts.
No withdrawals will be permitted until the minor turns 18 years.
A Passbook will be issued for all Muthu Savings Accounts.
Interest will be accumulated daily and be credited to the account monthly.
Upon completion of sixty months (5 years) of the date of opening the account, the balance can be transferred to an account maintained by the Minor at the discretion of the parent/guardian.
Savings Accounts are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board of the Central Bank of Sri Lanka for compensation up to a maximum of Rs 1,100,000 per depositor.
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.
Following documents are required to be duly filled and submitted to the nearest branch to open a minor savings account. You can download the documents HERE if needed.
Minor
Muthu Savings Application Form
Copy of the Birth Certificate - Minor
Know Your Customer (KYC) Form – Parent/Guardian
FATCA Form - Parent/Guardian
A copy of the National Identity Card (NIC) or Passport /Driving License - Parent/Guardian
Documentary evidence for address verification (If required)
Attractive Interest rates will be offered. The company reserves the right to revise the rate without notifying the customer. Rate sheet HERE
Complains or suggestions can be made HERE.
Complaint Handling Policy downloaded HERE if required.
Fixed Deposits
Anyone above 18 years of age, who is a Sri Lankan citizen and holds a valid identification document (National Identity Card, Driving License or Passport), can place a Fixed Deposit.
Minimum Deposit is Rs.5,000
Deposits can be placed 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 the maturity date in order to make any changes to the deposit. Failing to do so, the deposit will be automatically renewed for the same period at the prevailing interest rates.
The Depositor will be required to surrender the Deposit certificate for any withdrawals.
Deposits for fixed periods cannot be withdrawn prematurely. However, in the event of the deposits or any part thereof being withdrawn prior to maturity, a reduced scale of interest will be applied depending on the period of the deposit. Any excess interest, already paid to a depositor, shall be recovered by the Company. The Company therefore shall be entitled to deduct the said excess payment from the capital held in deposit.
The company reserves the right to vary the penal/offer rate levied on premature withdrawals at any given time.
0 - 29 days - No interest
30 - 179 days - 2.5%
180 days and above - 3.5%
* Interest will not be paid for deposits placed for one month, if withdrawn prematurely
Proceeds can be taken by cash, account payee cheque or credited to a designated bank account at no extra charge.
Depositors could obtain temporary refunds (loans) against their fixed deposits up to a maximum of 75% (if the 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.
Deposit Certificate will be held by us under lien for this facility. Product information and terms and conditions are subject to change from time to time. Therefore, it is advisable to contact the Deposits Department or the Branch nearest to you for the latest information and prevailing terms and conditions.
Fixed deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board of the Central Bank of Sri Lanka, for compensation up to a maximum of Rs.1,100,000 per depositor.
Deposits with no transactions 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.
We have a dual control mechanism and unauthorized or mistaken transactions are rectified case by case when required.
Loss of the original certificate should be notified to the Company immediately and an Affidavit is required to issue a fresh certificate.
Deposits can be made from one month up to 5 years at the rates given HERE.
Following documents are required to be duly filled and submitted to the nearest branch to open a fixed deposit. You can download the documents HERE if needed.
Individual/Joint
Fixed Deposit Application Form
Know Your Customer (KYC) Form
FATCA Form
A copy of the National Identity Card (NIC) or Passport /Driving License
Documentary evidence for address verification (if required)
Verification of Nominees (If required)
Corporate and other institutions
Fixed Deposit Application Form
Know Your Customer (KYC) form
FATCA Form
Business Registration/Certificate of Incorporation
Articles of Association
Board Resolution
Declaration of Beneficial Ownership
KYC forms of Directors and copy of the National Identity Card (NIC) or Passport/ Driving License
Authorized signatories’ letter
Identification document of authorized signatories
Form 20
Form 13 (If required)
Complaints or suggestions can be made HERE.
Complaint Handling Policy can be downloaded HERE if required.
Fact Sheet - Savings
Sinhala
Tamil
Fact Sheet - Deposits
Sinhala
Tamil
Financing Facilities
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 behavior, 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.
Leasing
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 rates
Minimum - 16.25% p.a.
Maximum - 37.00% p.a.
Penalties
Penalties - Overdue Interest - 4.5% p.m.
Other charges and fees
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.
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
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 rates
Minimum – 16.50% p.a.
Maximum - 22.00% p.a.
Penalties
Penalties - Overdue 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 installments 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 rates
Minimum - 18.50% p.a.
Maximum - 20.00% p.a.
Penalties
Penalties - Overdue 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 rates
Minimum - 18.00% p.a.
Maximum - 25.00% p.a.
Penalties
Penalties - Overdue 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
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 Personal Loans, specifically designed around you and all your unique needs because to us at Singer Finance, every loan is personal.
Interest rates
Minimum - 15.50% p.a.
Maximum - 30.00% p.a.
Penalties
Penalties - Overdue 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 (Temporary Refunds)
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 rates
Minimum - 35.00% p.a.
Maximum - 45.00% p.a.
Penalties
No penalties
Other charges and fees
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 rates
Minimum - 35.00% p.a.
Maximum - 38.00% p.a.
Penalties
Not applicable
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.
Other charges and fees
Charge Type | Minimum | Maximum |
|---|---|---|
Interest Rate | AWPLR(Monthly) + 6% | AWPLR(Monthly) + 23% |
Overdue Rate | 36% p.a | 54% p.a |
Re-factoring Charge | 0.20% | 3% |
Service Charge | 0.1% - Invoice Value | 0.2% - Invoice Value |
SERVICE CHARGE CHART
Category | Facility amount | Service Charges |
|---|---|---|
Bike | Any amount | 4,500 |
Three Wheeler | Any amount | 7,000 |
Mini Trucks/Dual Purpose | Up to Rs.999,999 (below 1000CC) | 10,000 |
Above Rs.1,000,000 (1000CC & above) | 13,000 | |
Car/Van/Single-Double Cabs/ Motor coaches (Vans) | 999,999 and below | 11,000 |
1,000,000 - 1,999,999 | 16,000 | |
2,000,000 - 2,999,999 | 22,000 | |
3,000,000 - 4,999,999 | 24,000 | |
5,000,000 - 11,999,999 | 32,000 | |
12,000,000 - 19,999,999 | 50,000 | |
20,000,000 - 29,999,999 | 70,000 | |
30,000,000 - 49,999,999 | 80,000 | |
50,000,000 & above | 100,000 | |
Two Wheel Tractors - Brand New (U/R) | Any amount | 7,500 |
Four Wheel Tractors - Registered | 499,999 and below | 10,000 |
500,000-999,999 | 15,000 | |
1,000,000 - 1,999,999 | 21,500 | |
2,000,000 & above | 26,500 | |
Four Wheel Tractors - Brand New (U/R) | Any amount | 30,000 |
All other categories Commercial vehicles/ Crew cabs/ Motor coaches (buses)/Machines | 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 | 32,000 | |
5,000,000 - 9,999,999 | 37,000 | |
10,000,000 - 11,999,999 | 40,000 | |
12,000,000 - 19,999,999 | 50,000 | |
20,000,000 - 29,999,999 | 70,000 | |
30,000,000 - 49,999,999 | 80,000 | |
50,000,000 & above | 100,000 |
Fact Sheet Lending
Sinhala
Tamil
Gold Loan
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 will be selected from 1/3/6/9/and 12 months. The rate of interest on your loan is mentioned in the Gold Loan ticket provided at the time of disbursement of the loan. Interest will be charged on a daily basis.
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 installments 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 10 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, experienced & friendly staff.
(Laws pertaining to gold Loans are Mortgage Act No 06 of 1949, mainly section 85, 86, 87 and 88)
Interest rates
Minimum - 16.80% p.a.
Maximum - 21.48% p.a.
Penalties
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
Fact Sheet Gold Loan
Sinhala
Tamil
Important Notice!
