Customer Protection

Your rights matter — discover our commitment to protecting and empowering you as a valued consumer.

Finance Business Act. Direction No 01 of 2018

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Stakeholder Communication Policy document

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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

Financial Customer Protection Framework Document

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The Financial Ombudsman, Sri Lanka
Singer Finance (Lanka) PLC

The present holder of this office is Mr. Ananda Kumaradasa

Address

No 143A, Vajira Road, Colombo 5

Telephone

+94 11 259 5624

Telefax

+94 11 259 5625

Email

fosril@sltnet.lk

Website

www.financialombudsman.lk

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....

Scope Of The Ombudsman

Initially, any customer of a participating financial institution can file a complaint with the Ombudsman on any of the following ground.

Complaints by customers pertaining to the operation of any customer accounts maintained with the Financial Institution.
Complaints from export customers on the mis-handling of Export Bills, Collection of Bills and delays in receipt of export proceeds.
Complaints from non-residents having accounts in Sri Lanka in relation to their remittances to Sri Lanka and operations in their accounts.
Complaints relating to the violation of directives of the Central Bank of Sri Lanka in relation to Financial Services.
Complaints in respect of charges/fees levied.
The Financial Ombudsman may also deal with any such other relevant matters as may be specified by the Central Bank from time to time.
Non-payment/inordinate delay in payment or collection of cheques, drafts, bills, etc.
Non-issue of drafts to customers and others.
Non-adherence to prescribed working hours.
Failure to honour Guarantee/Letter of Credit commitments by Banks.
Claims in respect of unauthorized or fraudulent withdrawals from deposit accounts, current accounts, savings accounts.
Fraudulent encashment of a cheque/bank draft.

Rules And Requirements

The Financial Ombudsman, Sri Lanka is a respected independent person. He will act impartially and do his best to inquire into your complaint and settle it. He is also assisted by an able and qualified staff. The staff members will discuss your complaint with you and if necessary obtain all the relevant documentation and facts from the financial institution against whom you have complained. For this purpose you will have to give a written authority for the release of such information. This written authority is required because without your permission, the Duty of Secrecy applies to all information about customers.

The Ombudsman is not bound to observe any procedure or rules relating to evidence etc. like a Judge in a court of law. The Ombudsman is entitled to follow any procedure considered appropriate.

While a Lawyer/Attorney-at-Law can draft your complaint or help you to draft your complaint, no lawyer is permitted to appear before the Ombudsman. When making a written complaint to the Ombudsman, you must agree that no lawyer will be representing you at any inquiry or proceedings before the Ombudsman.

In your written complaint you must also disclaim all rights on your part to take legal or any other action against the Ombudsman and his staff for any causes whatsoever even if your complaint is unsuccessful and/or you are dissatisfied with the Ombudsman’s decision/award.

The Ombudsman is entitled to reject any complaint if in his opinion he feels that the complaint is frivolous or vexatious.

Every complaint to the Ombudsman must be in writing and signed by the Complainant. It must also be accompanied by a fee of Rs.250/= (Two hundred and fifty rupees) which can be paid by cash, bank draft, personal cheque, money order or postal order. If the complaint is successful or partly successful, that fee will be refunded. If not, it will be forfeited and the Complainant cannot ask for a refund.

You cannot complain direct to the Ombudsman unless you have (a) already made a written complaint to the financial institution concerned and (b) that financial institution has not within a period of Four (4) Weeks resolved your complaint or replied to you about it to your satisfaction. It is only after satisfying the above conditions that you can make a written complaint to the Ombudsman.

Your complaint to the financial institution or to the Ombudsman must be made within twelve months/one year after the cause of action or ground for the complaint had arisen. The one year will be counted up to the date of your first complaint to the financial institution. This requirement of complaining within one year is to prevent belated complaints being made.

You cannot make a complaint to the Ombudsman if:

You have previously made a complaint and the matter was investigated by the Ombudsman and a decision given.
Where a similar matter/complaint was investigated by the Ombudsman and a decision given. That decision will apply to you unless the facts of your complaint are quite different.
Your complaint is already the subject matter of proceedings before any Court of Law/Tribunal/Arbitration etc.
The Ombudsman also has the right to reject and/or not proceed to inquire into any complaint if in the Ombudsman’s opinion:
The complaint is frivolous / vexatious or was made in bad faith or without sufficient cause.
That the complainant has not pursued the complaint with reasonable diligence.
There was no real loss or damage or inconvenience caused to the complainant.
The complaint is of a complicated nature which requires consideration of elaborate documentary and oral evidence or involved complicated legal issues which are not appropriate for an inquiry or decision by a person such as the Ombudsman.

Procedures

When the Ombudsman’s Office receives a complaint it will first satisfy itself that the complaint conforms with the Rules. For example (a) that the complaint has been first submitted to the financial institution (b) that it is in writing and signed by the complainant and other requirements as specified earlier.

If the Ombudsman is satisfied that the complaint is worthy of investigation, the Ombudsman’s office will get all the necessary information and documents from the complainant and the relevant financial institution.

The Ombudsman Office will then endeavor to promote a settlement of the complaint/dispute to the satisfaction of the complainant.

If there can be no settlement of the complaint, then within a period of six weeks from the date of the complaint or such further period as the Ombudsman thinks necessary, he/she will make an Award after giving both parties an opportunity to present their case. In making this Award, the Ombudsman, shall as stated earlier be guided by the evidence placed before him by parties, the principles of Banking Law and Practice, directions issued by the Central Bank, Codes of Conduct and Manuals and such other factors which in his/her opinion are necessary in the interest of justice.

The Award shall state the direction/directions, if any, to the Financial Institution for specific performance of its obligations in addition to the amount to be paid by the Financial Institution to the complainant by way of compensation for the actual monetary loss suffered by him subject to a maximum of Sri Lanka Rupees Three Million, based on the evidence produced along with the summary of reasons for making the Award. If the amounts involved are larger, the Ombudsman may recommend that the parties (if they so wish) proceed to a Court of Law.

While an Ombudsman’s Award is binding on the Financial Institution, a complainant who is dissatisfied with such an Award may, if he/she so wishes, proceed to a Court of Law. In such an event, however, the Ombudsman will be entitled to make available to such Court or the Judge a full report of the Ombudsman’s inquiry into such complaint and the Award, and the reasons for it and the complainant shall not be entitled to object to such evidence being given.

Acceptance of an Award of the Ombudsman by the complainant shall be treated as a full and final settlement of the matter among the parties. The Ombudsman shall direct the complainant to give the Financial Institution concerned, at the time of receiving payment, an undertaking that he/she is accepting the Award granted in full and final settlement of the matter and that he/she will not have any further claim or remedy on the same issue.

In the event of the complainant refusing to honour the indemnity given in favour of the Financial Institution it will be open to the Financial Institution to approach a Court of Law for invoking its claim based on the indemnity, against the complainant.

A copy of the Award shall be sent to the complainant and the Financial Institution named in the complaint.

An Award shall not be binding on a Financial Institution against which it is made unless the complainant furnishes to it within a period of 15 days from the date of receipt of the copy of the Award, a letter of acceptance of the Award in full and final settlement of his claim in the matter. If the complainant does not accept the Award made by the Ombudsman and fails to furnish his letter of acceptance within the stipulated time period or within any extension of time granted, the Ombudsman shall reject the complaint.

The Financial Institution shall within one month from the date of receipt by it, of the acceptance of the Award by the complainant in writing, or within such extended time granted to the complainant, comply with the Award and initiate compliance to the Ombudsman.

All details about the Financial Ombudsman scheme and the steps you can take as a customer are also outlined on this web site. We request that you to refer this web-site before taking any steps.

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 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 Loans against Fixed Deposits up to 80% of the deposit value for Interest paid at maturity and up to 75% for Interest paid monthly. Such loans will be subject to an all-inclusive service charge of 5% per annum above the rate of interest applicable on the deposit. 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.
Eligible deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board for compensation up to a maximum of Rs 1,100,000 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.
Eligible deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board 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.
Applications and other documents can be downloaded HERE if required.
Complains or suggestions can be made HERE.

Minor Savings

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 call over to a branch and prove him/herself as the account holder. In addition, the account holder is having an 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 Account.
Applications and other documents can be downloaded HERE if required.
Complains or suggestions can be made HERE.
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.
Eligible deposits are insured with Sri Lanka Deposit Insurance Scheme implemented by the Monetary Board 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.

Fact Sheet - Savings

Sinhala

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Tamil

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Fact Sheet - Deposits

Sinhala

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Tamil

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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.

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

Sinhala

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Tamil

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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 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, 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.

Complaint Handling Procedure

Sinhala

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Tamil

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