Personal Loan Calculator (Singapore — Flat Rate & EIR)
Singapore personal-loan instalment from the advertised flat rate, converted to the EIR banks must disclose, with 4×-income caps.
Formula
Disclaimer: Indicative math for comparison only. Actual instalments vary with lender rounding, fees, insurance, daily vs monthly reducing methods and rate resets. This is not financial advice — confirm the final schedule with your lender.
Disclaimer: This tool is for general informational and estimation purposes only and is not professional financial, tax, accounting or legal advice. All figures are estimates — verify with a qualified professional before making decisions. Read the full disclaimer.
Need personal loan calculator (singapore results fast? Skip the spreadsheet and get a clear, defensible answer in one step — free, private and instant, recalculating live as you change any input.
About Personal Loan Calculator (Singapore — Flat Rate & EIR)
Singapore banks advertise personal loans at flat rates ('from 3.38% p.a.') but must disclose the Effective Interest Rate (EIR) — the true reducing-balance cost including the processing fee, typically 1–2× the flat figure. This calculator takes the flat quote (default 3.5% on S$20,000 over 4 years), shows the instalment and total interest, and prints the approximate effective rate so the comparison is honest. MAS caps aggregate unsecured credit at 12× monthly income industry-wide, and individual banks commonly cap a personal loan at 4× monthly income (6–10× for higher earners at some lenders). The processing fee (1–3%, sometimes 'waived' in promos that quietly raise the flat rate) is deducted or added upfront — fold it into your comparison since the EIR disclosure already does. Balance-transfer products are the local alternative: 0% interest for 3–12 months with a 1.5–5% one-time fee, effectively a short cheap loan if — and only if — you can clear the balance inside the window, after which rates jump to ~26% p.a. For needs longer than a year, the term loan modeled here usually wins.
How to use Personal Loan Calculator (Singapore — Flat Rate & EIR)
- 1Enter Loan amount, Flat (add-on) rate per year (%), Tenure (years) into the Personal Loan Calculator (Singapore.
- 2The result is computed automatically using Payment = (P + P · flat rate · years) ÷ n — interest is charged on the ORIGINAL principal — there is no button to press; it updates live as you type.
- 3Change any input to model a different scenario, then use “Copy result link” to share the exact numbers.
Why use Personal Loan Calculator (Singapore — Flat Rate & EIR)?
- ✓Computes personal loan calculator (singapore instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter are never uploaded or stored
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
Why is the EIR so much higher than the advertised rate?+
Two reasons: flat rates charge interest on the original principal throughout (roughly doubling the effective cost), and the EIR folds in the processing fee. A 3.5% flat, 4-year loan with a 1% fee lands near 7% EIR. Banks must publish the EIR — rank offers by it, never by the flat rate.
How much can I borrow on an unsecured loan in Singapore?+
Most banks cap personal loans at 4× monthly income (more for high earners), and MAS's industry-wide ceiling stops your TOTAL unsecured balances — cards included — at 12× monthly income, with borrowing suspended if you exceed limits persistently. Your real cap is usually the bank's internal multiple.
Balance transfer or personal instalment loan?+
Balance transfers are cheapest for short, certain payoffs: a 6-month 0% window with a 2% fee ≈ 4% annualized. Term loans win for 2+ year horizons because the rate is locked and amortization is forced. If you only ever pay minimums, the balance transfer's cliff rate (~26%) makes it the riskier tool.
Does early repayment save interest on a flat-rate loan?+
Less than you'd hope — interest was front-loaded by construction, and banks apply a rebate formula (often rule-of-78) plus a 1–3% early-redemption fee. Ask for the settlement quote and compare it with simply continuing; on short remaining terms, continuing is sometimes cheaper than the fee.
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