AsiaCalc / Personal Loan Calculator

Personal Loan Calculator

See your true monthly cost, total interest, and effective interest rate before you sign anything.

Rates verified: June 2026

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💳 Loan Details

S$
S$1,000S$200,000
%

📊 Loan Summary

Monthly Repayment
S$611
Per month for 36 months
Effective Interest Rate (EIR)
7.28%
True annual cost of borrowing
Total Repayment
S$22,000
Principal + all interest
Total Interest Paid
S$2,328
Cost of the loan
Cost per S$1,000 Borrowed
S$116.40
Useful for comparing loan offers
About the EIR: Banks advertise flat rates, but your balance reduces each month as you repay principal. The Effective Interest Rate (EIR) shows the true annual cost. A flat rate of 3.88% equals an EIR of around 7.28%. Always compare EIR, not flat rates.
💡
Use the EIR to compare across banks. A bank offering 3.5% flat with a S$200 processing fee may cost more than a 3.88% flat loan with no fees. Always ask for the EIR and total cost upfront.

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Disclaimer: Results are estimates for reference only. Actual rates, fees, and terms vary by lender. EIR calculation assumes no processing fees. Always read the loan agreement carefully before signing. Consult a financial advisor for personalised advice.

Frequently Asked Questions

What is the difference between flat rate and EIR for personal loans?

A flat rate charges interest on the original loan amount throughout the tenure. The Effective Interest Rate (EIR) reflects the true cost since you are repaying the principal monthly — EIR is roughly 1.8-1.9x the advertised flat rate.

What is a typical personal loan interest rate in Singapore in 2026?

Most Singapore banks offer personal loans at flat rates of 3.5% to 6% per annum, which translates to an EIR of roughly 7% to 11% per annum.

Is this calculator free to use?

Yes. Every calculator on AsiaCalc is completely free to use with no signup required. All calculations run in your browser, so the figures you enter are never uploaded or stored.

How accurate are the results?

The results are estimates based on published rates and the details you enter. They are intended for planning and general reference. For decisions that matter, confirm the figures with the official source or a qualified professional.

📘 Related Guide Personal Loans in Singapore 2026: Rates, Eligibility, and How to Compare

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⚠️ Financial Disclaimer: Calculations on this site are for informational purposes only and do not constitute financial advice. Results are estimates based on published rates and may not reflect your individual circumstances. Always verify with official sources and consult a qualified financial advisor before making financial decisions.

Data Sources

How Personal Loan Repayment is Calculated

Personal loan repayments are calculated using the standard amortization formula, distributing your loan repayment across equal monthly installments. Each payment covers the interest accrued on the remaining balance plus a portion of principal. Early payments are mostly interest; later payments are mostly principal. The effective interest rate (EIR) is the true cost of borrowing and is higher than the advertised flat rate.

Flat Rate vs Effective Interest Rate

Most personal loans in Singapore advertise a "flat rate" (e.g., 3% per annum) but the actual borrowing cost - the Effective Interest Rate (EIR) - is approximately 1.9x higher. A 3% flat rate equates to approximately 5.7% EIR. This is because the flat rate is calculated on the original loan amount while the EIR accounts for the declining balance. MAS regulations require all lenders to disclose EIR.

Example

A $20,000 personal loan at 3% flat rate over 36 months: monthly payment = approximately $605.56. Total paid = $21,800. Total interest = $1,800. The EIR on this loan is approximately 5.6% per annum. Compare this to a credit card at 26.8% - personal bank loans are substantially cheaper for planned borrowing.