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