Check the Effective Interest Rate
Look beyond the advertised rate. The EIR gives a broader view of interest and applicable charges.
SINGAPORE FINANCING EDUCATION
Understand borrowing.
Choose with confidence.
Learn about effective interest rates, loan tenures and total borrowing costs before you make an enquiry.
Applications are subject to assessment, eligibility, interest rates, fees and applicable terms.
LOAN CALCULATOR
Plan your monthly repayment
Adjust the loan amount and tenure to get an instant estimate based on a fixed illustrative interest rate.
Illustrative rate3.8%p.a.
For general illustration only. This estimate assumes equal monthly payments at a fixed nominal rate of 3.8% p.a. on a reducing-balance basis. It excludes fees, insurance and other charges. Actual EIR, repayments, eligibility and terms may differ. This is not an offer or loan approval.
LOAN BASICS
Three things to know before applying
A suitable financing choice involves more than the monthly instalment.
Compare the Total Repayment
A longer tenure may reduce the monthly instalment, but it can increase the total interest paid.
Keep a Financial Buffer
Choose an instalment you can sustain while keeping room for living costs and emergencies.
TENURE COMPARISON
Is a longer loan tenure really better?
There is no single tenure that suits everyone. Compare your monthly commitment, total interest and long-term budget.
- Confirm the monthly amount you can sustain
- Review the EIR and total repayment amount
- Check processing, late-payment and early-repayment fees
Monthly instalmentUsually higher
Total interestUsually lower
Monthly instalmentUsually lower
Total interestUsually higher
Balance your monthly commitment with the total cost
BE PREPARED
A simple checklist before enquiring
01
Organise your information
Prepare identification, income information and details of existing debts.
02
Set a realistic budget
Allow for living costs and emergencies before estimating an affordable instalment.
03
Compare the terms
Review the EIR, tenure, total repayment and applicable fees together.
04
Decide responsibly
Read the full terms and avoid deciding based only on a low monthly instalment.
QUICK ANSWERS
Frequently asked questions
Is a longer loan tenure always better?＋
Not necessarily. A suitable tenure balances an affordable monthly instalment with the overall borrowing cost.
What should I prepare before enquiring?＋
You may prepare your identification, income information, existing debt details and a realistic monthly budget. Actual requirements depend on the assessment.
Is the information on this page a loan offer?＋
No. This page provides general educational information and does not constitute approval, an offer or financial advice.
START A CONVERSATION
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