Loan Calculators & Comparison Guide
Before committing to any loan, it is important to understand how much you will pay each month, how much interest you will pay over the life of the loan, and how different loan amounts and tenures affect your total cost of borrowing. Our suite of online loan calculators helps you model different scenarios so you can choose the option that best fits your budget and financial goals. This guide explains how to use our calculators and how to compare loan options effectively.
Available Loan Calculators
We provide free online calculators for each of our major loan products. All calculators are available on our website and within the mobile banking app under the "Loans" section.
| Calculator | What It Does | Key Inputs |
|---|---|---|
| Personal Loan Calculator | Estimates monthly repayment and total interest for personal loans | Loan amount, tenure, interest rate |
| Home Loan Calculator | Estimates monthly repayment for mortgages, including fixed and variable rate scenarios | Property price, downpayment, loan amount, tenure, interest rate |
| Vehicle Loan Calculator | Estimates monthly repayment for car loans based on purchase price and downpayment | Vehicle price, downpayment percentage, tenure, interest rate |
| Affordability Calculator | Determines the maximum loan amount you can borrow based on your income and existing commitments | Gross monthly income, existing loan repayments, credit card commitments |
| Refinancing Calculator | Compares your current home loan cost with a new loan to estimate potential savings | Current outstanding balance, current rate, new rate, remaining tenure, refinancing costs |
| Extra Repayment Calculator | Shows how making additional repayments can reduce your total interest and shorten your loan tenure | Current loan details, additional monthly or lump sum payment amount |
How to Use the Personal Loan Calculator
The personal loan calculator is the most commonly used tool for customers considering a new loan. Here is a step-by-step guide to using it effectively:
- Navigate to the calculator on our website or within the mobile app
- Enter the loan amount you wish to borrow — use the slider or type the amount directly
- Select your preferred loan tenure in months (12 to 60 months)
- The calculator will display the applicable interest rate based on the amount and tenure, or you can enter a custom rate if you have a pre-approved offer
- Review the results, which include your estimated monthly repayment, total interest payable over the loan period, total amount payable (principal plus interest), and the effective interest rate (EIR)
Sample Calculation
Below is an example output from the personal loan calculator for different loan amounts and tenures:
| Loan Amount | Tenure | Flat Rate | Monthly Repayment | Total Interest | EIR |
|---|---|---|---|---|---|
| $20,000 | 24 months | 3.88% p.a. | $898.00 | $1,552.00 | 7.10% p.a. |
| $50,000 | 36 months | 3.88% p.a. | $1,550.00 | $5,800.00 | 7.10% p.a. |
| $100,000 | 48 months | 3.88% p.a. | $2,406.67 | $15,520.00 | 7.10% p.a. |
| $100,000 | 60 months | 4.18% p.a. | $2,015.00 | $20,900.00 | 7.66% p.a. |
Understanding Flat Rate vs Effective Interest Rate
When comparing loans, it is critical to understand the difference between the flat rate and the effective interest rate (EIR), as they represent very different things.
The flat rate calculates interest on the original full loan amount for the entire tenure. It does not account for the fact that you are progressively repaying principal each month, which means the actual outstanding balance reduces over time. As a result, the flat rate understates the true cost of borrowing.
The effective interest rate (EIR) reflects the true cost of borrowing by calculating interest on the reducing outstanding balance. The EIR is always higher than the flat rate and is the more accurate measure for comparison purposes. Regulatory guidelines require all lenders to disclose the EIR alongside any quoted flat rate.
When comparing loan offers from different banks, always compare the EIR rather than the flat rate. A loan with a lower flat rate may actually cost more than a competitor's loan if the EIR is higher due to differences in fee structures or calculation methods.
Key Factors When Comparing Loans
Beyond the interest rate, there are several other factors to consider when choosing a loan:
- Processing fees: Some loans charge an upfront processing or administrative fee, typically 1% to 3% of the loan amount. This increases the total cost of borrowing and should be factored into your comparison.
- Early repayment fees: If you plan to pay off the loan ahead of schedule, check the early repayment penalty. Some loans allow penalty-free early repayment after a lock-in period, while others charge a percentage of the outstanding balance.
- Late payment fees: Understand the penalties for missed or late payments, as these can add up quickly during periods of financial difficulty.
- Total cost of borrowing: This is the sum of all interest and fees over the life of the loan. The calculator provides this figure and it is the most comprehensive way to compare loans.
- Flexibility: Consider whether the loan allows partial prepayments, repayment holidays, or tenure adjustments without penalty.
- Disbursement speed: If you need funds urgently, check the expected processing and disbursement timeline.
Using the Affordability Calculator
The affordability calculator helps you determine how much you can comfortably borrow while staying within safe debt-to-income limits. To use it, enter your gross monthly income, any existing monthly loan repayments, minimum credit card payments, and other fixed financial commitments. The calculator will determine the maximum additional monthly repayment you can afford and the corresponding maximum loan amount across different tenures.
As a general guideline, your total monthly debt obligations should not exceed 55% of your gross monthly income. Keeping your total commitments below this threshold helps ensure long-term financial sustainability and leaves room for unexpected expenses.
Getting a Personalised Quote
While our calculators provide accurate estimates based on standard rates and terms, your actual loan offer may differ based on your individual credit profile. To receive a personalised quote with the exact rate, fees, and terms available to you, you can request a no-obligation quote through internet banking, the mobile app, or by visiting a branch. Pre-approved offers for eligible customers are displayed in the "Offers" section of your mobile banking dashboard.
For assistance with loan comparisons, understanding your borrowing options, or using any of our calculators, contact our loans team at 1800-XXX-XXXX or chat with us through the mobile app.