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Loan Calculator Singapore

Calculate your budget at Your Planning Stage

Visualize the True Cost of Borrowing

Before taking a loan, it is important to understand what your monthly repayments may look like and how the loan fits into your budget. Use our loan calculator allows you to estimate repayment amounts, interest costs, and loan duration in advance. By checking your numbers first, you can make more informed decisions, plan your finances with confidence, and choose a loan amount that is comfortable and sustainable for you. A few minutes with the loan calculator can help you borrow responsibly and with greater peace of mind.

What Actually Determines Your Monthly Payment?

  • The Loan Amount (Principal): This is the baseline. The more you borrow, the more you pay back each month. Increasing your downpayment is the fastest way to drop this number.
  • The Interest Rate: Think of this as the “fee” for borrowing. Even a tiny percentage increase can add up to thousands of dollars over the years. Always shop around for the best rate before committing.
  • The Loan Tenure (Time): This is a trade-off. A longer loan gives you smaller, manageable monthly payments, but you’ll pay more in total interest. A shorter loan saves you money in the long run but requires a bigger monthly budget.
  • Calculation Method: Most Singapore loans use “monthly rest” interest. This means as you pay down the loan, the interest is recalculated on a smaller balance, helping you pay it off faster as time goes on.

What is the interest rate for money lenders in Singapore?

Maximum Interest Rate

The maximum interest rate a licensed moneylender can charge is 4% per month.

Calculate Interest Rate

The interest must be calculated based on the reducing balance (meaning interest is only charged on the remaining principal you haven’t paid back yet).

Maximum Late Interest Rate

If you miss a payment, the late interest rate is also capped at 4% per month.

Calculate Late Interest Rate

Crucially, late interest can only be charged on the overdue amount, not the entire remaining loan balance. For example, if your installment is $500 and you miss it, they can only charge 4% on that $500 for that month.

Legal Costs

Only if ordered by a court after a successful claim by the lender.

Administrative Fee

Up to 10% of the loan principal (charged once when the loan is granted).

Late Fee

Not exceeding $60 for each month of late repayment.

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Here's The Process Of Applying Loan In
4 Simple Steps

01. Tell Us What You Need

Share a few simple details to help us understand your situation. No long forms, and no commitment at this stage.

02. Go Through Your Options

Licensed moneylender are responsible to explain the available loan options clearly including repayment amounts.

03. Verification and Assessment

As part of our responsibility as a licensed moneylender, we carry out verification and assessment in accordance with regulations.

04. Final Confirmation and Disbursement

Once everything is confirmed, funds are disbursed accordingly. All terms will be clearly explained before proceeding.

Apply Loan
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What are the loan documents for loan applications?

To ensure a smooth and efficient approval process, we require specific documentation to verify your financial profile. Providing clear, updated copies of these documents helps our underwriters fast-track your application.

NRIC / Work Pass

Applicable to all Singapore Residents

For Singaporeans and Permanent Residents (PRs), we require a clear copy of your NRIC (front and back).

For expatriates, please provide your Passport and a valid Employment Pass (EP) or S-Pass with at least 6 months’ validity remaining.

CPF Contribution Statements

Applicable for Singaporean / PR only

You will need to prove either be employed or have a consistent source of income.

Proof of Address

Applicable for foreigner only

If you are a pass worker, we require a recent phone bill or bank statement as proof of residential address.

Latest 3 months payslip

Applicable to all Singapore Residents

You will need to bring along your 3 months payslip to identify your loan limits.

If you are inconvenient to show your payslip, you can show your CPF Contribution proof to us.

FAQ

Is the result from this calculator a guaranteed offer?

No. The calculator provides an estimate based on the numbers you enter. Your actual interest rate and loan amount will be finalized after a credit assessment, which looks at your annual income, credit history, and current debt obligations.

What is the difference between “Flat Rate” and “Effective Interest Rate” (EIR)?

Flat Rate: This is the interest charged on your original loan amount for the entire duration.
EIR: This reflects the true cost of borrowing. It accounts for the fact that your principal decreases every month as you pay it back. Always look at the EIR to compare different loan offers fairly.

Does the calculator include administrative fees?

Most basic calculators only show principal and interest. In Singapore, licensed moneylenders can charge a one-time administrative fee of up to 10%. You should factor this into your initial cash flow, as it is often deducted from the loan amount you receive.

How does changing the “Loan Tenure” affect my costs?

Adjusting the tenure is a trade-off. A longer tenure lowers your monthly installment, making it easier on your wallet today. However, a shorter tenure significantly reduces the total interest you pay over the life of the loan. Use the calculator to find a balance that fits your monthly budget without overpaying on interest.

Can I use this calculator for both Secured and Unsecured loans?

Yes, but remember the limits. For unsecured loans in Singapore, your borrowing limit is tied to your income (e.g., up to 6x your monthly income if you earn above $20,000/year). Secured loans (like a property or car loan) usually allow for higher amounts because you provide collateral.

What happens if I decide to pay off my loan earlier than the calculator shows?

Early repayment is generally encouraged and can save you money on interest. However, some contracts include an early redemption fee. Before you sign, check if your lender offers a “rebate” for early settlement so that you aren’t charged for interest you didn’t use.