By MoneyBees
Work out the monthly instalment, total interest and EIR on a van, lorry or bus loan in Singapore from your lender's flat rate. See the latest Cat C COE, a goods vehicle's ARF and CVES, and why MAS's car loan limits do not apply.
The last Cat C COE closed at $91,889 (Oct 2026 round 1).
No minimum in MAS rules; your lender sets it.
Vans up to 3.5 tonnes.
Monthly instalment
$1,815.00
84 months on $126,000
Total interest
$26,460
$152,460 repaid in all
Effective interest rate
5.72%
against 3% flat
Flat-rate interest is 3% of $126,000 for each of the 7 years: $26,460. You pay the loan down every month but interest stays on the full amount, so the EIR is 5.72%.
You are borrowing 90% of the price. MAS's limits of 70% or 60% and 7 years cover cars, not commercial vehicles, so the lender decides how much and for how long.
Leave your email and we'll save this scenario so a MoneyBees adviser can follow up.
Or book a free chat if you'd rather talk it through.
| Tenure | Monthly | Total interest | EIR |
|---|---|---|---|
| 3 years | $3,815.00 | $11,340 | 5.83% |
| 5 years | $2,415.00 | $18,900 | 5.79% |
| 7 years | $1,815.00 | $26,460 | 5.72% |
| 10 years | $1,365.00 | $37,800 | 5.60% |
| Item | Rule | Amount |
|---|---|---|
| Registration fee | Flat | $350 |
| ARF | 5% of OMV | $1,500 |
| Excise duty | Exempted for goods vehicles | $0 |
| CVES surcharge | Band C light goods vehicle: $20,000 | $0 |
| Total | COE and dealer margin come on top | $1,850 |
CVES applies to light goods vehicles up to 3.5 tonnes registered from 1 Apr 2025 to 31 Mar 2027: Band A gets $15,000, Band B nothing, Band C pays $20,000.
You borrow S$72,000 for a van at 2.78% flat over 7 years. Interest is S$72,000 x 2.78% x 7 = S$14,011.20. You repay S$86,011.20 over 84 months, about S$1,023.94 a month. The EIR is a little over 5%, close to double the flat rate.
Goods vehicles and buses bid in Cat C, or in the open Cat E. Over the last 24 exercises Cat C closed between $74,801 and $95,000. A COE lasts 10 years.
You can renew a Cat C COE for 10 years at the full prevailing quota premium, or 5 years at half of it. After the first 5-year renewal, further renewals are for 5 years only, and none past the 20-year statutory lifespan of a goods vehicle. Plan the loan so it ends well before the COE does.
Lenders quote van and lorry loans as a flat rate. Compare offers on the EIR, which counts that you repay the loan as you go. MoneyBees names no lender and does not recommend one.
Figures checked 3 Oct 2026.
No. MAS's limits of 70% or 60% of the price and a 7-year tenure do not apply to commercial vehicles or motorcycles. The lender sets the downpayment and tenure for a goods vehicle or bus.
Most are quoted at a flat rate. Interest = amount borrowed x flat rate x years. Add it to the amount borrowed and divide by the number of months. S$72,000 at 2.78% over 7 years is S$14,011.20 interest and about S$1,023.94 a month.
Flat-rate interest is charged on the full amount for the whole loan, even as you pay it down. The effective interest rate counts the falling balance, so it comes out close to double the flat rate.
Category C covers goods vehicles and buses. They can also use a Category E (open) COE. A COE lasts 10 years.
Yes, for 10 years at the full prevailing quota premium or 5 years at half of it. After the first 5-year renewal, further renewals are 5 years at a time, and none past the vehicle's statutory lifespan of 20 years for a goods vehicle.
A S$350 registration fee and an ARF of 5% of the OMV. Goods vehicles pay no excise duty. Light goods vehicles up to 3.5 tonnes may get a CVES incentive or pay a surcharge based on emissions.
The Commercial Vehicle Emissions Scheme for light goods vehicles up to 3.5 tonnes. For vehicles registered from 1 Apr 2025 to 31 Mar 2027, Band A gets a S$15,000 incentive, Band B nothing and Band C pays a S$20,000 surcharge.
Enterprise Singapore's EFS covers some equipment and working capital loans through participating lenders. Ask the lender whether a vehicle loan qualifies; MoneyBees does not quote EFS terms here.
These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).