By MoneyBees
See the monthly instalment, total interest and true yearly cost (EIR) of a personal loan, with the processing fee counted. Then check it against the MAS borrowing limits for your income. It does not compare or recommend any bank.
Whole years, 1 to 10.
Usually taken off the cash you receive. Enter 0 if there is none.
Credit card balances that charge interest and other unsecured loans.
Monthly instalment
$920.83
36 months
Total interest
$3,150
plus $300 fee
EIR
7.53%
from 3.50% flat
You borrow $30,000 and receive $29,700 after the $300 fee. You repay $920.83 a month for 36 months, $33,150 in all.
A 3.50% flat rate charges interest on the full $30,000 for the whole loan, even as you pay it down. That is why the true yearly cost, the EIR, is 7.53%, 2.2 times the flat rate.
Credit limit at any one bank: $20,000 (4 months of income). This loan is more than that, so one bank is unlikely to approve it in full.
Across all lenders, interest-bearing unsecured debt above $60,000 (12 months of income) for 3 months in a row freezes new credit and suspends your existing lines. After this loan you would owe $30,000, $30,000 under it.
| Tenure | Monthly | Interest | EIR |
|---|---|---|---|
| 1 year | $2,587.50 | $1,050 | 8.61% |
| 2 years | $1,337.50 | $2,100 | 7.84% |
| 3 years | $920.83 | $3,150 | 7.53% |
| 4 years | $712.50 | $4,200 | 7.33% |
| 5 years | $587.50 | $5,250 | 7.18% |
| 7 years | $444.64 | $7,350 | 6.96% |
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Banks (MAS): you need an income of at least S$20,000 a year for a personal loan. One bank can lend you up to 2 months' income if you earn under S$30,000, and up to 4 months' income if you earn S$30,000 to under S$120,000. From S$120,000 there is no MAS limit. Loans for education, business, renovation and medical bills sit outside the income rule.
All lenders together (MAS): once your interest-bearing unsecured debt passes 12 times your monthly income for 3 months in a row, lenders cannot give you more credit and your existing lines are suspended.
Licensed moneylenders (Registry of Moneylenders): Singapore citizens and PRs earning under S$20,000 a year can borrow up to S$3,000 across all moneylenders; from S$20,000 the cap is 6 times monthly income. Interest is capped at 4% a month, late interest at 4% a month, the upfront fee at 10% of the loan and late fees at S$60 a month. All charges together cannot exceed the amount borrowed.
You borrow S$30,000 at 3.5% flat over 3 years. Interest is S$30,000 x 3.5% x 3 = S$3,150, so you repay S$33,150 in 36 instalments of S$920.83. Because the interest is worked out on the full S$30,000 the whole time, the EIR is 6.80%. With a 1% processing fee taken off the payout, you receive S$29,700 and the EIR rises to 7.53%. On a S$60,000 income, one bank can lend you up to S$20,000 under the MAS rule, so a S$30,000 loan from a single bank would be over that limit.
Figures checked 3 Oct 2026.
For a flat-rate loan, interest is the loan amount x the flat rate x the years. Add it to the loan and divide by the number of months. S$30,000 at 3.5% flat over 3 years is S$3,150 of interest and 36 instalments of S$920.83.
A flat rate charges interest on the original amount for the whole loan, even after you have repaid part of it. The EIR is the true yearly cost on what you still owe. MoneySense notes that for flat-rate loans the EIR is higher than the advertised rate. On a 3-year loan the EIR is roughly double the flat rate.
The fee is usually taken off the cash you receive, but you still repay the full loan. You pay the same instalments for less money, so the EIR goes up. A 1% fee on S$30,000 at 3.5% flat over 3 years takes the EIR from 6.80% to 7.53%.
Under MAS rules, you need an income of at least S$20,000 a year. One bank can lend up to 2 months' income if you earn under S$30,000 a year, or up to 4 months' income if you earn S$30,000 to under S$120,000. There is no MAS limit from S$120,000.
If your interest-bearing unsecured debt across all banks and card issuers stays above 12 times your monthly income for 3 months in a row, you cannot get new credit and your existing credit lines are suspended.
At most 4% interest a month, 4% a month in late interest on the overdue amount, an upfront fee of up to 10% of the loan and late fees of up to S$60 a month. All charges together cannot exceed the amount borrowed.
For Singapore citizens and PRs, up to S$3,000 in total across all moneylenders if you earn under S$20,000 a year, and up to 6 times your monthly income if you earn more. The cap does not apply to secured loans.
This page does not compare or recommend banks. Enter the flat rate or EIR and the fee from each offer you have, and compare the EIR and total cost here.
The calculator shows the instalment to the cent and the EIR to two decimal places, with no rounding inside the sum. Lenders round each instalment to the cent, so the last one can differ by a few cents.
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).