Free · No signup · Private
Personal Loan EIR Calculator (Flat Rate to EIR)
Free Singapore personal loan calculator: turn an advertised flat rate and processing fee into the effective interest rate (EIR), with monthly instalment and total interest.
The loan offer
Real yearly interest rate (EIR)
7.18%
| Monthly instalment | S$587.50 |
| Total interest | S$5,250.00 |
| Processing fee | S$300.00 |
| Total you repay | S$35,250.00 |
Why the EIR is higher
A flat rate charges interest on the full loan for the whole tenure, even though you repay part of it every month. The effective interest rate (EIR) shows the true cost on what you still owe, including the fee. Compare loans by EIR, not by the flat rate.
Estimate; the bank's figure may differ slightly with fees and payment dates. Not legal, tax or financial advice. 🔒 Everything stays on your device.
📚 Official sources: MoneySense
We build every tool from the official rules and re-check them when they change. Always confirm with the official source before you rely on a result.
🛠️ Spotted a mistake or an out-of-date rule? Tell us
Questions people ask
What is the difference between flat rate and EIR?+
A flat rate charges interest on the full loan for the whole term; the EIR is the true yearly rate on the reducing balance, so it is roughly double the flat rate.
Which should I compare?+
Always compare loans by EIR, which includes fees.
Does a processing fee raise the EIR?+
Yes. A fee means you receive less money for the same repayments, which raises the effective rate.