Personal Loan Calculator Singapore (2026)

EIR (Effective Interest Rate) is the all-in true cost of a personal loan, including processing fees, GST on fees, and the compounding effect of monthly repayments. MAS requires every Singapore bank and finance company to disclose EIR on every personal loan product so consumers can compare apples-to-apples. The "flat rate" or "advertised rate" you see in adverts is typically half the EIR — never compare loans on flat rate. Always compare on EIR per MAS guidelines under MAS Notice 635 and FAA Notice FAA-N16.

TDSR (Total Debt Servicing Ratio) is MAS's cap on total monthly debt obligations across ALL loans (home loan, car loan, personal loan, credit card minimums, etc.) at 55% of gross monthly income for property loans. For unsecured personal loans, MAS also caps total unsecured debt at 12× monthly income per the Credit Counselling Singapore borrowing limit. Banks check both before approving a personal loan. Use the optional monthly income field in this calculator to see how a new personal loan would consume your TDSR headroom.

Personal loan EIRs in Singapore typically range from 6% to 9% per annum for borrowers with strong credit profiles. DBS Cashline (revolving) is around 19-22% EIR, while term loans like DBS Personal Loan, OCBC ExtraCash, UOB Personal Loan, StanChart CashOne, and HSBC Personal Loan sit in the 6-8.5% EIR band for 1-7 year tenures. Digital banks like GXS FlexiLoan and Trust Bank offer competitive 8-10% EIR. Always compare on EIR, not flat rate. Promotional rates may add cashback ($88-$888) to reduce effective cost further.

For Singapore citizens and PRs earning at least $30,000 per year, the cap is 12× your monthly income across ALL unsecured credit (personal loans, credit cards, etc.) per MAS's unsecured borrowing limit. If you exceed this cap, banks are required to reject new applications. Foreigners working in Singapore typically need $40,000-$60,000 annual income and have lower borrowing limits. Income below $30,000 limits unsecured credit to about 6× monthly income.

EIR is what matters. A 3.88% flat rate sounds great, but the EIR is typically 7-8% — nearly double. The flat rate is computed on the original loan amount for the entire tenure, ignoring that you are repaying principal every month. EIR correctly accounts for the declining outstanding balance. MAS requires both to be disclosed; this calculator uses EIR exclusively. If a salesperson quotes you a flat rate, ask for the EIR before signing — it is a legal requirement under MAS regulations.

Generally no. The math rarely works: personal loan EIR (6-9%) usually exceeds expected after-tax investment returns from low-risk Singapore instruments like T-bills (3-4%) or SSBs (2.5-3.5%). You would need to consistently earn 10%+ after fees to net a positive spread — unrealistic without taking significant risk. Personal loans for debt consolidation (replacing 24% credit card debt with 7% personal loan) make clear financial sense. Personal loans to invest in volatile assets (stocks, crypto, leverage) compound risk and are widely discouraged by MAS and IFPAS-licensed advisers.

Singapore's Credit Bureau (CBS) tracks every loan application and repayment. Applying for a personal loan creates a hard credit inquiry, which can dip your credit score by 5-15 points temporarily. Once approved, the loan appears on your CBS report. Consistent on-time monthly repayments improve your score over time; missed payments stay on the record for 12 months even after settlement and cause significant score damage. Late payment fees in Singapore are typically $80-$120 per month plus penalty interest. Set up GIRO auto-payment to avoid this.

Most Singapore bank personal loans allow prepayment but charge a fee — typically the higher of $250 or 3-5% of the outstanding principal. Some banks (e.g., StanChart CashOne) waive the fee after a minimum holding period. Check the loan facility letter before signing. Refinancing makes sense if a competitor offers an EIR at least 1.5% lower than your current rate and the prepayment fee plus new processing fee is recouped within the remaining tenure. Always compute the total cost including all fees before refinancing.