Unlike our simple flat rate to EIR calculator, this Advanced Effective Interest Rate calculator factors in Compound & Payment Frequency, and Number of payments. It will also work out the payment schedule for you.
Just input all the fields and click CALCULATE EIR.
Go to: How to Calculate Effective Interest Rate (EIR) of OCBC Bank.
The Extra Fee is additional costs incurred to secure the loan, which include admin fee, application fee, processing fee, and etc.
How to Calculate Effective Interest Rate (EIR) of OCBC Bank
Our guide on How to Calculate Effective Interest Rate (EIR) of Singapore Banks does not cover OCBC Bank.
OCBC Bank loan only works on the above calculator and here’s what you should input into our Advanced EIR calculator.
| Bank Name | Loan Amount ($) | Extra Fee ($) | Interest Rate (%) | Compound Freq | No. of Payments (Loan tenor) | Payment Freq |
|---|---|---|---|---|---|---|
| OCBC Personal Loan | Approved Loan Amount (minus) Processing Fee | Processing Fee | Interest rate (monthly rest rate) | Monthly (12/Yr) | 12 - 60 | Monthly (12/Yr) |
| Other Singapore Banks | - | - | Refer to EIR Calculator | - | - | - |
Example
Here’s how we utilise the above information to calculate effective interest rate (EIR) for $10,000 over a loan tenure/tenor of 12 months.
For Interest Rate (%) field, we will click on OCBC bank’s link to retrieve the latest rate. E.g. Interest rate (monthly rest rate) for annual income S$30,000 and above will be 10.08%.
| Bank Name | Loan Amount ($) | Extra Fee ($) | Interest Rate (%) | Compound Freq | No. of Payments (Loan tenor) | Payment Freq |
|---|---|---|---|---|---|---|
| OCBC Personal Loan | 10,000 - 200 = 9,800 | 200 | 10.08 | Monthly (12/Yr) | 12 | Monthly (12/Yr) |