Effective Interest Rate

You can easily convert flat interest rate (a.k.a nominal or advertised interest rate) to effective interest rate (EIR) using this EIR calculator.

Simply complete all the fields, and hit Enter (on keyboard); tap on an empty area of the mobile screen, or click the mouse cursor on an empty area of the computer screen.

Jump to How to Calculate Effective Interest Rate (EIR) of Singapore Banks.

Monthly Payment
$ 0.00
Extra Fees
$ 0.00
Total Payment
$ 0.00
Effective Interest Rate
% p.a.

How to Calculate Effective Interest Rate (EIR) of Singapore Banks

We know it’s a pain to try to find out & compare the effective interest rate of a personal loan or credit lines offered by Singapore banks.

So we have compiled a guide on what you should input into our Effective Interest Rate calculator for each of the major banks in Singapore.

These banks are Citibank, CIMB, DBS, HSBC, POSB, Standard Chartered and UOB. For OCBC, please refer to our Advanced EIR calculator.

This EIR calculator will give you a good estimate (not actual) of the effective i/r, monthly and total payment.

Bank NameLoan Amount ($)Extra Fee (%)Interest Rate (%)Loan Tenure/Tenor (Years)
Citibank Quick Cash-0Promotional Interest Rate1 - 5
CIMB CashLiteMin 1,0000Interest Rate (% p.a)1 - 5
DBS Personal LoanMin 5001Personalised Rate1 - 5
HSBC Personal Loan-0Equivalent Flat Interest Rate1 - 7
POSB Personal LoanMin 5001Personalised Rate1 - 5
Standard Chartered CashOne-0Illustrative Interest Rate1 - 5
UOB Personal Loan-0Flat Rates (% p.a.) + Processing Fee (%)1 - 5
OCBC Personal Loan--Refer to Advanced EIR Calculator-


Here’s how we use the above info to calculate effective interest rate (EIR) for $1,000 over a loan tenure/tenor of 1 year.

For Interest Rate (%) field, we will click on the respective bank’s link to retrieve the latest rate. E.g. Interest Rate (% p.a) for CIMB CashLite will state 4.50%.

Bank NameLoan Amount ($)Extra Fee (%)Interest Rate (%)Loan Tenure/Tenor (Years)EIR (%)
Citibank Quick Cash1,00004.5518.30
CIMB CashLite1,00004.5018.21
DBS Personal Loan1,00013.8818.89
HSBC Personal Loan1,00004.8018.75
POSB Personal Loan1,00013.8818.89
Standard Chartered CashOne1,00008.58115.48
UOB Personal Loan1,00001 + 4.2519.55

FAQ – Frequently Asked Questions

  • What is Flat, Applied, Nominal or Advertised Interest Rate?

    This is generally the interest rate that you see on the bank’s website and loan advertisements.

    It only takes into consideration the loan amount and nothing else.

    For example, if the flat, applied, nominal or advertised interest rate is 10%, you have to pay $100 interest for a $1,000 loan.

  • What is Effective Interest Rate (EIR)?

    This is the actual interest rate that you are liable. That’s why it’s also known as the true cost of a loan.

    Apart from the loan amount, it takes into consideration the following:

    – Extra fees; amount, number & frequency of installments; and instalments are equal or not.

  • Why do I need to use this Effective Interest Rate (EIR) Calculator?

    The best way to ensure you are getting the best loan is to compare it using effective interest rate.

    You will also need to know if you can handle the monthly payment, and see if the total payment amount is acceptable.

    This calculator will not only provide you with the EIR. It will also churn out your estimated monthly & total payment within seconds!