Empower yourself to make financially sound decisions with our comprehensive loan calculator. Whether you're planning a major purchase or seeking financial assistance, our tool simplifies the process. Gain insights into affordability, manage cash flow effectively, and project key financial milestones with ease. From estimating monthly payments to planning for future expenses, take control of your financial journey with confidence.
Note: The calculations shown here for the loan are only indicative results. They are not the definitive monthly instalment amount. 118 Credit shall not be responsible for any loss or damage arising directly or indirectly from the use of or reliance on the information provided.
The monthly installment amount is determined by factors like the loan principal, interest rate, loan term, down payment, fees, and market conditions. These factors collectively influence the total amount paid each month towards repaying a loan.
Borrowers commit to repaying a fixed sum every month over an agreed repayment period. The repayment amount consists a portion of the principal along with accrued interest that is paid towards your outstanding principal.
The above loan calculator will give you a good estimate of the monthly repayment required on your personal loan from a licensed money lender in Singapore.
The interest rate for your loan will vary from lender to lender. Under the law and regulations, a moneylender is able to charge up to 4% per month.
In general, financial institutions in Singapore, like banks, might be able to give a fair interest rate, but their repayment structure might not be as flexible. Banks charge up to 3% penalties on the outstanding loan amount when you choose to do an early settlement of the loan.
They also have a more complex loan application process, requiring you to submit more loan documents, minimum income before you are eligible, credit checks on your existing liability etc.
A licensed money lender like 118 Credit makes personal loans hassle-free. Enjoy swift approval with our streamlined process, usually completed within 1 hour. Experience instant credit checks without delays, ensuring that you obtain the best moneylending service from start to finish!
Feel free to contact our friendly advisors if you need help calculating the monthly repayment fees or how much loan amount you are eligible for!
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