Singapore Loan Comparison Calculator
Best Option: Bank C
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| Bank A | Bank B | Bank C | |
| Loan Comparison | SGD | SGD | SGD |
| Interest Rate | 6.5% | 7.2% | 5.8% |
| Monthly Payment | $1,565 | $1,598 | $1,532 |
| Processing Fee | $500 | $300 | $800 |
| Total Interest | $6,340 | $7,528 | $5,152 |
| Total Cost | $56,840 | $57,828 | $55,952 |
| Savings vs Others | vs Bank C | vs Bank C | Best Option |
| Monthly Difference | +$33 | +$66 | - |
| Total Difference | +$888 | +$1,876 | - |
| Interest Difference | +$1,188 | +$2,376 | - |
| Loan Recommendation | Rating | ||
| Best Overall Value | Bank C | ||
| Lowest Monthly Payment | Bank C | ||
| Lowest Total Cost | Bank C | ||
| Lowest Processing Fee | Bank B | ||
Loan Comparison Analysis
| Cost Component | Bank A | Bank B | Bank C |
|---|---|---|---|
| Principal | $50,000 | $50,000 | $50,000 |
| Interest | $6,340 | $7,528 | $5,152 |
| Processing Fee | $500 | $300 | $800 |
| Total Cost | $56,840 | $57,828 | $55,952 |
The Singapore Loan Comparison Calculator helps borrowers compare different loan offers from multiple lenders to find the best deal based on interest rates, fees, and total costs.
Loan Comparison in Singapore
Singapore's competitive banking sector offers various loan products with different terms and conditions. Comparing loans properly can save thousands of dollars over the loan term.
Types of Loans Available
Personal Loans
| Loan Type | Interest Rate Range | Loan Amount | Tenure |
|---|---|---|---|
| Unsecured Personal Loan | 3.5% - 18% | Up to 10x salary | 1-7 years |
| Secured Personal Loan | 2.5% - 8% | Up to collateral value | 1-10 years |
| Balance Transfer | 0% - 6% | Existing debt amount | 6 months - 5 years |
| Debt Consolidation | 4% - 12% | Total existing debts | 2-7 years |
Home Loans
| Loan Type | Interest Rate Range | LTV Ratio | Tenure |
|---|---|---|---|
| HDB Loan | 2.6% (fixed) | Up to 90% | Up to 25 years |
| Bank Home Loan | 3.5% - 5.5% | Up to 75% | Up to 30 years |
| Private Property Loan | 3.8% - 6% | Up to 75% | Up to 30 years |
| Investment Property | 4% - 7% | Up to 45% | Up to 30 years |
Key Comparison Factors
Interest Rates and Fees
| Factor | Impact on Cost | Typical Range | Notes |
|---|---|---|---|
| Interest Rate | High | 2.5% - 18% | Primary cost factor |
| Processing Fee | Medium | $200 - $3,000 | One-time upfront cost |
| Legal Fees | Medium | $500 - $2,500 | For secured loans |
| Valuation Fee | Low | $300 - $1,000 | For property loans |
| Early Repayment | Variable | 1% - 3% of balance | If prepaying early |
Effective Interest Rate (EIR)
Understanding True Cost
- Advertised Rate—May not include all fees and charges
- Effective Interest Rate—Includes all costs over loan term
- Annual Percentage Rate—Standardized comparison metric
- Total Interest Payable—Absolute dollar amount of interest
EIR Calculation Example
| Loan Details | Scenario A | Scenario B |
|---|---|---|
| Loan Amount | $50,000 | $50,000 |
| Advertised Rate | 6.5% | 6.0% |
| Processing Fee | $500 | $2,000 |
| Effective Interest Rate | 6.8% | 7.2% |
| Better Choice | ✓ Yes | ✗ No |
Loan Features Comparison
Important Features to Consider
| Feature | Benefit | Consideration |
|---|---|---|
| Fixed vs Variable Rate | Rate certainty vs potential savings | Interest rate outlook |
| Prepayment Options | Flexibility to pay early | Penalty charges |
| Loan Tenure | Lower monthly payments | Higher total interest |
| Repayment Holiday | Temporary payment relief | Extended loan term |
| Rate Lock Period | Protection from rate increases | Cannot benefit from decreases |
How to Use the Calculator
To use the Singapore Loan Comparison Calculator:
- Enter the desired loan amount and term
- Input details for each loan option (up to 3)
- Include lender names for easy identification
- Enter interest rates and processing fees
- Add advanced options for detailed comparison
- Click "Calculate" to see the comparison
- Review the best option recommendation
The calculator will show monthly payments, total costs, and savings between options.
This calculator provides estimates for comparison purposes. Actual loan terms depend on credit assessment, income verification, and lender-specific criteria. Always obtain official loan offers from multiple lenders before making decisions.
Related calculators: Personal Loan Calculator, Mortgage Calculator, Auto Loan Calculator