Prior to making any change to your personal finances, please read the disclaimer.
This calculator is made available to you as a self-help tool for your independent use and is not intended to provide investment advice. While every effort has been made to ensure the accuracy of this calculator the results should be used as an indication only.
We do not guarantee the applicability or accuracy in regard to your individual circumstances. The calculator is not intended to be a substitute for professional financial advice.
Notes on this calculator
1. "Flat Interest Rate" is the rate that is applied on the initial loan amount over the term of the loan. While this makes the calculations very simple for the customers, it does not truly reflect the actual cost of the loan.
2. "Reducing Balance Rate" is the rate that is applied on the reducing loan amount over the the loan term. While this makes calculations a bit complicated for customers, it correctly reflects the actual cost of the loan.
3. While this reflects an approximate conversion between the two rates, please check with your Bank about the exact reducing balance rate beng applied to your loan.