How is the interest rate calculated?
OCBC personal loans use fixed APR (Annual Percentage Rate) that remains unchanged during the loan term.
APR Range: 2.48% – 11.99% p.a., varying by credit score, loan amount, repayment tenure, and EU country.
Calculation Formula:
- Monthly Interest = Remaining Principal × Monthly Interest Rate (APR ÷ 12)
- Monthly Repayment = (Principal ÷ Repayment Tenure) + Monthly Interest
- Total Interest = Total Monthly Repayment × Repayment Tenure – Principal
Example: €10,000 loan at 4.99% APR for 36 months
- Monthly Interest Rate = 4.99% ÷ 12 ≈ 0.4158%
- Monthly Repayment ≈ €319.36
- Total Interest ≈ €1,496.96
Tip: Use our online rate calculator to quickly estimate monthly repayment and total interest.
