Enter loan details and click "Calculate Loan" to see results
Reducing Balance: Interest is calculated on the outstanding loan balance, which decreases with each payment. This results in lower total interest.
Flat Rate: Interest is calculated on the original loan amount throughout the loan period. The effective cost is approximately 1.8-1.9 times the stated flat rate.
Disclaimer: This calculator provides estimates for informational purposes only. Actual loan terms and rates may vary by lender. Please consult with banks for accurate quotations.