Calculate Singapore car loan financing under strict MAS curbs: 70% LTV for OMV ≤$20k, 60% LTV for OMV >$20k, max 7-year tenure, flat rate interest, and Effective Interest Rate (EIR).
⚠️ OMV > S$20,000: Stricter curb applies. Max loan capped at 60% (Min 40% downpayment).
Based on an OMV of S$24,000, statutory Max LTV is 60% (S$96,000), and statutory Min Downpayment is 40% (S$64,000).
7 yrs tenure (84 mos) · Approx EIR ~ 5.49%
\text{If } OMV \le S\$20,000: \quad \text{Max LTV} = 70\%, \quad \text{Min Downpayment} = 30\% \\
\text{If } OMV > S\$20,000: \quad \text{Max LTV} = 60\%, \quad \text{Min Downpayment} = 40\% \\
\text{Max Tenure} = 7 \text{ Years (84 Months)} \\
\text{Total Flat Interest} = \text{Principal} \times \text{Flat Rate} \times \text{Tenure (Years)} \\
\text{Monthly Installment} = \frac{\text{Principal} + \text{Total Flat Interest}}{\text{Tenure (Years)} \times 12}MAS imposes strict vehicle loan curbs: vehicles with an OMV up to S$20,000 qualify for a maximum 70% LTV (30% downpayment), while vehicles with an OMV exceeding S$20,000 are capped at 60% LTV (40% downpayment). The maximum tenure is capped at 7 years. Car loans in Singapore use a flat interest rate, making the Effective Interest Rate (EIR) nearly double the advertised flat rate.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual CPF interest rates, ABSD criteria, COE prices, and bank mortgage rates may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult a MAS-licensed financial adviser or IRAS/CPF officer prior to executing financial commitments.
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