Monthly Instalment Loans Singapore: Schedules and Costs (2026)

A monthly instalment loan is repaid through scheduled monthly payments rather than one lump-sum payment. Each instalment may include principal, interest and any applicable charge stated in the contract. Before borrowing, check the payment dates, how interest is calculated and whether each instalment fits your monthly budget.

“Monthly instalment loan” describes a repayment structure, not a separate legal category of loan. The lender, product and borrower determine the amount, term and assessment, while licensed moneylenders remain subject to Singapore’s statutory borrowing and charge limits.

A clear repayment schedule should let you see:

• each payment date;
• the amount due on each date;
• how much principal remains after payment;
• the interest charged;
• any permitted fee that applies; and
• the total amount payable under the contract.

Read the schedule together with the loan contract. Ask the lender to explain any amount or term you do not understand before signing.

For the statutory framework behind the schedule, see licensed moneylender interest rates and fees.

Licensed moneylender interest is calculated on the remaining principal. As principal is repaid, the balance used to calculate the next month’s interest falls.

Consider an illustrative $1,000 unsecured loan repaid through three equal monthly principal instalments at the statutory maximum of 4% per month:

• Month: 1 Principal before payment: $1,000.00 Illustrative monthly interest: $40.00
• Month: 2 Principal before payment: $666.67 Illustrative monthly interest: $26.67
• Month: 3 Principal before payment: $333.33 Illustrative monthly interest: $13.33

Illustrative interest totals approximately $80. If a 10% approval fee were also charged, the fee would be $100 and the borrower would receive $900 after that upfront deduction. The illustrative total borrowing cost would be $180.

This example demonstrates the calculation method. It is not a quotation or a statement of EZ Loan’s own rate.

Singapore’s licensed moneylender framework sets these maximum charges:

• Charge: Interest Legal maximum: 4% per month on the remaining principal
• Charge: Approval fee Legal maximum: 10% of the principal when the loan is granted
• Charge: Late payment fee Legal maximum: $60 for each month of late repayment
• Charge: Late interest Legal maximum: Up to 4% per month on the amount that is overdue

The total of interest, late interest, the approval fee and late payment fees cannot exceed the principal amount. Court-ordered legal costs following a successful recovery claim are separate and are not counted towards that cap.

Start with income you can reasonably expect to receive each month. Then subtract essential commitments such as housing, utilities, food, transport, insurance and existing debt payments. Leave room for irregular expenses rather than treating every remaining dollar as available for repayment.

Check the entire schedule, not only the first instalment. If the contract uses equal principal instalments, the interest component falls as the balance falls. Other repayment structures may produce different payment amounts, so rely on the written schedule for the specific loan.

Use the personal loan calculator to compare a proposed payment with your monthly budget.

Ask yourself:

1. Can I make every payment by its due date without borrowing again?
2. What happens to my budget if income is lower or an essential expense is higher than expected?
3. What late fee and late interest could apply if I miss a payment?
4. Can I repay earlier, and what early-settlement amount will the lender provide?
5. Does the contract match the schedule explained to me?

Statutory unsecured borrowing limits apply across all licensed moneylenders combined. They are maximum limits, not promised approval amounts. The fast cash loan guide lists the current income-based limits and explains the application process.

Singapore citizens, Permanent Residents and eligible foreigners holding valid work passes may apply, subject to the lender’s assessment. You may be able to start an application online, but physical face-to-face identity verification must take place at the lender’s approved place of business before a loan is granted.

EZ Loan can make a lending decision and disburse on the same day, and most completed applications are handled in a single branch visit. This is not guaranteed for every applicant because timing depends on verification, documents and assessment. Disbursement may be by cash, bank transfer or PayNow.

Contact the lender as early as possible and ask whether a mutually acceptable repayment arrangement is possible. Review the contract so you understand the late fee, late interest and recovery terms that may apply.

Do not ignore account statements or receipts. Keep a record of every payment and compare it with the repayment schedule. If you dispute an amount, raise the discrepancy promptly and retain the supporting documents.

What is a monthly instalment loan?

It is a loan repaid through scheduled monthly payments. “Monthly instalment loan” describes the repayment structure rather than a separate legal category of loan.

Are monthly instalments always the same amount?

Not necessarily. The amount depends on the repayment structure in the contract. A schedule using equal principal instalments may have a falling interest component as the remaining principal decreases.

How is licensed moneylender interest calculated?

Interest is calculated on the remaining principal and is capped at 4% per month. Late interest is also capped at 4% per month and may be charged only on the amount that is overdue.

Can I start the application online?

You may be able to start online. Before a licensed moneylender grants a loan, physical face-to-face identity verification must take place at its approved place of business.

Can I repay an EZ Loan loan early?

Ask EZ Loan for the early-settlement amount and check your contract. EZ Loan’s current published terms state that it does not charge an early-repayment penalty. The amount payable on early settlement depends on your contract and settlement calculation.

How can I check whether the lender is licensed?

Use the Registry of Moneylenders’ current official list and confirm that the business name, approved address, website and telephone details match the listing. EZ Loan Pte Ltd is listed under Licence No. 19/2026.

EZ Loan Pte Ltd is a licensed moneylender regulated by the Ministry of Law under Licence No. 19/2026. Review the full repayment schedule and assess affordability before borrowing.