Inclusive Finance - Consumer Protection

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Inclusive Finance - Consumer Protection

Loan Calculator

Dear Financial Consumer,

You may use the Loan Calculator to determine the Effective Interest Rate (EIR) of a loan that you have or plan to take out. The EIR reflects the true cost of your loan. Comparing the EIRs of two or more loans will help you choose the one with a better rate and enable you to assess your paying capacity.

Always remember that:

The details needed as input into the Loan Calculator should be obtained from your prospective creditor or financial institution.
The Loan Calculator’s computation of the EIR is based on Section 305 of the Manual of Regulations for Banks.
All computations generated by the Loan Calculator are for illustration purposes only, and do not constitute a recommendation by the Bangko Sentral ng Pilipinas.
An actual computation of the EIR should be provided by your financial institution during your loan application, with full disclosure of all fees and charges attendant to your loan, in accordance with the Truth in Lending Act2.

To use the Loan Calculator:

Choose the type of loan to be computed via the drop-down list.
Input the applicable loan parameters (loan amount, interest, tenor, other items).
Take note of the details in the resulting loan summary and amortization schedule.
Modify loan parameters to recompute EIR for other loan products for consideration.

bank calculator

pawnshop calculator

Definition of Terms:

Loan Amount: The original principal on a new loan or principal remaining on an existing loan.
Loan Start Date: Loan booking date, as per the loan contract.
Interest Rate: The annual/monthly nominal interest rate or stated rate of the loan.
Loan Term: The number of payments required to repay the loan (in Years, Months, or Weeks).
Balloon Payment: A larger-than-usual, one-time payment at the end of the loan term.
Grace Period: The period of time creditors give borrowers to make their payments before incurring a late charge or risk defaulting on the loan.
Other Charges: Other types of fees collected by the financial institution, usually to cover operational costs associated with the processing of the loan, among others.

References:

https://morb.bsp.gov.ph/305-interest-and-other-charges-2/?pdf=2087
https://morb.bsp.gov.ph/306-truth-in-lending-act-disclosure-requirement-2/