What is Effective Interest Rate in Personal Loan? Get Excited to Know the Real Cost of Borrowing in Singapore!Interest Rates, Personal Loans, Singapore Table of contents Understanding Effective Interest Rate EIR in the Context of Personal Loans Key Takeaways Understanding Effective Interest Rate Concept of EIR and Its Importance Calculating EIR EIR vs Nominal Interest Rate EIR in the Context of Personal Loans Impact on Loan Decisions Comparing Loan Offers Factors Affecting EIR Frequently Asked Questions How do you calculate the effective interest rate for a personal loan? What distinguishes the nominal interest rate from the effective interest rate on loans? Could you provide an example of how the effective interest rate applies to a personal loan? What does the term ‘effective rate’ signify when discussing loans?