What is the interest on the extended loan?

The Annual Percentage Rate for your extended loan remains identical to the rate applied when you initially took out the Instalment Loan.

Calculation Example: A borrower has 3 scheduled repayments remaining on an Instalment Loan with an outstanding balance of SGD 500. The borrower extends the loan by 2 months, creating a new remaining tenure of 5 months. Assuming the total interest accrued from the extension date until the new final repayment date is SGD 50, this interest is added to the outstanding balance to create a new balance of SGD 550. This new balance is divided by the 5-month tenure, resulting in a new monthly instalment of SGD 110.