Calculator - Effective Interest Rate

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Calculator - Effective Interest Rate

This calculator helps users to work out the effective rate of interest calculated in accordance with Schedule 2 to the Money Lenders Ordinance (Cap. 163) based on users’ input of information. This calculator is formulated for cases of repayment of loan with (a) fixed number of instalment, (b) fixed amount payable in each instalment, and (c) fixed interval between each instalment. It is not applicable to other cases with various features of repayment methods, for example, open-ended instalments and varied amount payable in each instalment. The calculation results are estimates for reference only.

Effective Rate of Interest Calculated in Accordance with Schedule 2 to the Money Lenders Ordinance (Cap. 163) Schedule 2 is found in the Money Lenders Ordinance (Chapter 163) (
Particulars of Loans (HK$)
Amount Borrowed (A) 111
Amount Deducted (Interest, Services charges, etc.) (B) 222
Amount of Principal (C )=(A)-(B) --
Amount payable per instalment (D) 333
No. of instalment (E) 444
Interval of each instalment
(i.e. Interval between successive payments)
(1a) Units 555
(1b) Is the interval in complete month(s)? 666
(2a) Number of month(s) 777
(2b) Number of days of incomplete month(s) 888
i.e. -- month(s)
Total Amount Payable (F) = (D) x (E) --
Total Amount of Interest (G) = (F) - (C) --
Effective Rate of Interest Calculated in Accordance with Paragraph 4 of Schedule 2 --- per annum

This calculator neither retains nor shares any of your personal data. The calculation results generated by this calculator are for reference only, and no reliance should be placed by any person on such results for any purposes. The calculation results generated are not intended, and cannot be taken, as a substitute for legal or professional advice and do not in any way constitute advice or recommendations by the Companies Registry. You should consult independent legal or professional advice if in doubt. The Companies Registry gives no warranty (expressed or implied) as to the accuracy, reliability or completeness of any of the calculation results generated by this calculator. The Companies Registry shall not be liable for any human or mechanical errors or omissions in, or any reliance placed upon, the calculation results; nor shall it be liable for the consequences of any decision or action taken upon or as a result of any information provided by this calculator.

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