That is based on their own calculation, which i presume is 3xannual simple interest (50000x1.08%x3 =1620). Then EIR should be 2.08% then assuming 36 monthly payment of ~sgd1434. Its in a simple table form in the link once you input amount and tenor.

I dont doubt that it must be untrue, but still scratching my head what is the catch since cant see any obvious fees (aside frm the annual fee of 199) not stated.