Use this personal loan calculator to determine monthly repayment and the total costs of your loan.
It’s super easy to use and will give a close estimate of what the banks will calculate.
You’ll then know and have a strategy and better understanding before taking on any loan.
Calculate Repayment
How to use this calculator
- Enter a loan amount. Enter the personal loan amount between R1,000 and R350,000.
- Enter your interest rate. If you know the average interest rate normally charged on your credits, enter it here to help estimate the costs of the loan you want to borrow.
- Choose a repayment term. Choose the period you’d like to repay the loan at, for your convenience. Play around with this option to find suitable repayment terms that you can afford.
Once done providing the required details, hit the ‘Calculate Repayment’ button to get your loan results.
It’s important to note that this personal loan calculator doesn’t include additional fees banks and lenders would normally include such as the initiation fee (est. R1250) and admin fees (R60).
Understanding the loan
It’s always best advised to understand the costs of the loan before you can commit and sign the contract.
Our loan calculator above will assist you in estimating your principal debt (ie. total interest charged + original loan amount).
But most importantly, your monthly installments. You need to know how much you’ll be paying if you want to take up any loan to better plan for your monthly expenses.
How to Qualify for the Loan
The first step to take would be to check your credit report to better understand where you stand with your credit score.
Once that is done, always shop around and compare loan rates before committing to find loans with low-interest rates.
Check your finances: expenses vs income ratio.
It’s important to ensure you can afford the loan amount you want to apply for, otherwise, you’ll have a difficult time paying it back. Which will then affect your credit score negatively.
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