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Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
What type of loan are you looking for?
Easy to use Absa personal loan calculator for quick results
Shopping for the right Absa personal loan should not be a difficult task. To ensure the process is stress-free, we not only give you useful information about Absa loan products. We also provide a repayment calculator, for your convenience.
Why is this important? With this type of tool, you can clearly see what you will be expected to pay each month. This is a big factor when choosing a personalised credit. However, before we explore how to go about it, let’s take a quick look at what this bank offers in terms of personal loans.
Background information on Absa personal loans
How much can you borrow? – You can apply for an amount between R250 and R350 00.
What are the terms? – You will have 12 to 84 months to make repayments.
What are the charges? – The base interest rate is set at 21%. There’s also a service and monthly fee.
How do you qualify for the personal loan?– General requirements include a South African ID and your latest payslips and bank statements.
For more detailed information about getting an Absa personal loan, you can visit this page.
How does the Absa personal loan calculator work?
The loan repayment calculator for Absa personal loans is straightforward to use and gives you fast results. Here’s how it works in 3 steps:
- Type or use the slider to input your amount.
- Next, input the number of repayment months you want using the slider or your keyboard.
- Click “Calculate Repayment” and get your result.
As you can see, the result is calculated based on the following elements:
- The amount: This is a number that usually ranges from R3000 to R250 000. The exact amount depends on what you want to use the money for, and whether you can afford it. A higher loan amount gives you a higher monthly repayment while choosing a lower amount gives you a more affordable result.
- The term: This is the time, in months, needed to pay back the loan. If you’re applying for a larger amount, you might need a longer term to avoid stressing your monthly budget. The longer the Absa loan term, the lower the monthly instalment.
- Interest rate and fees: Typically, interest and other charges are included in your monthly fee. If the interest rate and charges are high, you will likely have a higher monthly repayment.
How to choose the best monthly repayment option
The loan repayment calculator gives you different monthly repayment options depending on what you input. The best monthly repayment option for you also depends on the following:
- Do you want a lower monthly repayment? – A reduced monthly instalment makes it more affordable to pay off your Absa personal loan. You can easily budget for the repayment every month and still have enough funds to cover other expenses. To get a lower monthly repayment using the repayment tool, you can either choose a smaller amount or a longer term, or both. However, keep in mind that a longer term will increase the amount of interest you have to pay.
- Are you looking to reduce the total cost of all you loans? – Absa consolidation loans are a good solution if you want to group all you ongoing credits into one. Consolidating your loans will make managing your repayments hassle-free and can save you money if you negotiate well. Learn more about debt consolidation loans here.
Benefits of the Absa personal loan calculator
If you need an Absa personal loan to finance your car, wedding, holiday, or any other suitable expense, this page will help you in the following ways:
- A tool offered for your convenience: The monthly repayments for a credit can be tricky to calculate when you factor in interest rates and extra costs. However, our tool does it for you in no time. Inputting the required details only takes seconds. When you click on the “Calculate Repayment” button, your loan’s total cost is equally divided between the number of months you have chosen.
- You get a fairly accurate estimate: While interest rates tend to vary, this we give you an estimate you can work with. The data you get gives you an idea of what to expect before you apply. Furthermore, you can get several estimates by changing the term and the amount as many times as you wish.
- It is user-friendly: Whether you’re using your mobile phone or another device, this Absa online loan calculator helps you to compare the best credit deals easily and quickly.
Overall, the loan repayment calculator helps you to:
- Calculate the monthly instalments required to pay off your Absa personal loan.
- Compare different repayment options so you can choose one that suits your budget.
- Choose the best term and amount based on the results you get.
- Make a fully informed decision that gets you the best and affordable loan for your needs.
What’s the next step after using the online repayment calculator?
Once you have chosen a monthly repayment that works for you, the next step is to begin the online application for your personal loan. The products are featured on our comparison tables above. Click on “Go to Site” to open in a new window Absa’s website, where you can fill in and submit your application form.
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