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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.
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, CompareLoans not only gives you useful information about Absa loan products. We also provide a loan repayment calculator for Absa personal loans.
Why is this important? With this type of calculator, you can clearly see what you will be expected to pay each month. This is a big factor when choosing a personalised loan. However, before we explore how to go about it, let’s take a quick look at what Absa 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 loan 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 loan 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 loan amount: This is a number that usually ranges from R3000 to R250 000. The exact loan amount depends on what you want to use the loan 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 loan term: This is the time, in months, needed to pay back the loan. If you’re applying for a larger loan, you might need a longer loan 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 for Absa 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 calculator, you can either choose a smaller loan amount or a longer loan term or both. However, keep in mind that a longer loan term will increase the amount of interest you have to pay.
- Are you looking to reduce the total cost of the loan? – If you want to minimize costs, in the long run, you can choose a smaller loan amount, and a shorter loan term or both. For example, if you borrow R2000, you will be charged less interest than someone who borrows R5000. Also, if you choose a loan term of 2 years, you will be charged less than someone who borrows the same amount but chooses a loan term of 5 years.
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, the loan repayment calculator will help you in the following ways:
- It is time-saving and convenient: The monthly repayments for a loan can be tricky to calculate when you factor in interest rates and other loan costs. However, this calculator service does it for you in less than a minute. 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 loan repayment calculator gives 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 loan term and the loan 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 for Absa 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 loan term and loan 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 Absa personal loan. The Absa personal loan is featured on our comparison tables above. Click on “Go to Site” to get directed to Absa’s website where you can fill in and submit your application form. Alternatively, if you require more information on Absa personal loans before applying, visit this page.
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