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.
How to benefit from the African Bank personal loan calculator
Understanding how the African Bank personal loan calculator works has its financial benefits. If you don’t take the time to understand how a personal loan works before you apply, you could end up in serious financial trouble. That is why CompareLoans recommends that you first use their African Bank personal loan repayment calculator before making an application.
Should you take out an African Bank personal loan?
An African Bank personal loan can be a beneficial financial solution if you fully understand how the loan works. Authorised financial service providers like African Bank will lend you a lump sum of cash at a relatively small cost. You will then have to return this money over a specified period. Failure to pay off the loan or meet due dates might result in the bank charging you more fees.
The African Bank personal loan calculator created by CompareLoans proves to be very useful in helping you avoid this. It gives you a working estimate of the total costs involved when taking out an African Bank loan.
How does an African Bank personal loan calculator work?
The African Bank loan repayment calculator is straightforward to use. It is accessible through a browser on both PCs and mobile phones. The calculator consists of two sliders; one for the loan amount and the other for the repayment period.
After you select your desired loan amount and repayment period, all you have to do is click “Calculate Repayment,” and the results will display in just a few seconds. Click here to go to the top of the page and try it!
What information do you get from an African Bank loan calculator?
The African Bank personal loan calculator gives you the monthly repayment amount, which can be used to calculate the overall total cost of the loan. However, it is best to keep in mind that the results provided by the loan calculator are only an estimate. The calculator’s purpose is to give you a close idea of how much it might cost you to take out a personal loan.
What repayment options are available with African Bank limited?
After taking out a loan, your calculated monthly repayments can be made in the following ways:
- Debit order – Automatic deduction of the amount from your bank account.
- Branch payments – You can make a payment directly by visiting an African Bank branch.
- EFT payments– Electronic payment using your Internet Banking platform.
- In-store payments – These can be done at selected stores such as PEP, Shoprite, Checkers and Pick n Pay.
- Mobile payments – You can set up a debit order deduction from your bank account using your phone.
Tips to help you make the most out of the African Bank personal loan calculator
- You can also try different loan amounts and repayment periods to see how the monthly instalment gets affected.
- Always take the time to understand and note all the fees associated with the African Bank personal loan.
- Select a loan amount that matches your monthly salary or income.
- While a more extended payment period might seem more preferable, it will cost you more in interest. You should choose a repayment period that strikes a balance between affordable monthly repayment and total interest.
Benefits of using the African Bank calculator
- It gives you a practical, functional estimate of the monthly repayment before you take out the loan.
- It allows you to compare loan options.
- You can determine if the loan is affordable before applying.
What are the advantages of knowing monthly repayment amounts?
- It makes the repayment calculation simple and easy.
It can be tiresome to calculate interest rates, service fees, and other loan costs. The African Bank loan calculator service from CompareLoans has a simple structure. When you use it, you will get an estimate of the combined payment of all these costs for one month in a matter of seconds. This allows you to apply for the loan with confidence since you have confirmed that you will be able to make the calculated monthly repayments without struggling.
- It provides practical information almost instantly.
With the African Bank loan calculator, you don’t have to apply and wait or send messages to customer care to get the information you want. You do everything alone, and the information is made available instantly.
- You can access it via your mobile phone.
Nowadays, many South Africans access the Internet using their mobile phones. The good news is the African Bank loan calculator can also be accessed on your mobile phone. You can make your calculations even while you’re away from your computer. That makes everything convenient because you can also proceed with the loan application on your mobile phone.
What else should you consider besides using the African Bank calculator?
If you do decide to take out a personal loan, there are several other things to consider:
- Review your current financial situation and responsibilities so that you can be sure you can manage the monthly instalments.
- Compare other loan options from African Bank to ensure that you get a customised package that works for your situation.
- Think about other purchases in the future, that might be affected by the loan, like a home purchase or wedding.
More on African Bank
Popular personal loans searches
View all lenders