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Al Baraka Bank Personal Loan Repayment Calculator

Our Albaraka Bank loan calculator will aid you in comparing possible loan options. It easily calculates an estimate of your monthly repayment given a set loan amount and term.

After you input the loan amount, simply adjust the loan term and then click calculate. You will then see what the likely monthly repayment will be. This way you can make a better financial plan for your Albaraka Bank personal loan.

Calculate repayments

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Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

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Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

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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?

Albaraka loan calculator – Calculate your monthly costs

It’s a good idea to use the right loan calculator when shopping for a Shari’ah-compliant loan from Albaraka Bank in South Africa. At CompareLoans, we have created the Albaraka loan calculator to help you make an informed decision before applying for your Albaraka loan.

How does the Albaraka loan calculator work?

In simple terms, our calculator shows you how much you can afford to pay every month once you receive funds from Albaraka. Here’s how you can work out your monthly repayments:

  1. Choose a loan amount. Your loan amount depends on what you want to use the loan for. Typically, loan amounts can go up to R300 000 in South Africa, so use the first slider to enter a suitable number you have in mind.
  2. Choose a loan term. There are different loan terms for home finance and vehicle finance. Use the second slider to enter the number of repayment months you need based on your option.
  3. Click, “Calculate Repayment.” Results are immediately available for the featured lenders in the comparison tables above.
  4. Repeat the process. There’s no guarantee you’ll find the perfect monthly instalment for your budget on the first try. You’re free to adjust the sliders until you get the best result.

Understanding the results from the loan calculator

The Albaraka loan calculator can answer important questions for you so you can understand the cost of borrowing. The following questions help you to choose the best monthly payment option for you:

  • How much do I have to pay every month? – This is a big question because it might potentially affect your financial situation for the next few years.
  • Can I afford it? – Once you get a monthly payment result, look at your budget to see if it fits in with other monthly expenses.
  • What is the total cost of the loan? – For a quick estimate, simply multiply the amount you have to pay every month with the number of months in your loan term.
  • How can I reduce the cost of my loan? – While the interest rate does not apply in Islamic banking, you might get charged fewer fees if you borrow a smaller amount and if you choose a shorter loan term.

Albaraka loan calculator for vehicle finance

The Albaraka loan calculator also works as a car finance calculator because you can use it to estimate your monthly payments. This, in turn, enables you to figure out a safe amount to spend on your car. When using the calculator keep in mind that loan terms for Albaraka car loans go up to 72 months (6 years) so there’s plenty of room for affordable payments.

Albaraka loan calculator for your home loan

The Albaraka loan calculator also estimates the monthly payments for your home loan, which is another financial product offered by this Islamic Bank. A house is a big purchase, and because Albaraka gives you up to 240 months to pay off the loan, it’s crucial to use the calculator so you can choose a repayment option that keeps your budget as stable as possible.

Advantages of the Albaraka loan calculator

  • Budget planning. You can easily plan for your vehicle or home purchase with, hopefully, fewer unexpected expenses and more peace of mind when you start paying off the loan.
  • Informed decision-making. When it comes to borrowing, it’s recommended that you enter into a loan agreement knowing all the facts involved. Your monthly payments are one of the biggest factors to consider when applying for an Albaraka Bank loan.
  • Saves you time. It’s easy to see what you can or can’t afford. That means you don’t waste time applying for the wrong loan option.
  • Free and easy-to-use. The calculator not only has a quick and straightforward function, but you’re also free to use it at zero cost.

Take the next step and apply for your Albaraka loan

To apply for a loan with Albaraka Bank, you’ll need the following:

  • Proof of income
  • Salary confirmation for the last 3 months; or
  • Financial Statements / Income Tax Return;
  • 3 months latest bank statements;
  • Signed statement of personal Income and Expenditure;
  • Signed statement of personal Assets and Liabilities;
  • Valid South African ID; and
  • Proof of residence.

Find out more about Albaraka Bank and their Shariah-compliant loans.

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