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.
Make smart choices with the Capfin loan calculator
Capfin personal loans in South Africa give you that extra money to cover special situations. There are times when you have bills or loan accounts that need to get paid immediately. Other times you just want to take a holiday or furnish your house with nice items. You can do this and more using a Capfin personal loan, but it’s still important to make smart choices when taking out a loan. In this article, we introduce the Capfin loan repayment calculator to help you borrow and spend money wisely.
What is the Capfin loan repayment calculator?
This calculator was specially created by CompareLoans.co.za to help you calculate the monthly repayment amount for Capfin personal loans. Before you can use the calculator, there are 2 pieces of information you need to know, and these are the loan amount and the loan term. Knowing this information before you apply for a Capfin loan is very useful. Just plug in your desired cash amount and time amount and let the budget calculator do the rest.
Why should you use the Capfin repayment calculator?
When you use the Capfin calculator for personal loans, you get immediate results. It does not require a lot of time and effort to use, but you still get valuable and fast results to help you prepare for your loan application. When you borrow money and receive some extra cash, it is always exciting. But, since you have to repay the debt, it is best to enter into the loan agreement with as much information as possible.
Taking out a loan you can’t afford means you increase the chances of being unable to pay it back. This, in turn, leads to financial problems such as penalty fees, legal action taken against you, getting blacklisted, and finding yourself with a bad credit score. At CompareLoans.co.za, we absolutely recommend that you use the calculator. It will not only take a few minutes of your time, but the information you get is also worth it.
How does the Capfin loan calculator work?
As we have mentioned before, The Capfin repayment calculator is very simple to use. Simply follow the instructions outlined below and enter the required information:
- Provide the loan amount: Start by entering your desired loan amount. This is done by using the first sliding tool and adjusting until you get the correct value.
- Provide the loan term: The next step is to use the second sliding tool to choose your preferred loan term.
- Calculate: Press the “Calculate Repayment” button to get instant results.
Get another result: You can use the Capfin calculator freely and as many times as possible. Each time you’ll get immediate results. Another good thing about this calculator is it also includes the interest and other loan charges in the monthly payment result.
How does the Capfin repayment calculator help you calculate the total cost of your loan?
This personal loan calculator not only shows you how much you have to pay back each month, but it also helps you get an idea of your loan’s total cost. When calculating your results, the calculator takes into account the following:
- The amount you’re borrowing;
- The amount of time you will take to repay the loan;
- Interest costs;
- Other charges or fees such as the initiation fee or monthly service fee; and
- How many times you’ll be making payments.
Here’s an example you can get after using the loan calculator:
- Loan amount: R20 000
- Loan term: 12 months
- Monthly repayment amount: R2079.93
- Number of instalments: 12
- Estimated total cost of the loan: R24 959. 14
- Amount paid for interest and fees: R4959.14
The total cost of the loan gives you a bigger picture of the actual cost of borrowing, which influences you to borrow wisely. Please note that the information supplied above is subject to confirmation.
How does the Capfin loan amount affect your monthly repayment?
Choosing a larger loan amount means that your monthly instalment amount will be higher if all things stay constant. For example, if you borrow R15 000 from Capfin for 12 months, you will have to pay R1605.23 every month. However, if you borrow R20 000 for the same 12 months, you’ll have to pay R2079.93.
How does the Capfin loan term affect your monthly repayment?
The loan term you choose affects your loan’s monthly payment amount. It also affects how much interest you’ll end up paying. A longer loan term will give you lower monthly payments, which might seem like a good thing. However, since interest gets charged for every month, if you take longer, the total cost of the loan will likely end up being higher. Compare the difference using the Capfin calculator when making your affordability assessment.
Benefits of the Capfin repayment calculator
Calculating your Capfin monthly instalments before applying for and receiving your personal loan offers a lot of advantages. You can adjust the values many times so that in the end, you find an affordable loan that agrees with your budget.
The Capfin loan repayment calculator helps you to estimate the monthly costs of paying off your loan. When you use the calculator, you have a visual understanding of what you can afford according to your salary, income, or monthly budget. The biggest benefit is you’ll be able to plan smartly and take out a personal loan that you can pay back in the best way possible.
After using the Capfin loan calculator here’s how to apply
Established in South Africa, in 2010, Capfin is a reputable credit provider that’s fully registered with the National Credit Regulator. Capfin offers flexible and affordable loans of up to R50 000. Its services are open to South Africans who meet the following general requirements:
- South African ID;
- Latest payslips and bank statements;
- A regular monthly income; and
- A South African bank account.
If you meet the Capfin loan requirements, you can begin the online application right here on this page by clicking the correct “Go to Site” button. This enables you to visit the Capfin website and fill in the application form. After you receive the loan, you can make your calculated repayments at a PEP or Ackermans store.
Learn more about Capfin personal loans.
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