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.
Fast and easy-to-use Capitec personal loans calculator
Do you need to make a few crucial calculations before taking out your Capitec loan? You will find our Capitec personal loans calculator to be a beneficial tool. In this article, we’ll show you how to use it. We also take a brief look at some general info that will help you choose the best result when using the calculator.
In addition, Capitec is an authorised financial services provider registered under the National Credit Act.
Capitec loans quick info:
There’s no question the bank is a well-known, leading institution in South Africa. If you have chosen to apply for a loan with them, you’re probably looking for any extra information to help with the process. The first step is to decide the specific details of the loan you wish to take out. To kick-start the process here a few things you need to check out:
- Loan amount – Think about this carefully. The most important thing is to remember not to strain your budget. The best credit for you is one that you can afford.
- Interest rate – If you borrow R5 000, for example, you will have to pay it back plus interest. Hence why knowing the interest rate is so important. Indeed, the lower the interest rate, the cheaper the finance.
- Monthly repayments – The trick is to strike a balance. If you choose a longer term, you’ll have to pay more in interest. On the other hand, a shorter term can leave with larger monthly instalments that are difficult to pay.
- APR – The Annual Percentage Rate gives you a good idea of the total cost. It includes the interest and other costs this lender will charge, such as the initiation fee and additional monthly charges.
- Terms and conditions – Some credits can restrict you. For example, you may not be able to completely reimburse the money at an earlier date unless you pay a penalty fee. You may also be asked to get compulsory credit insurance. Ensure the credit you choose gives you the freedom to use the money or pay it back in a way that’s comfortable for you.
Use our Capitec personal loans calculator for best results
So, you have thought about the details of your Capitec loan. What next? Now, you can see if the amount you want actually fits into your monthly budget.
By analysing and comparing different options, you can see what works for you in real life. Here’s how our Capitec Personal loan repayment calculator works:
- First, enter the amount and the term.
- Then, click on “Calculate repayment”.
- The results will show your estimated monthly payment.
- Finally, adjust the figures if you want a better result and repeat the process.
Example: Let’s say you receive Capitec Personalized Credit to the tune of R25 000, and you want to pay it back over 24 months. Your estimated monthly instalment result from the Capitec personal loan calculator will be R1,314.81. The APR (interest plus other charges) for all Capitec personal loans is 27.50%.
Capitec interest rates calculator
Besides using the Capitec loan calculator, you can also use the Capitec interest rates calculator to inform yourself before making a binding agreement. When using this tool, follow this simple process:
- Choose the sum you need.
- Choose the number of months you need to pay it back.
- The result will show you the interest rate range for your debt.
Example: If you borrow R25 000 over 24 months, you get an interest rate that ranges between 14.20 and 24.75%.
Please note: The result you get from the calculator is only an estimate. The actual interest rate you qualify for, is affected by your credit profile and other factors.
Capitec personal loan overview
- Minimum amount: R10 000
- Maximum amount: R250 000
- Duration: Between 1 month and 84 months
- Interest rates: Fixed interest rates starting from 12.9%.
Personal loan requirements
- South African ID;
- most recent payslip;
- bank statements for the last 3 months; and
- minimum 18 years
Capitec personal credit online application
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