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 loan calculator
Do you need to make a few crucial calculations before taking out your Capitec loan? You will find our Capitec personal loan calculator to be a beneficial tool. In this article, we’ll show you how to use this calculator. We also take a brief look at some related information that will help you choose the best result when using the Capitec loan calculator.
Planning on taking out a Capitec loan?
There’s no question that Capitec is a well-known, leading bank 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 loan 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. This is why knowing the interest rate is so important. The lower the interest rate, the cheaper the loan. With Capitec personal loans, you will get a personalised rate that reflects your financial situation.
- Monthly repayments – The trick is to strike a balance. If you choose a longer loan 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 of your loan. It includes the interest rate and other costs that may be charged by Capitec, such as the initiation fee and additional monthly charges. These will be divided up and included in your monthly payments.
- Terms and conditions – Some loans can restrict you. For example, you may not be able to finish paying your loan at an earlier date unless you pay a penalty fee. You may also be asked to get compulsory credit insurance. Ensure the Capitec loan 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 loan calculator for best results
So, you have thought about the details of your Capitec loan. What next? Now, you can see if the loan 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:
- Enter the loan amount and the loan term.
- Click on “Calculate repayment”.
- The results will show your estimated monthly payment.
- 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 these simple terms:
- Choose the loan amount you need.
- Choose the number of months you need to pay off the loan.
- The result will show you the interest rate range for your loan.
Example: With a loan of R25 000 rate that is paid over 24 months, you get an interest rate range between 14.20 and 24.75%.
Please note: The result you get from the Capitec interest rates calculator is only an estimate. The actual interest rate you qualify for is affected by your credit history and other factors.
Capitec personal loan overview
Minimum amount: R10 000
Maximum amount: R250 000
Range of loan term: Between 1 month and 84 months
Interest rates: Fixed interest rates starting from 12.9%.
Capitec personal loan requirements
- South African ID;
- most recent payslip;
- bank statements for the last 3 months; and
- minimum 18 years
To find out more about Capitec personal loans, visit our informative page here.
Capitec personal credit online application
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