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.
Direct Axis loan calculator: Find your monthly repayment
Are you planning to apply for a Direct Axis personal or consolidation loan, and you’re wondering how much you will have to pay back? We give you the answers in this article.
CompareLoans brings you its free loan calculator that was created to help you find out how much a Direct Axis loan costs. Whether you want to use the loan amount to consolidate your debt, pay medical bills, or renovate your home, this loan calculator gives you a good picture of what you might pay each month. Read on to find out how the whole process works, plus more.
How does the Direct Axis personal loan calculator work?
When you use this loan repayment calculator, you’ll be able to see the size of the monthly payment for the loan amount you have chosen. In addition, the interest costs and other charges associated with the loan are also included in these monthly payments.
This way you’ll see how much the loan will cost you every month until you finish repaying it. That means you can get a good idea of whether you can afford the loan or not. Also, you can pick out the cheapest option, which saves you time and money. The interesting thing is you can do all this in just a few minutes.
Here’s a representative example for a Direct Axis personal loan calculator:
- Loan amount: R40 000
- Loan term: 12 months
- Monthly repayment amount: R3790 (inclusive of fees)
- Estimated total cost of the loan: R45 480
There are two types of Direct Axis loans
Direct Axis offers two types of loans: The personal loan and the debt consolidation loan. When you use the Direct Axis loan calculator, you’ll be able to calculate the monthly repayment amount for both these types of loans.
The Direct Axis personal loan calculator
With the Direct Axis personal loan, you can borrow a loan amount between R1000 and R250 000. The loan term varies from 24 to 72 months. Before you apply for a personal loan with Direct Axis, you should use the calculator to decide how much you want to borrow.
Also make a decision about how much you can afford to repay. There is a big difference between the two. The loan calculator results will help you see if the amount you want to borrow is also the same amount you can afford to pay back.
The Direct Axis consolidation loan calculator
The loan amount for a Direct Axis debt consolidation loan ranges from R5 000 to R250 000. As with personal loans, the loan term for the debt consolidation loan starts from 24 months and goes up to 72 months (6 years). You can use this type of loan to pay off your other debts, which leaves you with only one loan account and one monthly payment.
The Direct Axis consolidation loan calculator helps you decide if the loan you’re applying for is right for your financial situation. This is important because a debt consolidation loan should be a cost-effective way to manage your debt. Therefore, the Direct Axis debt consolidation loan calculator helps you see if taking out the loan is a cheaper and time-saving option.
How to use the Direct Axis personal loan calculator
Follows these simple and straightforward steps to get the best results from the Direct Axis repayment calculator:
- Enter your loan amount: Once you have a loan amount in mind, move the first slider either left or right until the correct amount shows. Alternatively, you can type in the amount.
- Enter your loan term: Next, adjust the second slider to choose the amount of time you need to pay back the loan.
- Press “Calculate Repayment”: This immediately shows an example of your monthly instalment amount. Changing the loan amount and loan term gives you different examples that help you compare many loan options.
Please Note: The results supplied by the Direct Axis loan calculator are subject to confirmation. When you make your loan application, you might receive a different monthly instalment with a different interest rate that is based on your credit history and personal risk profile.
Where can you see the results from the Direct Axis loan repayment calculator?
When you use the loan calculator, the results are displayed in the comparison tables above. You will see there are two loan options available, which are the personal and consolidation loan. That means for any loan amount and term you choose, you’ll be able to view the monthly instalment amount for both these types of loans at the same time.
Advantages of using the Direct Axis loan calculator
- It helps you calculate the total cost of your loan quickly and easily.
- You can find the best monthly payment option by using the calculator freely and as many times as possible.
- The repayment calculator gives you a better understanding of the loan amount you can afford since you can see if the monthly payments for your Direct Axis loan will fit into your budget or not.
- You’ll be able to make smart decisions involving which amount to borrow and the best way to pay it back.
- When consolidating debt, you can easily choose the best option that saves you time and money.
Tips for using the Direct Axis loan repayment calculator
- Try to get as many monthly payment results as possible by changing the loan amount and term. It helps you to better compare and calculate the cheapest option.
- Multiply the monthly repayment amount with the number of months (loan term) to get a good idea of the loan’s overall cost.
- Remember, a shorter repayment term gives you larger monthly payments, but it saves you from paying more interest and fees. However, a longer loan term gives you more affordable monthly payments, but you’re likely to pay more interest.
Find out more about Direct Axis personal and consolidation loans.
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