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.
How to use the Old Mutual personal loan calculator
If you’re planning to use your Old Mutual loan for a holiday, wedding, home renovation, or any other expense you have the freedom to do so. But, have you thought about how you will repay the loan? How much do you want to pay back each month? Looking at the monthly payment you can afford, how much money do you want to borrow?
Although taking out a loan can be a lifesaver at times, you need to make sure you get the best loan terms available. One way you can ensure this is by using a loan calculator. The Old Mutual loan calculator allows you to know your monthly instalment before you apply for a loan. That way, you enjoy the freedom of using your Old Mutual personal loan without feeling trapped by your monthly repayments loan later on. You can expect the following smart features from this South African personal loan repayment calculator:
- Easily accessible online
- Use it freely with no limits
- Available 24/7 to make your Old Mutual personal loan application easier
- Gives you quick results
How does the Old Mutual loan calculator work?
- An Old Mutual loan calculator allows you to see the cost of your loan before you make your application.
- It has two sliding tools that you can move to the left or right. Use the first sliding tool to select your loan amount.
- The second sliding tool lets you choose the length of your loan, which is measured in number of months.
- Next, click the ‘Calculate repayment’ button to view your immediate result.
- The calculator will display your estimated monthly repayment for every loan amount and term that you choose. That means you can use it as many times as possible for best results.
- Give this personal loan calculator a try and find out how much it will cost you per month as you pay back your loan.
While using the calculator, understanding the following loan terms is very useful:
- Interest: This is the amount Old Mutual charges you for borrowing money from them. It is included in your monthly payments.
- Loan term: This is the length of your loan in months. During this time you’ll be paying back your loan. It is also referred to as the life of the loan.
- Loan amount: The amount of money you borrow from Old Mutual.
- Total cost of the loan: The whole amount you have to pay back to Old Mutual. It includes the initial amount you borrowed, interest, plus other charges.
- Monthly repayment: This is the amount of money you have to pay back per month to Old Mutual over your loan term.
Reasons for using an Old Mutual personal loan calculator
- You get to know your monthly instalment in advance;
- It helps you decide which loan repayment fits into your monthly budget;
- You can see whether taking out an Old Mutual debt consolidation loan is cost-effective;
- The information you get can help you to compare loans so you can choose the best loan option available; and
- It can help you calculate the total cost of a loan, which will tell you if the loan is expensive or affordable long term.
You should note that even the smallest difference in monthly instalments can make a big difference over time. By entering different loan terms or amounts, you can see how each decision will affect your monthly budget and future payments. In summary, your reasons for using this loan calculator should be to help you choose a personalised, customised loan that keeps your finances balanced.
How does the personal loan calculator help with the Old Mutual lending process?
Old Mutual has a unique lending process that understands how different your situation is. Using the Old Mutual personal loan calculator can help you understand how this process works:
- What you can afford – Old Mutual is a responsible lender that uses guidelines set by the National Credit Act. Using the loan calculator means you can determine the amount of money you can afford to borrow, even before Old Mutual looks at your application.
- How much you understand – When you understand how important your monthly payments are, how they affect your budget, and how the loan will cost you overall, it becomes easier to make better decisions. That way, you’re more in control of your finances.
- What your needs are – The loan calculator not only helps you choose a monthly payment you can afford, it also helps you choose a loan that meets your current needs.
What is the Old Mutual consolidation loan calculator?
The Old Mutual Consolidation loan calculator is the same as the personal loan calculator. You simply use the same calculator as outlined above to find out if the debt consolidation loan you want can give you affordable monthly payments and a lower total cost. To better understand how debt consolidation loans work, go here.
What are the advantages of taking out a loan you can afford?
Since the loan calculator tells you how much you should pay a month in advance, it helps you to plan and make room in your monthly budget for the loan repayment. If you can afford the loan, you will be able to make all the payments and in time. This will help your credit score move in the right direction. Overall, it increases your chances of getting more loans in the future.
What to do after using an Old Mutual personal loan calculator?
After you have used a personal loan calculator, you now have a better idea of how much you should borrow and the monthly cost of the loan. Next, comes the Old Mutual online loan application. For this, simply click the “Go to Site” button in the comparison tables above. It has a link that takes you straight to the Old Mutual website where you can fill an application form.
Basic requirements for Old Mutual personal loans include the following:
- At least 18 years of age;
- Your monthly salary should be above R2 500;
- Proof of income;
- Valid South African ID; and
- Proof of residence.
Read more about Old Mutual personal loans.
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