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 money? 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 borrowing can be a lifesaver at times, you need to make sure you get the best possible terms available. One way you can ensure this is by using our estimator. The Old Mutual loan calculator allows you to know your monthly instalment before you apply for finance. That way, you enjoy the freedom of using your Old Mutual personal loan without feeling trapped by your monthly repayments 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 application easier; and
- Gives you quick results.
How does our Old Mutual loan calculator work?
- The tool allows you to see the cost of your finance 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 the amount.
- The second sliding tool lets you choose the length of your credit, which is measured in number of months.
- Next, click the ‘Calculate repayment’ button to view your immediate result.
- The tool will display your estimated monthly repayment for every amount and term that you choose. That means you can use it as many times as possible for best results.
- Give this tool a try and find out how much it will cost you per month as you pay back your debt.
Understanding the following 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.
- Term: This is the length of your credit in months. During this time you’ll be paying it back. It is also referred to as the life of the loan.
- Amount: The amount of money you borrow from Old Mutual.
- Total cost: 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 the 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 compare the available options; and
- It can help you calculate the total credit cost, which will tell you if it is expensive or affordable on the long term.
You should note that even the smallest difference in monthly instalments can make a big difference over time. By entering different terms or amounts, you can see how each decision will affect your monthly budget and future payments. In summary, your reasons for using this evaluator should be to help you choose a personalised, customised solution 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 estimator 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. 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 much it will cost you overall, it becomes easier to make better decisions.
- What your needs are – The tool not only helps you choose a monthly payment you can afford, it also helps you choose a product 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 one. You simply use it as outlined above to find out if the consolidation loan you want can give you affordable monthly payments and a lower total cost. To better understand how debt consolidation loans work, visit this page.
What are the advantages of taking out a credit you can afford?
If you can afford the finance, you will be able to make all the payments in time. This will help your credit score move in the right direction. Overall, it increases your chances of getting approved in the future.
What to do after using our tool?
After you have used a personal loan evaluator, you now have a better idea of how much you should borrow and its monthly cost. Next, comes the Old Mutual online loan application. For this, simply click the “Go to Site” button in the comparison table 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.
About Old Mutual
Popular personal loans searches