Use the best personal loan calculator in South Africa
Are you looking for an affordable personal loan? CompareLoans has an easy-to-use personal loan calculator that can help you choose the right credit for you. This credit repayment calculator helps you see how much you are supposed to be paying back each month.
In short, using the calculator helps you to make an informed decision. This is because when you take on debt, it’s always better to know all the costs that are involved.
What is a personal loan?
A personal loan is borrowed money from a lender, usually a bank or credit union. You then have to pay back the money you borrowed by making monthly payments that also include interest. This is usually done over many months and years.
To be exact, you can expect to pay back your debt over a period between 2 months to 72 months. Usually, personal loans are unsecured. Therefore, they do not require you to use your property as security against the credit.
Uses of a personal loan
Once you receive the money, you can use it for almost anything. For example, you can use it to pay for something expensive, like a wedding or to renovate your home. Another common use of personal loans is debt consolidation.
In simple terms, if you have many debts that need monthly payments, you can take out one big personal loan to cover all of them. You will then be left with only one credit to pay off that has a lower interest rate. Consolidating your debt this way also make the repayment process more comfortable and manageable.
Why should you use a personal loan calculator?
Using the personal loan affordability calculator helps you with the following:
- you can calculate the monthly repayment costs of the personal loan you want;
- it allows you to see which pay-back period is better;
- you can also see which terms are better when using the tool; and
- overall, you can get an idea of whether you can afford to borrow money or not.
By comparing finance using the calculator, you can get the best deal for yourself.
How to use the loan repayments calculator?
- Use the first sliding tool to choose the amount of money you want. You can also type in the amount manually. The minimum amount you can choose is R2000 while the maximum amount is R300 000.
- Use the second sliding tool to choose the term or duration. The minimum period is 1 month while the maximum period is 84 months (7 years).
- Click on the “Calculate Repayment” button.
- You’ll see a list of lenders, their rates, as well as your estimated monthly repayments. Simply click on the button “Go To Site” to be taken to the lender’s secure online application form.
Tips for using the loan repayment calculator
- Choose a amount you can afford to pay back, so you don’t damage your credit score.
- Check for any other additional monthly service fee associated with the credit you want so you can calculate the total cost.
- Choose a term that will not cost you too much. A short loan term means higher monthly payments, but you repay your debt quickly and reduce total interest. On the other hand, a longer repayment term means higher total interest, but the monthly payments will be more affordable.
Please Note: Our personal loan calculator for South Africa gives you approximate figures only. These estimates do not include initiation fees and other charges that may apply with your chosen lender. Also, using our loan interest calculator does not guarantee fixed interest rates.
Similarly, it does not guarantee that you will qualify for a particular credit. It is always recommended that you seek professional advice from a finance expert before taking out a personal loan.
Frequently asked questions
Where can I get a personal loan?
Many banks and institutions offer affordable personal loans in South Africa. Check out our list of featured partners and use our credit calculator to help you decide on the best offer. All the financial institutions displayed on this page are registered credit providers and will lend you money responsibly.
How do I apply for a personal loan?
It depends on the lender you’re dealing with. Generally, you can apply online. Otherwise, you might have to visit the nearest branch office. The standard requirements when you’re applying for credit include:
- South African ID and bank account;
- payslip or bank statements not older than 3 months; and
- you should be 18 years and older.
How long does it take to get a personal loan?
Once you qualify to borrow money, you can receive it in your bank account within minutes or hours (same day). However, the process may take days depending on the lender you use and their application process.
How much money can I get from a personal loan?
As there are short term and long term personal loans, the amount you can borrow varies greatly. Generally, the range is from R2000 to R300 000.
What are the interest rates for a personal loan?
Interest rates range from 18.80% to 24.75% per year.
Is it a good idea to get a personal loan?
Personal loans can be helpful when you need to make a reasonable purchase or when you want to consolidate your debt. However, you should always take a credit that you can afford.
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