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.
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 loan for you. This loan repayment calculator helps you see how much you are supposed to be paying back each month.
In short, using a personal loan calculator helps you to make an informed decision. This is because when you take out a loan, 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 the loan over a period that is 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 loan.
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 or loans 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 loan 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 CompareLoans 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 repayment period is better;
- you can also see which loan terms are better when using the loan repayment calculator; and
- overall, you can get an idea of whether you can afford a particular loan or not.
By comparing loans using the loan repayment calculator, you can get the best deal for you.
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 loan 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 repayment term. 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 loan amount you can afford to pay back, so you don’t damage your credit score.
- Check for any other additional fees associated with the loan you want so you can calculate the total cost.
- Choose a loan term that will not cost you too much. A short loan term means higher monthly payments, but you pay the loan off 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: CompareLoans 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 loan. 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?
Some many banks and institutions offer affordable personal loans in South Africa. Check out our list of featured partners and use our loan calculator to help you decide on the best offer.
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 a loan 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 for a loan, you can receive money 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?
Because 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 loan that you can afford and one that doesn’t get you further into debt.
Find the best personal loan for you with our loan payment calculator
Are you looking for the best personal loan repayment calculator in South Africa? This CompareLoans tool offers you many matches that are suitable for your unique situation. You can choose the best match by looking at the different, estimated interest rates, monthly instalments, and repayment period from our partners who offer authorised financial services.
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