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 RCS loans calculator for your personal loan budget
At CompareLoans, we have created this RCS loan repayment calculator for your convenience. You can use it as a free and matching tool for your RCS personal loan in South Africa.
The online calculator is designed to give you a quick estimate of your monthly repayments which depends on the amount and term you choose. We strongly recommend that you spare a few minutes to find out how the calculator works before making your application with RCS.
Why is using this loan calculator a smart move?
RCS is a reputable and responsible lender that fully supports you as a responsible borrower. Above everything, that means choosing and applying for finance you can afford to pay back. It might be exciting to receive your lump sum of cash. However, when the repayments are due, you should also be fully prepared to fit them into your monthly budget.
The RCS credit calculator helps you to do this, plus more.
How to use the RCS loans repayment calculator
In order to calculate your monthly repayment amount, two values are needed. The first is the amount of money you wish to borrow which is also the amount. The second piece of information is the amount of time you will need to make repayments. This is the term, or duration. With this information on hand, here’s what to do next:
- Use the first sliding tool on the calculator to choose your desired amount.
- Select the number of months using the second sliding tool.
- Click “Calculate Repayment.”
- Check out the instant result in the repayment table. If you want a better result, change your values and repeat the process.
- Please note that the results given by the loan calculator might not be the exact ones you will get on your RCS offer. They’re a close estimate designed to give you an idea of what to expect when repaying your debt. Other factors, like a personalised interest rate, can create small differences.
Advantages of the RCS loans calculator
- Available online – That means you can access the calculator any time and from anywhere as long as your phone or PC can connect to the internet.
- Free to use – You will not be charged for using this convenient service.
- Easy to use – The calculator has a simple function that makes it user-friendly.
- Fast results – You can find the result you’re looking for in as little as seconds.
- Unlimited use – You might not always get the perfect result on your first try, but it has unlimited use, so play around with the numbers and keep trying.
What are the benefits of knowing your monthly repayments?
There are several reasons why you should know your repayments before borrowing. Some of them include:
- You can decide if the credit fits into your monthly budget by looking at your current expenses;
- Knowing your monthly instalment amounts also lets you compare products and decide which one is best for your budget;
- All in all, it helps you to keep control of your finances. By choosing a monthly payment that works, you’re less likely to come across cash flow problems.
The RCS loan calculator can help estimate the total cost of your credit
If you know how much you are supposed to pay monthly, it will be easier to find out whether the loan is expensive or affordable, overall. To get a good idea of the total cost of your credit, simply multiply the monthly repayment amount with the number of months it will take for you to finish the repayment. Below is an example:
- Loan amount: R7 500
- Loan term: 24 months
- Monthly instalment: R542
In this example, the total cost is calculated by multiplying your monthly instalment (R542) with the number of months (24): R542 x 24= R13 008. For this instance, the interest rate is 24.5%, while the monthly service fee is R69.
Both these charges are included in the monthly payment result from the calculator. However, there is also an initiation fee of R1207 which is paid upfront for the same loan. That means you might need to add all upfront fees to the overall costs to get a more accurate estimate.
The RCS loan calculator and your credit score
Knowing monthly instalments beforehand will prepare you for the loan repayments. This helps to ensure that you pay back your debt on time. Making your payment on time will, in turn, help to improve your credit score as time goes on. This is because you’ll be building a positive track record that shows lenders how trustworthy you are.
Additionally, you can enjoy even more benefits such as lower interest rates and easy approval on any future credit requests.
Important tips to remember when using the calculator
While the loan calculator will give you valuable information, you should make use of that information properly for best results:
- Ensure that you only choose a amount you need. Even if you can afford the monthly repayments, debt comes at a cost, some of which may be unnecessary.
- Lower monthly payments don’t always mean cheaper finance. Choose the highest monthly repayment amount you can afford. You’ll be able to pay off your personal loan quicker, which can save you from paying a lot of interest.
How to make your credit application after using the RCS loan repayment calculator
In the repayment table above, click the “Go to Site” button. Once you’re on the RCS website, you can begin the online application process, which also has the following general requirements:
- Be 18 years and older;
- Have a valid government-issued South African ID;
- Your monthly salary should be above R2000;
- Valid South African bank account; and
- Proof of income – latest payslips and bank statements.
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