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Easy and fast Standard Bank personal loan calculator
Standard Bank is a registered credit provider that operates under the National Credit Act registration. The Standard Bank personal loan helps you with a cash injection that can pay for a medical bill, home repairs, holiday, wedding, emergency, or any other larger expense. One of the first important things you should consider before borrowing from Standard Bank is whether you’ll be able to finish repaying the money without much difficulty. At CompareLoans, we have created a Standard Bank calculator that lets you know what to expect. Read on and find out more about this highly useful, simple, and easy-to-use tool.
How does the Standard Bank loan calculator work?
This online calculator uses software that allows you to input the amount you want, and the number of months you need to fully repay the credit. The tool will then give you the monthly instalment amount for the product you have chosen. Go ahead and use the Standard Bank loan calculator by following these simple steps:
- Amount: Use the first slider to choose the amount of money you want to borrow.
- Term: Use the second slider to choose the number of months you need to pay back the money.
- Calculate: Click on “Calculate Repayments” to get instant results.
- Give it another try: It may take a while to find a result you’re happy with. Keep adjusting the figures until you find an affordable monthly repayment.
Example:
- Amount: R50 000
- Term: 24 months
- Estimated monthly repayment: R2614
- Estimated total cost of the credit: R62 736
As you can see above, once you choose your amount and term, you can calculate the monthly instalment amount, which includes interest and other fees.
Types of Standard Bank calculators
The Standard Bank loan calculator helps you calculate the monthly repayment amount for different types of Standard bank loans:
Standard Bank personal loan calculator
The Standard Bank term loan is a personal loan that allows you to borrow between R500 and R300 000. The term for this type of general-purpose credit varies from 12 to 72 months. You can take any value from each specified range and use the Standard Bank personal loan calculator to find out the monthly instalments for that particular finance.
Standard Bank consolidation loan
With the Standard Bank consolidation calculator, you can decide if consolidating your debts is a more affordable and manageable option.
Standard Bank student loan
If you need financial help with your education, you can use the tool to choose an affordable and less costly monthly repayment option. Follow the 4-step process provided in this article to get the best results when using the Standard Bank student loan calculator.
Standard Bank revolving loan
With the Standard Bank revolving calculator, you can choose an amount between R10 000 and R300 000. For the term, you can choose a period between 1 month and 60 months. Once you click calculate repayment, you’ll be able to see your estimated monthly repayments inclusive of fees.
Why should you know your monthly repayment amount before you take out a Standard Bank loan?
Here are a few, crucial reasons, why it is beneficial to know your monthly instalment amount before you borrow from Standard Bank:
- Before applying, you already know how much you will pay every month. This helps you determine if you can afford the repayment instalments.
- It helps you adjust your budget to fit in the monthly repayments.
- It allows you to calculate the estimated total cost of the credit.
- Being financially prepared to make repayments will positively impact your credit score since it increases your chances of making the payments on time every month.
- If you are taking out a debt consolidation loan, you can determine if your future debt will be cheaper and more favourable than your current one.
What is the next step after using the Standard Bank loan calculator?
The Standard Bank loan calculator is meant to give you a preview of the costs associated with the credit you want to take. After you use the online calculator, you might want to look at your finances and the total cost and see if you can balance your existing financial responsibilities and the repayments.
If you can manage to handle both your monthly financial needs and the repayments, you can either proceed to borrow or keep comparing other options from Standard Bank.
What are the other basic requirements from Standard Bank?
If you are ready to apply for a credit, you also have to research and find out what Standard Bank requires from you. The same applies for a personal or a debt consolidation loan. The basic minimum requirements include the following documents:
- Bank statements;
- Payslips;
- Proof of employment;
- Proof of residence – utility bills; and
- A valid South African ID.
Questions about the Standard Bank personal loan calculator
Are the values returned by the tool accurate?
It only gives you an estimate of how much the finance is likely to cost you. The actual charges from the bank might differ slightly.
What happens if I don’t use the Standard Bank loan calculator?
The tool is meant to prepare you and allow you to choose the best option. Not using it might result in you missing out on better offers. You might also end up taking an expensive finance product that you will not be able to pay back.
What is the best monthly repayment amount for me?
It is best to choose a monthly instalment you can afford. However, you’re reminded that the smaller your monthly instalments are, the longer it will take you to pay off your debt. That means you’ll have to pay more in interest. A more cost-effective solution is to choose a monthly repayment amount that helps you minimize interest payments without crowding your budget.
Find out more about debt consolidation loans.
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