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Easy and fast Standard Bank personal loan calculator
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 taking out a Standard Bank loan is whether you’ll be able to finish repaying the loan without much difficulty. At CompareLoans, we have created a Standard Bank loan 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 loan calculator work?
This calculator uses software that allows you to input the loan amount you want, and the number of months you need to fully repay the loan. The calculator will then give you the monthly instalment amount for the loan you have chosen. Go ahead and use the Standard loan calculator by following these simple steps:
- Loan amount: Use the first slider to choose the amount of money you want to borrow.
- Loan term: Use the second slider to choose the number of months you need to pay back the loan.
- 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.
Loan calculator example:
- Loan amount: R50 000
- Term: 24 months
- Estimated monthly repayment: R2614
- Estimated total cost of the loan: R62 736
As you can see above, once you choose your loan amount and term, you can calculate the monthly instalment amount, which includes interest and other fees.
Types of Standard Bank loan 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 loan term for this type of general-purpose loan 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 loan.
Standard Bank consolidation loan calculator
With the Standard Bank consolidation loan calculator, you can decide if consolidating your loan is a more affordable and manageable option.
Standard Bank student loan calculator
If you need financial help with your education, you can use the loan calculator 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 calculator
With the Standard Bank revolving loan calculator, you can choose an amount between R10 000 and R300 000. For the loan 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 taking out a loan from Standard Bank:
- Before making a personal loan application, you already know how much you will be paying every month. This helps you determine if you can afford the loan instalments.
- It helps you adjust your budget to fit in the monthly repayments.
- It allows you to calculate the estimated total cost of the loan.
- 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 the loan will be cheaper and more favourable than your existing debt.
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 loan you want to take. After you use the calculator, you might want to look at your finances and the total loan cost and see if you can balance your existing financial responsibilities and the loan repayments.
If you can manage to handle both your monthly financial needs and the loan repayments, you can either proceed to take the loan or keep comparing other loan options from Standard Bank.
What are the other basic loan requirements from Standard Bank?
If you are a South African ready to apply for a student loan, you also have to research and find out what Standard Bank requires from you. The same applies for a personal loan 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 calculator accurate?
The calculator only gives you an estimate of how much the loan 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 calculator is meant to prepare you and allow you to choose the best loan option. Not using it might result in you missing out on better loan offers. You might also end up taking an expensive loan 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 the loan. 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 here.
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