How Personal Loan Calculators Work
Personal loans are credit agreements between borrowers and creditors whereby the borrower is loaned an amount of money and is responsible for repaying it over a specified period of time.
Personal loan calculators can be used to calculate loan amounts. This calculator essentially breaks down the monthly repayment figures you’ll be responsible for.
With personal loan calculators you are able to determine what you need, how long you have to pay it off and how much you will be expected to repay in total.
www.financecalculator.co.za provides a handy online estimation tool. Before applying for a loan, you can log on to this website and calculate how much you may be roughly expected to repay. You will need to contact the lending institution to find out what the accurate amount is.
Some of the top personal loan calculators in South Africa include:
Absa calculator
Nedbank loan calculator
FNB Loan calculator
Standard Bank
To calculate how much your loan will cost, you will usually be required to enter the amount you would like to borrow. Then you will need to enter the number of months you will be repaying the loan over. The calculator will work out how much you will be required to repay, taking into account a certain interest rate.
Some personal loan calculators will let you choose a loan amount, dependent on your affordability. This can be quite helpful because it gives you a more realistic and accurate calculation. Remember that the loan amount that is calculated is an estimation, so it isn’t the final loan agreement amount. Ensure that you contact the lending institution for an accurate amount.
