Slide to your amount and term, set the interest rate, and see your estimated monthly instalment and total repayment instantly. Rates capped by the National Credit Act.
The maths lenders use is simpler than the marketing around it. Understand the annuity formula and you'll never be surprised by an instalment again.
Your monthly instalment is calculated so the loan repays itself in equal payments over the term. each payment covers that month's interest plus a slice of the principal. Early payments are mostly interest; later payments are mostly principal. This calculator applies exactly that formula: amount, term and rate in; monthly instalment, total repayment and total interest out.
The legal ceiling for unsecured credit is the repo rate + 21% per year. Where you land below that depends on your profile: strong files with stable income price near prime plus a margin; weaker files approach the cap. If you have a real quote, use its rate. If you're planning, 20 to 25% is a realistic planning band for mid-tier profiles; adjust and watch how sensitive the instalment is.
Initiation fees (once-off, regulated) and monthly service fees (capped at R69) are excluded. add roughly R165 + 10% of the amount once, plus R69 per month, for a full picture. Credit life insurance, sometimes bundled into contracts, adds more; you're entitled to shop for your own policy instead.
Monthly instalment decides whether you can afford the loan. Total repayment decides whether you should. A R50,000 loan over 84 months is R430/month cheaper than over 48. and costs about R23,000 more overall. When the two numbers disagree, total repayment is the one telling the truth.
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Pick any amount between R1,000 and R350,000 and a term from 6 to 84 months. the instalment recalculates as you slide.
Unsecured credit is capped at repo + 21% p.a. by the NCA. Good credit files price well below the cap. adjust the rate to match a quote you received.
A longer term lowers the monthly payment but raises the total interest. Compare both numbers before you sign anything.
The monthly instalment uses the standard annuity formula lenders apply, so it matches real quotes closely. Final agreements also add an initiation fee and monthly service fee, which this estimate excludes.
Check the rate in any pre-approval you have. As a guide: the NCA caps unsecured credit at repo + 21% p.a., strong credit files often price near prime + a few points, and weaker files approach the cap.
No. This page is a pure arithmetic tool. nothing is submitted, stored or checked against a bureau. Only a formal application triggers a credit check.
Most lenders want a payslip and three months of bank statements for amounts above ~R20,000. A few niche providers assess bank-statement income alone. expect a higher rate.