About this calculator
Standard amortisation formula applied to the loan amount.
A loan repayment calculator works out the fixed monthly instalment for any personal or business loan in South Africa. Enter the loan amount, the annual interest rate quoted by your lender and the term in years, and you'll see the monthly payment along with the total interest you will pay across the life of the loan.
The maths behind the result is the same amortisation formula used for home loans: each month a portion of your payment covers interest charged on the outstanding balance and the rest reduces the capital. Early in the term, most of the instalment goes to interest. As the balance shrinks, more of each payment chips away at the principal until the loan is fully paid off.
Use the calculator to compare loan offers, test the impact of a shorter term, or check whether you can afford the monthly commitment before signing. Personal loan rates in South Africa typically range from around 16% to 27.75% (the National Credit Act maximum), and the calculator does not include initiation or monthly service fees, which differ between lenders.
How to use it
- 1Enter the loan amount. Type the amount you want to borrow.
- 2Enter the interest rate. Use the annual rate quoted by the lender.
- 3Choose the term. Pick the number of years over which you'll repay.
- 4Review the monthly payment. Compare the monthly instalment, total interest and total repaid.