Personal loan calculator
Monthly repayments on a personal loan, including the fees the National Credit Act allows. The legal maximum interest rate is 28,25% a year.
Monthly repayment
R 2 078per month
Over 3 years you repay R 74 809 for R 50 000: R 24 809 in interest and fees.
Your loan
| Amount borrowed | R 50 000 |
| Initiation fee (incl. VAT) | R 1 208 |
| Instalment | R 2 009,02 |
| Monthly service fee (incl. VAT) | R 69,00 |
| You pay each month | R 2 078,02 |
What lenders may charge
The National Credit Act caps interest on unsecured loans at the Reserve Bank's repo rate plus 21%, now 28,25% a year. The initiation fee is capped at R 1 207,50 and the monthly service fee at R 69,00, including VAT. Credit life insurance may be added on top.
Before you borrow
A shorter term costs more each month but much less in total. Check whether a cheaper option exists: an access bond facility on your home loan is usually charged at your bond rate, far below personal loan rates.
Only borrow from lenders registered with the National Credit Regulator.
Read the guide: What a personal loan really costs