Personal Loan Calculator

Enter a loan amount, term and interest rate to see your estimated monthly instalment and the total cost of the loan. The calculator adds the initiation fee and monthly service fee South African lenders are allowed to charge under the National Credit Act, so the figure is closer to what you would really pay.

How this calculator works

• The instalment uses standard amortisation: every month part of your payment covers interest and the rest reduces the balance.
• By default the initiation fee is added to the loan (financed), which is how most unsecured lenders structure it.
• The monthly service fee (capped at R60 by the NCR) is added on top of each instalment.
• Your actual rate depends on your credit profile. Unsecured credit is capped at the repo rate plus 21% a year.

Worked example

A R20,000 loan over 24 months at 24% a year, with a R1,050 initiation fee and R60 monthly fee, costs about R1,173 a month, so roughly R28,150 in total.

FAQs

What interest rate should I use?

If you have an offer, use its rate. If not, try 20–28% for unsecured personal loans. Borrowers with strong credit records usually get lower rates, and the legal maximum is the repo rate plus 21%.

Does the calculator include credit life insurance?

No. Lenders can require credit life cover on loans with a term of 6 months or longer. Ask for the premium in your pre-agreement quote and add it to the monthly figure.

Is this an offer of credit?

No. QuickEasyLoans is not a lender. These figures are estimates to help you compare. Your lender must give you a pre-agreement statement and quote before you sign.