:: Calculators :: Personal Loan Repayment
This free Personal loan repayment calculator will help you to estimate the repayments on a Personal loan after taking into consideration a number of factors.
Simply enter the Loan Amount, proposed Term of Loan and Interest Rate below, then click the [calculate] button in order to calculate the monthly Personal Loan repayment amount.
This is the total amount that you wish to borrow. Personal Loan amounts generally range from as low as $2,000 up to $50,000.
The Personal Loan Term is the number of years over which the personal loan will be repaid.
Most personal loans are taken over a 2 to 5 year term but there are both bank and non-bank lenders offering personal loans with a longer loan term of up to 10 years..
Personal Loan Interest Rates are typically higher than secured loan finance options.
Interest rates for personal loans vary from lender to lender. Factors that may impact on your interest rate include:
Applicants with a good credit history may qualify for a better loan interest rate.
If you are not a full-time permanent employee you may expect to pay a higher interest rate. This is partly because there are only a limited number of lenders offering personal loan finance to applicants without reliable employment.
Small personal loans, aka payday loans, generally attract higher interest.
A short-term loan offers the lender only a short period of time to recover their costs in establishing the loan and may mean higher interest rate. Longer term loans will factor in future interest rate movements.