Do you want to apply for a loan to a loan provider in South Africa? If so, you might want to keep reading this article. Usually, when you apply for loan online, you do so to cover some of your expenses. But you need to remember that you need to repay this loan in due time. So, taking a loan that you can afford is the best decision.
But how do you ensure that the loan you have taken out is the one you can afford? The answer is simple. You need to use a loan calculator to determine the monthly repayment amount to get an idea if you can afford the loan. Each loan provider will offer a loan calculator with different features but with a basic function of monthly repayment calculation.
In this article, we will talk about the Capitec personal loan calculator offered by Capitec. They are a certified financial provider according to National Credit Act. So, you can rest assured that you will get high-quality loan services from Capitec.
The main aim of this article to tell you how to use the Capitec personal loan calculator along with some general information that can help you make the right decision.
Capitec Personal Loans: Quick Information
As you might already know that Capitec is one of the leading loan providers in South Africa. And when you apply for a loan with such a reputed loan provider, you want all the information you can have about loan offers provided by them.
Let’s give you a quick rundown of some crucial information about Capitec loans.
- Loan Amount: Carefully think about the loan amount you want to take. The amount must cover your expenses but also something that you can afford. Remember, you have to repay the loan amount in due term.
- Interest Rates: Knowing the interest rates will always benefit you because it will also help you determine the loan amount. You have to repay the loan amount along with the interest rates. So, get to know the current interest rate. The lower the interest rates, the affordable the loan amount is.
- APR: Always get to know the annual percentage rate because it will tell you the overall costs of your loan. This includes the interest rates along with some extra service charges. Knowing this will give you a better idea about your overall loan costs.
- Monthly Repayments: You need to use the calculator to determine the monthly repayments for a personal loan. This is quite tricky. If you choose a longer loan term, you will pay more interest. But if you choose a short loan term, you will put pressure on your current budget. So, strike a balance between these two factors to get a comfortable and affordable monthly repayment amount.
- Terms and Conditions: Always read the terms and conditions of the credit you intend to borrow. Why is this important? It is because some credit providers don’t allow you to make early repayments and if you do, they will penalize you. Sometimes some credit providers want you to have credit insurance. So, knowing these terms and conditions will ensure that you choose the right credit and repay it comfortably.
Capitec Loan Calculator: How to Use?
Once you have chosen a few of the loan plans from Capitec, what next? The next step is to calculate your monthly repayment amount to get a better idea if you can afford the loan. Use the calculator using the following steps:
- Select or manually enter the loan amount and term.
- Click on ‘Calculate repayment’. This will give you a monthly repayment amount based on your selection.
- You can adjust the loan amount and term to see different values of monthly repayment.
Once you have made a few selections and got the information about monthly repayments, you can choose the loan amount and term that gives you an affordable monthly repayment amount.
Using the calculator, you can get a rough idea about what credit amount you should borrow. But remember, the actual monthly repayment amount might slightly vary based on the current interest rates after approval. However, the variation won’t be drastic. It will still fit your budget.
Capitec Interest Rate Calculator
Apart from a personal loan calculator, Capitec also offers you an interest rates calculator that will help you calculate an estimated interest rate for the loan amount and term you select.
- Choose the loan amount and loan term.
- The result provided by the calculator will be the estimated interest rate for your credit.
This can certainly help you make an informed decision and choose the credit that you can afford.
Note: Remember the interest rates calculated with this calculator are just an estimate. The actual interest rates can vary based on your credit score and profile.
Overview of Capitec Personal Loans
- Loan amount: R10, 000 (minimum) and R250, 000 (maximum)
- Loan term: 1 month to 84 months
- Interest rates: Fixed interest rates that start from 12.9%
Requirements to Apply for Capitec Personal Loans
When you want to get loan online, you need to complete the following requirements:
- Valid ID issued by the South African government
- Bank statements of the past 3 months
- Recent pay slips
- Age 18 years or above.
If you fulfil these requirements, you can apply for a loan with Capitec.
Conclusion
Capitec is one of the largest credit providers in the country that is known to offer the best loan plans. You can choose from a wide range of loan offers from this provider.
If you want to get a quick overview of all the loan offers from Capitec, you can visit our website Snappy Loan. We have curated all the current loan offers from different loan providers in the country.
You can search, review, compare and apply for a loan directly from our website with just a few clicks. When you choose the loan offer that suits you best, you can click on ‘Snap It!’. You will be taken to the lender’s website where you can fulfil the requirements and apply for a loan.
With Snappy Loan, you can easily apply for a loan online! Visit our website now.