Use our loan repayment calculator to estimate your potential loan repayments. Enter in the borrowed amount, repayment duration, and interest rate to see a total repayable figure, as well as weekly, fortnightly, and monthly estimated repayments.
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How To Use Nifty’s Loan Repayments Calculator
Step 1: Enter a loan amount.
Type in the amount of money that you’re looking at borrowing. You can select any amount up to $10,000.
Step 2: Select a loan duration.
This is also referred to as a loan term or repayment period. It refers to the amount of time that you’ll have to repay your loan. You’ll have the option to select a duration between 2 and 7 years.
Step 3: Pick your interest rate.
Select the interest rate that you’ll be required to pay on top of your loan.
Step 4: Calculate your repayments
Click the Calculate Repayments button. You’ll be shown your total repayments (principal amount + interest). You’ll also be shown your estimated regular repayments on a weekly, fortnightly, and monthly basis.
What factors should I consider when looking for a personal loan?
A personal loan calculator can help you calculate your weekly, fortnightly or monthly repayments. However, the overall cost of your loan depends on a number of different factors like interest rates and fees.
Interest rates
The interest rate you receive on your personal loan varies depending on a number of factors. If you have a good credit score you will most likely have access to lower interest rates. This is largely due to the fact you’re considered less risky to the lender. Interest rates are also largely based on the amount you apply for. Small, medium and large personal loans all have different terms and rates of interest.
Fees and charges
Personal loans will often have fees attached to them. Some lenders will charge the following fees on their personal loans:
- Establishment/application fee: A fee charged to your account when you take out a personal loan. It is taken out at the beginning of your loan.
- Ongoing fees: Your lender may charge ongoing fees such as a monthly service fee
- Late/missed repayment fees: These are fees charged to your loan if you’re on a regular repayment or you miss a repayment altogether.
- Early repayment/exit fees: This is a fee charged for paying off your loan before the loan term ends.
Personal loan repayments
Before committing to a personal loan, you should check if you can comfortably fit the regular loan repayments in your budget. Making higher repayments means you’ll pay off your loan quicker and you’ll likely be charged less interest. Most lenders will give you the option of choosing between weekly, fortnightly and monthly repayments.
Secured or unsecured
A secured loan requires you to attach an asset to your loan as collateral (such as a car, boat or house). This is to reduce the level of risk that lenders take on when providing you with a loan. Secured loans also often come with lower interest rates due to this reduced risk. Unsecured loans on the other hand don’t require you to provide any collateral. These loans are usually for smaller amounts of money.
Documentation you’ll need:
- Contact information
- The reason for your loan
- Internet banking details
- MyGov account details (if you receive Centrelink benefits)
Eligibility criteria:
- Be at least 18-years of age;
- Be an Australian citizen or permanent resident;
- Have internet banking set up;
- Have an active mobile number and email address;
- Have been receiving regular income for the past 90-days.
