This South Africa personal loan calculator turns a loan amount, interest rate and term into a clear monthly repayment, the total interest you will pay, and a full amortisation schedule — the way a South African bank or registered credit provider works out an unsecured personal loan.
How it works
The repayment uses the standard amortising-loan formula:
M = P · r(1+r)ⁿ ⁄ ((1+r)ⁿ − 1)
where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. Every repayment is split: the interest portion is the current balance × r, and the rest reduces the principal. As the balance falls, more of each repayment goes to principal — which is why the schedule below front-loads interest.
The National Credit Act (NCA) caps unsecured-credit interest at (the repo rate × 2.2) + 20% per year, so advertised personal-loan rates typically land between about 12% and 28% depending on your risk profile.
Example
A R50,000 loan at 18% over 36 months gives a monthly repayment of about R1,808. Over the full term you repay roughly R65,100, so total interest is around R15,100 — before fees.
Tips
- The quoted interest rate is only part of the cost: add the initiation fee, monthly service fee and any credit life insurance to compare offers fairly.
- A shorter term raises the monthly repayment but cuts total interest sharply.
- The NCA gives you the right to settle early with no penalty on most loans — paying lump sums saves interest.