Want a quick way to establish which personal loan is best for you?
If you’re thinking about getting a personal loan, doing some basic calculations ahead of time can help hold ensure you make the right choice. Not all personal loans, after all, are the same, and aspects such as the interest rate and loan term can have a telling effect. Luckily, you can use an online personal loan calculator to see just how much any given loan will actually cost.
How to use bank calculators
B&E Personal Banking personal loan calculator
The B&E Personal Banking personal loan calculator gives you a clear indication of what your repayments would look like depending on how much money you wish to borrow. This calculator requires the following inputs.
- Loan amount. This refers to the amount you wish to borrow.
- Loan period. How many years do you need to repay the loan?
- Interest rate. Enter the ongoing interest rate of the B&E Personal Banking personal loan you wish to apply for.
- Repayment frequency. By changing this, you can see the difference between making weekly, fortnightly, and monthly repayments.
- Repayment type. Here, you can choose between making interest-only and principal and interest payments.
bcu personal loan calculator
The bcu personal loan calculator also gives you an estimate of how much you can expect to repay over a course of time, and you can see the impact of making changes to different parameters.
- Loan amount. How much do you want to borrow?
- Loan period. This can vary depending on the type of loan you choose.
- Loan type. Do you wish to apply for a fixed rate loan, variable rate loan, or one that offers an introductory rate?
- Repayment frequency. Choose between making weekly, fortnightly, and monthly repayments.
- Repayment type. Do you want to make interest-only payments during the initial period, or will you make principal and interest payments from the word 'go'?
BOQ personal loan calculator
BOQ also offers a personal loan calculator through its website that is quite similar to the previous two calculators. Make changes to see what effect they have on your repayments, be it weekly, fortnightly, or monthly.
- Loan amount. Enter the amount you want to borrow.
- Loan period. When entering the loan term, remember that while a longer loan term results in lower repayments, you’ll probably end up paying more in the form of interest.
- Loan type. Do you want a fixed rate or a variable rate loan? A variable rate loan might show lower repayments on the calculator, but remember these can fluctuate.
- Repayment type. You can choose to make interest-only repayments during the initial period, so set the calculator accordingly.
When will these bank personal loan calculators come in use?
Using a personal loan calculator can help in more ways than one, and here’s how:
- Save time. If you were to carry out the required calculations on your own you’d spend considerably more time when compared to using a personal loan calculator.
- Establish affordability. Find out if you can afford to make repayments for the amount you wish to borrow, and if not, consider borrowing a lower sum.
- Establish the effect of your interest rate. Even a slight difference in interest rates can have a significant effect in terms of how much you end up repaying, and a calculator brings this difference to the fore easily.
- Find out the effect of your loan term. The loan term you choose tends to have an effect on how much you repay in the form of interest, and this is something you can see when you use a personal loan calculator.
- Should you make extra repayments? With loans that allow extra repayments you can save in the form of interest, and you can find out just how much by using a suitable calculator.
Personal loan calculator
You can find different personal loan calculators through finder.com.au, and while each serves a distinct purpose, you can use them to compare loans offered by different financial institutions, the ones discussed on this page included.
- How much can I borrow? This calculator requires inputs like loan term, income and expenses, and gives you an approximate figure of how much you can expect to borrow.
- Personal loan repayment calculator. Use this calculator to establish what your repayments will look like after accounting for aspects such as the loan amount, loan term, interest rate, and repayment frequency.
- Loan comparison calculator. This calculator allows you to compare any two personal loans side by side.
What personal loans do these banks offer?
B&E Personal Banking
B&E Personal Banking provides different types of personal loans for your borrowing needs. These include secured and unsecured travel loans, unsecured personal loans and secured residential real estate loans. The maximum you can borrow through an unsecured loan is $30,000, and through a secured loan you can borrow up to $100,000. Loan terms can vary in between months and 7 years.
To apply for a bcu personal loan you should have a bcu access, bcu basic access or bcu advantage saver account. Options for borrowers include a Freedom Loan, Multipurpose Loan and New and Used Car Loans. The minimum you can borrow is $4,000 and the maximum is $75,000. Loan terms can vary between one year and five years and eligible members can take advantage of bcu loyalty discounts.
BOQ offers unsecured and mortgage secured personal loans. The minimum can borrow through the unsecured personal loan is , and the maximum is $40,000. If you’re opting for the vehicle secured loan, you can borrow a minimum of and as much as . You can have between one and seven years to repay your personal loan with BOQ.
While getting a personal loan might not be difficult, knowing if managing your repayments will be a problem is something you should find out at the onset. The good thing is you can use a personal loan calculator to know exactly where you stand.