What everybody needs to know about bank personal loan calculators they find online
You can use a typical personal loan for various purposes, from going on a holiday or getting married, to consolidating debts or to simply get through a temporary financial setback. In any case, you can use a personal loan calculator to establish how much you can afford to borrow after accounting for what your repayments might look like. Luckily, a number of financial institutions offer such calculators to help you with your borrowing needs.
How to use bank calculators
Community Mutual personal loan calculator
The Community Mutual Group, which comprises Hunter Mutual, New England Mutual, and Orana Mutual, offers a personal loan repayments calculator that illustrates what your repayments might look like while also indicating how much you’ll end up paying in interest. This calculator displays results in the form of a graph and a table, and requires you to enter the following:
- Loan amount. This is the amount you want to borrow.
- Loan term. Maximum loan term can depend on the amount you borrow.
- Loan type. Here, your options include fixed, variable, and introductory.
- Interest rate. This refers to your chosen loan’s existing interest rate.
- Repayment frequency. You get to choose between making weekly, fortnightly, and monthly repayments on your loan.
- Repayment type. Do you want to make interest-only repayments during the initial stages?
Comtax Credit Union personal loan calculator
The Comtax Credit Union personal loan calculator helps you establish what your loan repayments might look like after taking various aspects into consideration, and you get to view results in the form of a graph and a table. Details you have to provide are as follows:
- Loan amount. This refers to the principal amount, the sum you wish to borrow.
- Payment frequency. How often do you wish to make repayments?
- Interest rate. Enter the interest rate in accordance to the loan you choose.
- Loan term. Play around with the loan term to see the effect it has on your repayments and total interest you'll need to pay.
Credit Union SA Ltd personal loan calculator
Credit Union SA offers a principal and interest calculator that also accounts for additional repayments you might make, and this calculator displays the results in a tabular format. The variables you have to enter include the following:
- Amount of loan. How much money do you wish to borrow?
- Interest rate. What is the chosen loan’s existing interest rate?
- Extra repayments per month. See the effect making extra repayments will have on the loan.
- Number of years. This refers to the loan term, or how much time you want to take to repay the entire loan.
When will these bank personal loan calculators come in use?
Using a personal loan calculator before you actually apply for any personal loan can help in multiple ways.
- Choose a loan amount as per budget. A loan calculator gives you a clear indication of what your repayments might look like based on how much you want to borrow, and this can help you arrive at a suitable loan amount.
- Compare loan terms. The length of your loan terms has an effect on your repayments, and it also affects the total interest you have to pay. For example, while a shorter loan term might attract higher repayments, you’d end up paying less in the form of interest.
- Compare interest rates. Even loans offered by the same financial institutions can charge different interest rates. When you use a personal loan calculator, you can easily see the value of the difference in rates.
- Establish the benefits of making extra repayments. Certain personal loans allow you to make extra repayments without charging penalties, and in such instances, you can see what effect these have on the loan term and the total interest payable.
- Save time. If you are to carry out these calculations on your own you’ll end up spending longer comparing loans from different institutions. Such calculators automate all these calculations for you.
Personal loan calculator
Anyone looking to get a personal loan can benefit by using finder.com.au personal loan calculators. These calculators serve distinct purposes, and you can use them for loans offered by any financial institution, including ones discussed on this page.
- How much can I borrow? Provide your income and expenditure details along with a loan term, and presto — you'll find out how much you can afford to borrow, how much you’ll have to repay each month, and how much you’ll end up paying in interest.
- Loan repayment calculator. Use this calculator to find out how much you might have to repay weekly, fortnightly, or monthly, as well as how much interest you'll have to pay all up.
- Comparison calculator. If you want to compare any two personal loans side-by-side, this is the calculator to use.
What personal loans do these banks offer?
Community Mutual Group offers a few different personal loan options. These include a Personal Loan, Personal Touch Loans and an Enviro Loan. The interest rate, as well as maximum loan term, varies from one offering to the next. The Enviro Loan offers a special interest rate for purchases that are energy efficient and promote sustainability, or benefit the environment.
Comtax Credit Union
Comtax Credit Union provides secured and unsecured personal loans, and both come with redraw facilities. The maximum loan amount and loan term depends on the type of loan you’re after, and both allow early repayments without charging penalties. These loans don’t charge any ongoing monthly account-keeping fees.
Credit Union SA Ltd
With Credit Union SA personal loans you can apply for any amount between $1,000 and $100,000 according to your requirements and eligibility. You get to choose between fixed and variable rate loans, and both types allow extra repayments without charging penalties. You can look forward to a lower interest rate if you can provide some form of acceptable security.
While getting a personal loan can help you finance something you want in your life, it’s best to know what you’re getting into at the onset. Besides, with there being scores of options from which to choose, it’s also important to compare a few before you decide to apply. That's where a personal loan calculator, like the ones featured on this page, can help.