Bank Calculators: An instant guide to your loan repayments
A bank calculator is a great tool for anyone thinking about applying for a loan. It allows you to calculate how much you can afford to borrow and what your repayments will be, simply by entering a few details. Bank calculators take the guesswork out of applying for a loan and make the application process faster and easier for everyone. Anyone can use a bank calculator to tailor a loan to suit their needs and, and the bank calculators from Fox Symes, Gateway Credit Union and Latitude Financial Services are particularly user-friendly examples.
Fox Symes personal loan calculator
This calculator allows you to work out your minimum payments and see how your payment amount and frequency affects the interest paid as well as the term of the loan. Simply enter a loan amount, interest rate and loan term and then select your repayment frequency and repayment type. The results are displayed in both graph and table format.
Gateway CU personal loan calculator
Your repayment options will be displayed quickly and easily with this calculator, as well. Enter your details on the left-hand side of the calculator, including the amount you wish to borrow, the interest rate you want to pay and the loan term, repayment frequency and repayment type. The results are then displayed on the right in both a graph and table, showing your monthly repayments and also the total interest payable.
Latitude personal loan calculator
Determine how much your monthly, fortnightly or weekly repayments could be for different loan amounts and interest rates. It also shows you how much interest you could save by making extra repayments each payment period. First, enter your loan details, including loan amount, payment frequency, interest rate and loan term. Then enter an extra contribution amount and when you want it to start in the life of the loan. The result shows, in graph form, your original balance compared to the balance after your extra repayments have been made.Back to top
When will these bank personal loan calculators come in use?
Bank calculators are useful any time you’re thinking of applying for a loan. As well as showing you what you can afford, they offer a range of other benefits including:
- Calculate your loan from the comfort and convenience of your home
- Adjust variables such as the loan amount, term and frequency to fit in with your personal budget
- Calculate your loan and then apply immediately online, making the whole process much faster
- You can control the variables, making the loan more transparent and meaning there will be no surprises later on
- Make sure you're getting the most competitive loan by doing the calculations yourself
Personal loan calculator
The personal loan repayment calculator at finder.com.au offers the ultimate convenience when searching for a loan. All you do is enter the loan amount and term you're after and it lets you compare the loans offered by a range of different lenders. You can compare all sorts of things, including interest rates, fees and repayments, and it can be used to calculate any personal loan.Back to top
What personal loans do these banks offer?
Let’s take a quick look at the loans currently being offered by these three major lenders: Fox Symes, Gateway CU and Latitude Financial Services.
- Debt Consolidation Loans. Consolidate all your debts into a single loan, and be left with one manageable monthly payment. You can look forward to at a lower interest rate, helping you to save on the total amount you pay and also pay back your loan sooner.
- Variable Rate Personal Loan. You can borrow a minimum of $3,000 and a maximum of $30,000 with this variable rate loan. You'll be charged a competitive rate of 9.84% p.a. and have up to 7 year(s) to repay your loan. There's no penalty for extra repayments and also no account-keeping fees.
- Fixed Rate Personal Loan. Many of the features of this loan, including the minimum and maximum loan amounts, are the same as with the variable rate loan. The main differences are the loan period, as only a maximum 5 year(s) term is available, and the rate is a more competitive 10.59% p.a..
- Secured Car Loan. If you want to access vehicle finance up to $75,000, you can secure your loan with your car and enjoy a competitive rate of 7.04% p.a. This is available for up to 7 year(s) for new cars and 5 year(s) for used, with no penalty for additional repayments and no account-keeping fees.
Latitude Financial Services
- Fixed Rate Personal Loans. Loans from $3,000 are available, and loans over $50,000 are available for a rate of 12.99% p.a. You can borrow for a period of between 2 year(s) and 7 year(s) with flexible repayments, no penalty for extra repayments and the option of loan protection insurance.
Bank calculators are a great tool for borrowers, as they show you what you need and what you can afford before you apply for a loan. They offer convenient access, the flexibility to tailor a loan to suit your budget, the speed to have your loan approved fast, the transparency of knowing all the details upfront and the value for money that comes with doing it yourself online.