Bank calculators for fast, easy, DIY loan calculations.
Bank calculators are revolutionising the way we apply for loans. These user-friendly online tools allow us to calculate how much we can afford and what our repayments will be, all without having to set foot in a bank. Here we look at how to use bank calculators, what they can do for us and the kinds of personal loans currently on offer from several major lenders.
How to use bank calculators
Bank calculators are easy to use and very convenient, as these three calculators demonstrate:
IMB personal loan calculator
This calculator works out your personal loan repayments over the period of your loan. Simply enter the amount you want to borrow, select the repayment frequency from the options supplied, and use the sliding scales to select the interest you want to pay and the term of the loan in years. Your results will then be displayed in both graph and table form, allowing you to see at a glance how much your repayments will be.
loans.com.au loan calculators
This site offers a range of calculators, including a home loan calculator, a car loan calculator, and even a calculator for working out stamp duty and tax payable on your home loan. You simply enter the amount, the term, the interest rate and the minimum repayments you want to make to see exactly how much you can save over the life of the loan.
ME Bank personal loan calculator
This calculator gives you control of all the variables, allowing you to fully customise your personal loan. Use the sliding scales to select the loan amount and loan period in years, select either fixed or variable interest (if variable, choose the amount you wish to pay), select repayment frequency (weekly, fortnightly or monthly) and repayment type (principal and interest or interest only). Your results are then displayed in both graph form and as a table, showing the amount of your ongoing repayment and the total interest payable.
When will these bank calculators come in handy?
Bank calculators are the simple way to apply for a loan. They allow you to do your homework beforehand so that you don’t apply for more than you can afford or take on repayments that don’t fit your budget. The benefits for borrowers include:
- Speed. They speed up the loan application process, allowing you to calculate what you need and then apply directly online.
- Convenience. The days of pen and paper are over. The Internet allows you to access the tools you need 24/7 from any mobile device.
- Flexibility. Bank calculators put the variables in your hands, letting you adjust each until you find the perfect fit for your needs.
- Transparency. Because you control the variables, you know upfront what the loan includes, which means no hidden surprises later on.
- Value for money. By providing online tools such as calculators, banks can reduce their overhead expenses and administration costs, which translates into better value loan products.
Personal loan calculator
The personal loan calculator at finder.com.au takes online calculators to the next level. Rather than working out the best loan deal from one bank at a time, it allows you to compare the loans offered by a number of different lenders, all on the one page. It’s the ideal way to see who’s offering what and who has the best deals. All you do is enter the loan amount and the duration you prefer, and the calculator displays the results from a variety of lenders, including NAB, Latitude Financial Services, ANZ, SocietyOne, Aussie, loans.com.au, RACV, Westpac and Citibank. You can see and compare a range of variables, including repayments, interest rates and applicable fees. It’s a great tool for calculating any personal loan.
What personal loans do these banks offer?
Here’s a brief look at the personal loans offered by three major lenders: IMB, loans.com.au and ME Bank.
- New Car Loan: Minimum $2,000, maximum $75,000, 6.34% p.a. (comparison rate 6.62% p.a.), with no penalty for early repayments, 1 to 7 years and no ongoing account-keeping fees.
- Secured Personal Loan: Minimum $2,000, maximum $60,000, 7.39% p.a. (comparison rate 7.67% p.a.), with no penalty for early repayments and no ongoing account-keeping fees.
- Unsecured Personal Loan: Minimum $2,000, maximum $20,000, 11.69% p.a. (comparison rate 13.09% p.a.), with no penalty for early payout and no ongoing account-keeping fees.
- Car and Personal Loans: Minimum $5,000, maximum $100,000, 4.94% p.a. fixed rate (comparison rate 5.49% p.a.), 3 to 7 year terms. Early payout is available and there are no monthly or annual fees.
- Low-Rate Personal Loans: Minimum $5,000, maximum $50,000, fixed rate (comparison rate 12.36% p.a.), 1 to 7 years, with no security required, no extra repayment or early payout fees and no ongoing account-keeping fees.
Bank calculators are invaluable tools, as they let you know what you can afford upfront, before you apply for a loan. They offer speed, convenience, flexibility, transparency and value for money. If you’re thinking about applying for a loan, you should try a bank calculator first.