South Africa

Personal loan calculator: repayment, interest and fees

This personal loan calculator works out your monthly repayment, the total interest and a month-by-month repayment schedule. Enter the amount, the annual interest rate from your quotation and the term in months. If the lender charges an initiation fee that you pay upfront, add it in the fee field.

Tasamira editorial team · Updated:

The nominal annual rate on the reducing balance, as stated in the offer or contract (not a flat or add-on rate).

From 1 to 360 months.

Paid once, when you receive the loan. Leave empty if there is none.

Result

Example: a R10 000 loan over 12 months at 24% a year, with no initiation fee. Change the figures to work out your repayment.

Monthly payment

R945,60

  • Loan amountR10 000,0088%
  • Total interestR1 347,1512%
Total interest
R1 347,15
You pay in total
R11 347,15

An estimate based on the figures you enter: not an offer or financial advice. Your actual payments are set by your loan agreement.

Repayment schedule

MonthPaymentInterestPrincipalBalance
1R945,60R200,00R745,60R9 254,40
2R945,60R185,09R760,51R8 493,89
3R945,60R169,88R775,72R7 718,17
4R945,60R154,36R791,24R6 926,93
5R945,60R138,54R807,06R6 119,87
6R945,60R122,40R823,20R5 296,67
7R945,60R105,93R839,67R4 457,00
8R945,60R89,14R856,46R3 600,54
9R945,60R72,01R873,59R2 726,95
10R945,60R54,54R891,06R1 835,89
11R945,60R36,72R908,88R927,01
12R945,55R18,54R927,01R0,00

Online loans in South Africa

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How we calculate the payment

With equal payments (an annuity), every payment is the same. The payment A depends on the loan amount P, the monthly interest rate i and the number of months n:

A = P · i / (1 − (1 + i)−n)

With reducing payments, each month you repay the same share of the principal, P/n, plus interest on the outstanding balance R. That is why the first payment is the largest and the following ones go down:

Ak = P / n + Rk · i

Interest for each month is charged on the outstanding balance. We round each payment to two decimal places; the last payment absorbs the difference so that the principal repaid equals the loan amount exactly.

The monthly rate i is the nominal annual rate divided by 12.

This calculator does not work out the APR (annual percentage rate), which adds fees and other charges to the interest. We will add your country's legal formula once we have checked it. Until then, look for the APR or effective rate in your loan offer or agreement.

Example: R10 000 over 12 months at 24% a year

The example on this page uses a 24% annual interest rate and no initiation fee. The rate is chosen for the calculation and is not a quote from any lender.

What you payAmount
Monthly repaymentR945,60 (last one R945,55)
Interest over 12 monthsR1 347,15
Initiation fee at the legal maximum for this loanR1 050,00
Monthly service fee at the legal maximum, 12 × R60R720,00
Total you pay back, before any VAT on feesR13 117,15

Fees add R1 770 to a loan whose interest is R1 347,15, so on a small loan they can cost more than the interest itself. The total above leaves out credit life insurance and assumes the initiation fee is paid upfront. If the lender adds the fee to the loan instead, you also pay interest on it.

Fees and interest a lender may charge under the NCA

The National Credit Regulations cap interest and fees by type of credit. The interest cap moves with the South African Reserve Bank repo rate, which was 7,25% on 13 Oct 2026.

Type of creditMaximum interestMaximum initiation fee
Unsecured credit (most personal loans)repo + 21% a year, now 28,25%R165 + 10% of the amount above R1 000, never more than R1 050
Short-term credit5% a month on the first loan, 3% a month on later loans in the same calendar yearR165 + 10% of the amount above R1 000, never more than R1 050
Credit facilities (cards, overdrafts)repo + 14% a year, now 21,25%R165 + 10% of the amount above R1 050, never more than R1 050
Mortgage agreementsrepo + 12% a year, now 19,25%R1 100 + 10% of the amount above R10 000, never more than R5 250

The monthly service fee is capped at R60 for every type of credit (regulation 44). The National Credit Regulator gives this cap as R60 excluding VAT, so with a VAT-registered lender the fees in your quotation can be higher. Check whether they include VAT.

Credit life insurance

Credit life cover settles your debt if you die or become permanently disabled, and pays instalments for up to 12 months if you lose your job. The National Credit Regulator says the 2017 Credit Life Insurance Regulations cap its cost at R4,50 per R1 000 of the deferred amount for unsecured loans and most other credit, and at R2 per R1 000 for mortgages. A lender may not sell retrenchment cover to someone who is not employed.

You have the right to replace the policy the lender proposes with a policy of your choice (National Credit Act, s 106; regulation 33).

Compare the total cost, not only the rate

Two loans with the same interest rate can cost different amounts because of fees and insurance. Before you sign, the lender gives you a pre-agreement statement and quotation in the prescribed form (regulations 28 and 29), and that is where the fees and insurance are listed. Compare loans by the total amount you will repay, and use the calculator to check the instalment. To turn interest and fees into one annual cost figure, use the Tasamira loan cost calculator.

What is the maximum interest rate on a personal loan in South Africa?

For an unsecured personal loan it is the repo rate plus 21% a year. With the repo rate at 7,25% (13 Oct 2026) the cap is 28,25%. Short-term loans are capped differently: 5% a month on the first loan and 3% a month on later ones in the same calendar year. When the Reserve Bank changes the repo rate, the cap for new loans changes with it.

Can I settle my loan early?

Yes. You may settle at any time, with or without notice (National Credit Act, s 125). You pay the unpaid balance, the interest and fees due up to the settlement date and, only on a large agreement, a limited early termination charge. Ask the lender for a settlement figure in writing before you pay.

Online loans from NCR-registered lenders

If you need a smaller amount, compare online loans from lenders registered with the NCR: the amount and, if the lender publishes them, the term and rate, from each lender's own site, with the source and the date we checked. You apply on the lender's website and the comparison is free.

Sources

Methodology