Are you considering a personal loan and want to know what your monthly repayments might be? Old Mutual offers an easy-to-use Loan Calculator to help you estimate your repayment amounts, giving you a clearer idea of what to expect. Here’s a simple step-by-step guide to using the Old Mutual Loan Calculator.
Step-by-Step Guide to Using Old Mutual Loan Calculator
1. Access the Loan Calculator
To begin, head over to the Old Mutual Loan Calculator. This is where you’ll be able to input your loan details and instantly get an estimate of your monthly repayments.
2. Select the Loan Amount
Once on the calculator page, the first step is to select how much you would like to borrow. Use the slider or enter a specific loan amount. Old Mutual allows you to apply for personal loans tailored to your financial needs.
3. Choose Your Loan Term
Next, choose how long you would like to repay the loan. The loan term is flexible, ranging from 3 months to 72 months (6 years). Select the repayment term that best fits your financial situation. Keep in mind that a longer term may reduce your monthly repayments, but could increase the total interest paid over the life of the loan.
4. Click ‘Calculate’
After selecting your loan amount and repayment term, click the ‘Calculate’ button. The calculator will quickly provide an estimate of your monthly repayments, including any credit life insurance and service fees that may apply.
5. Review the Estimated Repayment Amount
Once the calculation is complete, you will be shown your estimated monthly instalments. Remember, this is just an estimate and your actual repayment amount will be confirmed after a full credit assessment by Old Mutual Finance.
Additional Features of the Loan Calculator:
- The calculator automatically includes credit life insurance and service fees in the estimated repayment amount.
- Interest rates are calculated monthly, and the maximum rate can go up to 29.25% annually depending on your credit profile.
Important Notes:
- All loan estimates provided by the calculator are indicative only and are subject to Old Mutual’s full credit assessment.
- The loan offering includes a once-off initiation fee and monthly administration fees.
- For example, a loan of R5,000 over a 3-month term will have a total payable amount of R6,204.91.
Loan Disclaimer
The Old Mutual Loan Calculator is a helpful tool for estimates, but the actual loan details may differ. Old Mutual Finance does not provide any warranties regarding the accuracy of these estimates and takes no responsibility for losses due to reliance on this information. Always ensure you understand the full loan terms before proceeding with any application.