21. How do I use the loan calculator to calculate my monthly loan payments or my payment schedule?

The repayment calculator will give you an idea of what your monthly payments or payment schedule will be if you are interested in applying for a loan. To use the loan calculator you need the following information:

• Loan Amount:This is the total amount that you are applying. It does not include interest or fees.
• Monthly Interest Rate:This is the current interest rate that the bank has agreed to give you for the duration of the loan.
• Tenure of loan in months:This is the tenure of the loan – from the time the loan was granted till you finish paying it.
• Repayment Schedule:If you wish to receive the full repayment (Amortisation) schedule click on “Yes”. This will give you the monthly payments for the duration of your loan, indicating the principal/interest balances at the end of each month. If you click on “No” you will receive the amount of your monthly payments only. Click on “Calculate” to receive the information you requested.