Capfin loan calculator is the online tool created by Capfin Loans to help customers estimate the cost or t amount of money that can be borrowed for a period of time.
Capfin Loans Calculator Explained
One thing that makes Capfin loan system more efficient is their transparency, where the customer is given the opportunity to see what goes into the calculation if loan repayment such as the Principal (the amount lended without interest or fees) the interest rate, other fees and charges.
READ ALSO : Capfin Loans Requirements
The first thing you see when you visit the homepage of the official website of Capfin loan is the loan calculator programed in such a way that it is interactive.
The image above is how the calculator looks like, but no your usual Calculator you see around, lol ????????????????????????
Let’s take our time and explain what each feature on the calculator means and its core functions.
The Principal (Amount at the Top)
It is the capital amount you the applicant wish to borrow. In loan’s terminology, it is referred to as “Principal”. For instance if you need say R5000 or R20000 as loan amount, it will be the amount of money that will be deposited into your bank account after approval.
The least amount one can borrow from Capfin is R1000 and the maximum amount is R50000 depending on the affordability of the applicant. They look at the income level and expenditure of the applicant.
The Slider – Capfin Calculator
Just below the principal amount is the slider. The slider is connected to the Principal and ranges between R1000 and R50000 inclusive.
It increases in value when moved from left to the right and vice versa. The slider has a handle (rounded) and as it moves the amount changes together with the installment and fees and charges.
Just below the slider is the loan duration
They have two loan payment duration thus :
- six months and
- 12 months.
Six months duration goes with amount ranging from R1000 to R8000 and you can request to pay within this period for such amounts. For instance, if you take R2000, it doesn’t necessarily mean go pay within Six months, but can request to be paid back in 3 months and so on.
The second duration also covers amounts more than R8000 to R50000 and just as explained, you can request to pay back in shorter duration than the stipulated six to 12 months.
The reason why people want short term loans, because the longer the loan duration the higher the amount of money paid altogether at the end.
For instance, if two people take the same amount of money as loan but one with shorter duration and the other with longer duration but all other conditions remains the same, the one with longer term will pay more compared with the with shorter term.
This is the amount that will be paid every month as repayment, it includes the principal and interest and fees.
Interest & Fees
Capfin has fused together the interest rate and other charges into this and they are explained to make it more transparent.
Total Repay Amount
This is the sum total of the amount the applicant will pay back after the loan’s term which includes the Principal together with the interest and fees associated.