Simulators

Calculator Information

The Equipment Financing Calculator It estimates the repayment amount required, at the requested frequency, based on the loan details entered: amount, term and interest rate.
The product selected determines the default interest rate for the personal loan product.

The Equipment Financing Calculator also calculates the time saved in repaying the loan and the amount of interest saved, based on an additional contribution entered by the customer. This applies if the payments are increased by the extra amount specified per payment period.
This feature is only available for products that allow additional payments.

The calculations are carried out according to the specified payment frequency and based on the original loan parameters: amount, annual interest rate and term in years.

Calculator Scenarios

Length of the month
It is assumed that all months are of equal length. In practice, many loans accrue interest on a daily basis, which means the amount varies depending on the number of days in each month.

Number of weeks or fortnights in a year
It is assumed that a year has exactly 52 weeks or 26 fortnights. This implies assuming a year of 364 days rather than the actual 365 or 366.

Rounding of the amount of each payment
In practice, payments are rounded to at least the nearest cent. However, the calculator uses the unrounded payments to calculate the interest payable in points along the graph and over the entire term of the loan.
This assumption results in a smoother graph and equal payment amounts. Note: the final payment may vary after the increase in the payment amount has been applied.

Rounding of time saved
The time saved is shown in years and months, fortnights or weeks, depending on the selected payment frequency. A possible final partial payment is taken into account when calculating the savings.

Amount of interest saved
This amount can only be estimated on the basis of the time saved and the original terms of the loan.

Calculator Disclaimer

The results from this calculator should be used for guidance only.
These do not represent product quotes or pre-approvals.
Each institution uses different formulas.
Information such as interest rates and the figures used in the assumptions are subject to change.