Before you borrow money, you need to understand the real cost of the loan. Our Loan Calculator will help you to quickly estimate your monthly repayment, total interest, and total loan cost. You can use it to calculate bank loans and loan app loans in Nigeria. By using this tool, you’ll know exactly what to expect before taking that step.
Loan Calculator Nigeria
Use this free loan calculator to calculate monthly repayment, total repayment, total interest, or even estimate your loan interest rate. It works well for both loan apps and bank loans.
How Our Loan Calculator Works
This loan calculator is a powerful online tool that helps you to understand the true cost of loan before you take any loan offer. All you need to do is enter three details:
- Loan amount – how much you want to borrow
- Interest rate – the rate charged by your bank or loan app
- Loan term – how long you plan to pay back the loan
Once you fill these in, the calculator instantly shows you:
- Your monthly repayment
- Your total repayment amount
- The total interest you will pay
- The loan interest rates
This will allow you to make better financial decisions and avoid unfavorable loan terms.
See Also: List of loan apps approved by CBN
Why Use Our Loan Calculator?
Imagine you want to borrow ₦500,000 but don’t know which lender or loan term to choose. With this loan calculator, you can test different repayment durations (e.g., 3 months, 6 months, or 12 months) and see how the monthly repayment and total cost of the loan will change.
This way, you’ll know exactly what you’re committing to, instead of being surprised by hidden charges later.
See Also: 30 Best Loan App in Nigeria 2025 Review
Loan Calculator for Banks in Nigeria
Banks in Nigeria usually provide structured loans with higher borrowing limits and longer repayment terms compared to loan apps. Depending on the bank, loan amounts can range from as little as ₦50,000 to as much as ₦10 million, with interest rates typically falling between 15% and 28% per year. Repayment periods are often more flexible too, and can extend up to five years.
Our loan calculator works perfectly for bank loans. You can simply select your lender—whether it’s a commercial bank or a loan app—enter the loan details, and see the actual cost of borrowing. This includes your monthly repayment, the total repayment over the loan term, and the total interest you’ll pay. With this insight, you’ll have a clear picture of what your bank loan will really cost before you commit.
Loan Calculator for Loan Apps in Nigeria
Loan apps have become very popular in Nigeria because they make it easy to access money quickly without collateral. These apps usually offer smaller loan amounts, starting from as little as ₦5,000 and going up to around ₦500,000. Their repayment periods are shorter, often between one and twelve months, and the interest rates can be much higher than banks, sometimes ranging from 3% to 30% per month.
Our loan calculator also works for loan app offers. You can choose the lender, enter the loan amount, interest rate, and repayment period, and instantly see the true cost of borrowing. The calculator shows you your monthly repayment, the total repayment, and the total interest you’ll pay. This makes it easier to compare loan apps against each other—and against banks—so you can decide which option is truly affordable.
Which Loan Apps Can I Use this Calculator for?
The calculator is useful in all loan app. You can use it to calculate the loan amount, interest rate, and the monthly repayment amount on the following loan apps:
- FairMoney
- Carbon (Paylater)
- Branch
- PalmCredit
- Okash
- Renmoney
- Aella Credit
- QuickCheck
- Migo
- KiaKia
- Kuda
- ALAT by Wema
- QuickCredit
- EaseMoni
- Opay
- moniepoint
- Page Financials
- Zervance
- Specta
- CredPal
- Umba
Benefits of Using Our Loan Calculator
- Accuracy—Get instant results with no manual math.
- Transparency—Know the true cost of the loan before you apply.
- Comparison—Test different loan amounts, interest rates, and repayment plans.
- Flexibility—See how loan apps differ from bank loans.
Try It Now
Use our free loan calculator above to calculate:
- Your monthly repayment
- Your total repayment & interest
- Estimate your loan interest rate
This tool is designed for Nigerian users and works for both loan apps and bank loans.
See Also: Loan Apps with Low Interest Rates
Frequently Asked Questions About Loan Calculators
What is a loan calculator?
A loan calculator is an online tool that helps you determine your monthly repayments, total repayment, and total interest on a loan based on the loan amount, interest rate, and repayment term.
How do I calculate loan interest?
Simply enter your loan amount, interest rate, and loan term into the calculator. The tool will show you the total interest and how much extra you’ll pay compared to the original loan amount.
Can I calculate my loan interest rate if I only know my monthly repayment?
Yes. With our calculator, you can switch to Interest Rate Calculator mode by entering the loan amount, term, and monthly repayment. The tool will estimate your effective monthly interest rate.
Why should I use a loan calculator before borrowing?
A loan calculator helps you avoid surprises by showing the real cost of borrowing. It allows you to compare different lenders and choose the most affordable loan option.
What is the difference between flat rate and reducing balance?
Flat Rate (Loan Apps): Interest is calculated on the entire loan amount throughout the term, making payments higher.
Reducing Balance (Banks): Interest is calculated on the remaining balance each month, so payments reduce over time.
Conclusion
With our loan calculator, you can instantly calculate loan interest and repayment amount. See the difference between loan apps and bank loans in Nigeria. This loan calculator can help you to make a smart borrowing decision.
