Personal Loan Calculator – Calculate Personal Loan Repayments & Interest Rates

Information verified correct on October 25th, 2016
Calculating the time required for paying off credit card debt

Getting the most out of a personal loan calculator

A personal loan calculator can do far more than simply help you work out your minimum monthly repayments. It can also be a very effective comparison tool, as well as a good way to help you budget more easily. You can also use it to create a debt reduction plan.

Here are some ways you can benefit from a personal loan calculator.

Interest rate comparisons

Input the amount you want to borrow into a personal loan calculator, add the term and the proposed interest rate. You should be given a repayment amount that should have your loan repaid by the end of the term.

Many calculators will also show you exactly how much interest you’ll repay over the total term. If you amend the interest rate higher or lower, you can see what affect this can have on your payment amounts. It will also alter the results for how much interest will be payable at the end of the term.

Shop around with different banks and lenders to see what interest rates they’ll charge and put these rates into the calculator to see how it can affect your payments.

Budgeting your repayments

If you’ve input your borrowing amount into a personal loan calculator and you’ve received a monthly repayment amount that looks too high for your budget, you can actively reduce the amount you need to borrow until the repayments suit you better.

This way you’ll know exactly how much you can afford to borrow while still comfortably keeping up with the repayments.

Debt reduction

Sometimes applying for a personal loan can be an effective way to consolidate other debts, such as credit card balances. Enter in the amount you’ll need to borrow and look closely at the monthly repayment amount. You could find it’s much less than you’re paying now on higher-interest charging debts.

If you want to work on a way to repay your loan sooner, you can change the minimum repayment amount to a higher figure. Paying a little more than the payment required can speed up your debt reduction plans and reduce the amount of interest you pay in the long run.
Learn more about the steps to take for effective credit card debt reduction

Back to top

Personal loan offer

Comparison of personal loans

Rates last updated October 25th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
A low interest rate loan with redraw facility to access money you've paid in advance.
From 13.69% (variable) 14.56% $5,000 1 to 7 years $150 More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $0 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
Aussie Personal Loan

Consolidate your multiple debts (credit cards, car loans, student loans and other personal loans) in to one low interest rate loan

From 12.99% (fixed) 13.94% $3,000 1 to 7 years $199 More
Back to top
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

3 Responses to Personal Loan Calculator – Calculate Personal Loan Repayments & Interest Rates

  1. Default Gravatar
    Graig | August 22, 2016

    For whatever kind of loan you borrow, you will have to pay interest. Interest is the profit that the bank or lender makes on loan what it earns for doing business with you. Commercial loans are often made on the basis that the principal is repaid in full at the end of the life of the loan, while interest is paid throughout. Loan Calculator Two covers this kind of loan.

  2. Default Gravatar
    Colleen | January 29, 2014

    Can I apply for a debt consolidation loan with Citibank if I am not a Citibank customer?

    • Staff
      Shirley | January 29, 2014

      Hi Colleen,

      Thanks for your comment.

      You don’t need to be a existing Citibank customer to apply. However, please remember to check the eligibility requirements before making an formal applications.


Credit Cards Comparison

Rates last updated October 25th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question