Have you seen any calculator that can estimate the amount you would pay back after collecting a loan? The Renmoney calculator is for you! Whenever you borrow a loan, sometimes clients did it hard to estimate how much to pay back. Also, with the fluctuations in the interest rate, it is somewhat impossible to calculate the estimated payment period. However, this article is very much information as to the use of the Renmoney calculator and its pros and cons.
What is Renmoney Loan Calculator?
The Renmoney loan calculator is a fantastic platform that allows clients to estimate the amount of a loan from Renmoney. With this calculator, customers can input the amount they want to borrow, the duration of the loan, and the interest rate. This calculator’s job is to estimate the total cost of the loan, including the charges.
The Renmoney loan calculator is readily available on the Renmoney website. It is fast and easy to use. Clients are free to use the calculator to see to adjust the loan amount and time to see how it affects the amount of the loan. This platform helps clients make good decisions about their borrowing needs and allow them to plan their money effectively.
Benefits of Renmoney Calculator
1. It helps calculate the monthly repayment plan
The calculator can estimate the monthly payment plan. It is based on the loan amount, timing, and amount.
2. Estimate total loan cost
The calculator is very powerful. It helps calculate the cost of a loan – this includes principal, interest, and charges. It also helps customers compare and contrast different loan offers. The terms and conditions for many Microfinance banks can be compared using the Renmoney Calculator.
3. Provide a quick estimate
The calculator enables users to get quick results for loan estimates in a very quick timing. It helps save customers time compared to using your hands and fingers to do the maths.
4. Customize loan amount and duration
Clients can adjust the loan amount and timing to notice how it affects the amounts of the total loan amount.
Demerits of Renmoney Calculator
1. Provide Loan Estimate Only
The loan calculator provides a fine estimate for loans only. The actual terms and conditions of the loan may be solely dependent on the actual cost of the loan. Clients are therefore obliged to read out the loan cost agreement carefully and without issues before accepting the Renmoney loan offer.
2. It assumes a fixed interest rate
The Renmoney calculator assumed almost all the time a fixed interest rate for loan durations. This may not always be the case all the time. Sometimes interest rates may change. It fluctuates all the time, while some may have variable interest rates. All this may affect the total cost of the loan.
3. It doesn’t give Advice
The Renmoney calculator enables users to know the total cost of a loan. It doesn’t add additional advice or information regarding the estimate. Clients are therefore advised by the writer to seek financial advice before borrowing or making any financial advice.
4. It doesn’t cover a wide range of service
This calculator just provides estimates as emphasized before. Just like any calculator, it does not take notice of charges, penalties, or other financial fees associated with credit offers. Therefore, all clients should be aware of the cost associated with the cost of the loan before agreeing to any loan request.
Requirements for Renmoney loan Calculator
Step 1: Enter the Renmoney website.
Step 2: Tap the ‘Loan Calculator’ Tab
Step 3: Enter the loan amount you want to borrow.
Step 4: Enter the loan durations. The duration represents the number of days/amount you would use to pay back the loan
Step 5: Enter the interest rate you’ve been given.
Step 6: Enter the “Calculate” tab
Step 7: The loan Calculator would calculate the estimated payment period and the amount you need to pay back.
This would include the interest charges.
However, if you want to adjust the figure, you can do so by tapping the ‘Reset’ button.
As stated earlier, the calculator can also be used to enter the loan offered by other organizations.
What is Renmoney loan interest rate?
Renmoney loan interest rate is about 34% yearly. On their app and website, you get to see their mobile calculator.
What is Renmoney loan requirements?
This is simple. Do not be more than 60 years of age. Do not be younger than 22 years of age. Have a good relationship with your credit bureau in your country. Be a salary or wage earner. Live in a country where Renmoney operate.
What is the maximum loan amount for Renmoney?
The maximum loan amount for Renmoney is 6 million naira. You can borrow as huge as that and pay it back within 2 years.
How do you calculate monthly loan payment?
You can do this by simply dividing your loan interest by 12 months and then multiplying the results by the principal. The formula is (principal × interest/12months).
What is 20% interest per month?
Comvert the 20% to a fraction. This would give 0.2. Divide 0.2 by 12. This would result in 0.0167.
The Renmoney calculator has been used several times so the probability for it to give a bad result is low. However, customers are allowed to perform the arithmetic in a separate book or paper before using the Renmoney calculator. Anyway you want to do is fine by you, but with the Renmoney loan calculator, it makes your work far easier and faster. With high-end technology, many users have found it easier to use the calculator more often. Oftentimes, it is used to compare loan offers from other organizations rather than Renmoney.