FairKash+ Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
Calculating Interest Rates and Repayment Amounts for Personal Credit Loans on Fairkash+
Personal credit loans play a pivotal role in addressing urgent needs and achieving personal goals. Understanding how to calculate the interest rates and repayment amounts for personal credit loans is essential for borrowers. Fairkash+, as a loan application platform, offers a convenient way to compute loan rates and repayment amounts. This article delves into the methods of calculating interest rates and repayment amounts for personal credit loans on Fairkash+.
Calculating Personal Credit Loan Interest Rates:
Determine the Benchmark Rate: Firstly, understand the benchmark rate, usually a market rate like the prime rate or a certain number of basis points above it.
Know Your Credit Score: Your credit score affects your loan rate. Higher credit scores generally lead to lower loan rates. You can obtain your credit score from credit bureaus.
Check Fairkash+ Loan Rates: On Fairkash+’s official website or app, look for information about rates for different loan types. Usually, a range will be provided, and based on your credit score and loan type, you can find the applicable rate range.
Use a Loan Rate Calculator: Fairkash+ might provide a loan rate calculator, allowing you to input the loan amount, term, and credit score to calculate the expected loan rate.
Calculating Personal Credit Loan Repayment Amounts:
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Determine Loan Amount and Term: Start by determining the amount you wish to borrow and the loan term. This will be the basis for calculating repayment amounts.
Calculate Monthly Rate: Convert the annual rate to a monthly rate by dividing the annual rate by 12.
Use Repayment Calculation Formula: Use the following repayment formula to calculate monthly repayment amounts:
Repayment Amount = Loan Amount * [Monthly Rate * (1 + Monthly Rate)^Loan Term] / [(1 + Monthly Rate)^Loan Term – 1]
Consider Other Factors:
Prepayment Policy: Understand Fairkash+’s prepayment policy so you can make early repayments in the future to reduce total interest paid.
Additional Fees: Occasionally, loans may come with extra fees like management fees, insurance costs, etc. Factor in these fees when calculating repayment amounts.
Calculating with a Real-life Example:
For instance, if you borrow KES10,000 with a loan term of 3 years and an annual rate of 8%, using the above formula, your monthly repayment amount would be approximately KES312.34.
Understanding how to calculate interest rates and repayment amounts for personal credit loans is crucial for borrowers. By following the methods outlined above, you can easily compute applicable loan rates and expected repayment amounts on Fairkash+, enabling you to make informed borrowing decisions.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
The amount of loan you got.
Contact：+254 796383534
