Loan Calculator Nigeria
Work out your monthly repayment, total interest and the true cost of a loan. Compare flat-rate and reducing-balance loans before you sign.
Results are estimates for planning. Confirm final figures with your accountant or the Nigeria Revenue Service (NRS). Everything runs in your browser and nothing you enter is stored by us.
Run a cooperative or lending business? Manage loans and repayments in one system.
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What This Loan Calculator Shows
- Your monthly repayment for any amount, rate and tenor
- Total interest and total amount you will repay
- Upfront fees such as management or insurance fees, and the cash you actually receive
- Flat-rate and reducing-balance calculations side by side
- Rates quoted per month or per year
- A month-by-month repayment schedule
Flat Rate vs Reducing Balance
A flat rate charges interest on the full loan every month, even as you pay it down. A reducing-balance rate charges interest only on what you still owe. A 2% monthly flat rate costs far more than a 2% monthly reducing rate, so always ask which one a lender uses.
Check the True Cost
Add the interest and all upfront fees together to see what the loan really costs. Compare that total across lenders, not just the quoted interest rate.
Frequently Asked Questions
For a reducing-balance loan, the repayment is fixed so that each payment covers that month's interest plus part of the principal. For a flat-rate loan, total interest is the loan amount times the rate times the number of months, divided evenly across the tenor.
Many Nigerian lenders quote monthly rates. A 3% monthly rate is roughly 36% a year before compounding. Choose Per month or Per year in the calculator to match how the rate is quoted.
Because interest is charged on the original amount for the whole tenor, even though you owe less each month. The effective rate can be close to double the quoted flat rate.
Yes. Management, processing and insurance fees reduce the cash you receive and increase the real cost of the loan.
Yes, as a quick check. For managing many members and loans, a loan management system automates schedules, repayments and reminders.
Manage Loans and Repayments Automatically
Lifehampers builds cooperative and loan management systems with member records, repayment schedules, reminders and reports.