We all need a helping hand once in a while, however, it is not wise to take out a loan without getting proper information about the monthly repayments. It is also tedious to do the loan calculations by yourself before heading to the bank. In a response to this need, the Kenya Bankers Association recently unveiled an online loan calculator, a tool designed to help borrowers in determining the most affordable credit facility.
The loan calculator allows you to determine the cost of credit and the best available option among the lenders at the comfort of your house in a matter of seconds. It is also quite accurate hence giving you a true picture of the loan facility and the repayment.
The loan calculator platform is also free to use by any interested party. It can be accessed on the Kenya Bankers site or can be downloaded as an app.It is also quite user friendly and all one needs is the interest rate, loan amount, and tenure of the loan for it to display the
estimates. Other than just giving you the loan calculation,the platform also allows you to compare the loan quotations of various lenders thus allowing you to get the best deal possible.
Some of the benefits of using this calculator include;
- It helps you to difference between the amount you are actually borrowing and the total
amount you are going to repay. This assist in picking the service that matches your repaying ability. - It also assists in comparing the APR of multiple options to pick the most reasonable option available in the market.
But before availing any service it is notable that every lender has their individual policies on which they offer the cash help. Thus, it is wise that you make use of online loan calculator to find the best option that is both reasonable and transparent.