Rateweb Business Loan Calculator?
Are you shopping for a business loan? Rateweb’s business loan calculator can help you determine if you can afford a loan at this time.
Enter the loan amount, loan term and estimated annual percentage rate to find out your monthly payments and total interest costs. Then view business loan options based on your credit score.
Use this calculator to estimate your monthly repayments and total interest based on the loan term and the estimated 2% monthly interest.
N.B: This business loan calculator only gives estimates. Each individual lender has their own calculations that they employ when deciding on a Business Loan application.
Rateweb Readers also ask:
How much can my business borrow?
You can borrrow between R 10 000 to R 5 million. However, there are many factors to be considered, including your trading history, credit score, the type of lender your business is borrowing from. Mostly, small businesses do go beyond R 5 million. However, larger businesses can go beyond R20 million.
What is the interest rate on a business in South Africa?
Average interest rate on a business loan is 20.5% from banks. However, fintech lenders or alternative lenders can go as high as 35%. Your risk profile will play a major role in determining the interest rate you will be charged.