Master Your Finances with Our New Savings and Loan Interest Calculator

Master Your Finances with Our New Savings and Loan Interest Calculator

Master Your Finances with Our New Savings and Loan Interest Calculator

May 6, 2024

We are excited to announce the launch of our newest tools, intended to give you clarity and control over the decisions you make about saving and borrowing as a reliable partner in your financial journey. Introducing our brand-new  Savings Calculator and Loan Interest Calculator!

There are moments when navigating the savings and loan worlds feels like navigating a maze of figures and technical terms. We know how important it is to manage your finances with simplicity and transparency.

These easy-to-use calculators are designed to help you see your financial obligations and opportunities.

Savings Calculator: Predict your Investment growth

We are pleased to introduce our Savings Calculator—a useful tool for people trying to accumulate wealth and meet their financial goals.

Here is how it works:

  • Step 1: Select the NGN1 million minimum first.

  • Step 2: Select a savings period from two months to a year.

Our savings calculator does the math to show you how your savings will increase over time while accounting for the annual interest rate and the amount remaining after withholding tax is subtracted. Having a clear idea of how much you could save will help you stay motivated and move closer to your financial objectives.

Check out this explanatory video to learn how to easily navigate our Savings Calculator!

Check out the savings calculator here.

Loan Interest Calculator: Master Your Loan Repayment

Our loan interest calculator's goal is to provide users with guidance on calculating the interest and duration of their loans. Whether you are considering obtaining a business loan or not, this easy-to-use tool provides clear details about your financial obligations.

Here's how it works:

  1. Loan Amount: Select the total amount you want to take out.

  2. Loan Term: Select the length of time you wish for the loan.

  3. Interest Rate: Select the loan's interest rate.

With just a few clicks, our calculator will generate a detailed breakdown of your monthly payments, total interest paid over the life of the loan, and the overall cost. With this important information, you will be able to make well-informed decisions about borrowing and ensure that the loan terms are suitable for your financial situation.

Check out this explanatory video to learn how to easily navigate our Savings Calculator!

Understanding Our  Savings and Loan Interest Calculator

We have defined a few key terms to help you better understand our calculator.

Initial Deposit: This is the starting amount you deposit into your savings account or investment. For our Savings Calculator, the minimum initial deposit is one million.

Duration of Savings: This refers to how long you intend to invest or save money. The length of time you save impacts your financial results, regardless of whether you are saving for a short-term objective or accumulating wealth over time.

Withholding Tax (10%): It's important to consider taxes when calculating your savings or investment returns. Our calculator automatically accounts for withholding tax at a rate of 10%, giving you a clear picture of your after-tax earnings.

Amount of Interest You'll Earn: With our Savings Calculator, you'll instantly see how your initial deposit, interest rate, and duration of savings combine to generate interest earnings. It is an effective tool for seeing how your savings have increased over time.

Interest Rate (per annum): The interest rate is the percentage of the loan amount charged as interest to the borrower. It's crucial to understand how the interest rate affects your overall loan repayment.

Payable Interest: Knowing how much interest you will pay overall on a loan is crucial to helping you make wise financial decisions. With the help of our loan interest calculator, you can get a detailed breakdown of your repayment plan that includes the total amount of interest that will be due.

Ready to take control of your finances? Try out our new calculators today and embark on a journey towards financial empowerment!

Click Here to use our savings and loan interest calculators.