Compare cost scenarios
What a discount changes in rand
A smaller interest rate does not tell you the whole saving. Compare the fees and total on the same amount and term.
This page illustrates hypothetical discounts. There is no membership to earn and no promise that an external provider offers these terms.
The same example, four sets of assumptions
R5 000 over five months, with modelled credit life cover. Payments decrease as the modelled premium follows the balance down; the first payment is shown below.
| Scenario | Monthly interest | Initiation fee | First payment | Total | Difference |
|---|---|---|---|---|---|
| Standard | 5% | R649.75 | R1 376.32 | R6 838.82 | R0.00 |
| 10% off interest | 4,5% | R649.75 | R1 360.41 | R6 759.02 | R79.80 |
| 20% + half fee | 4% | R324.88 | R1 279.61 | R6 354.82 | R484.00 |
| 30% + no fee | 3,5% | R0.00 | R1 198.91 | R5 951.08 | R887.74 |
Keep the comparison like for like
Use the same amount, term and insurance assumption when comparing rates. If one quotation runs for longer or includes a different fee, compare the total and schedule again. Do not take a new loan only to obtain a discount.
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