Loan Calculator Nigeria

The calculator uses two key formulas. First, it calculates your maximum qualifying loan as: Monthly Income × Employment Factor × 0 months. Second, it uses the standard bank amortisation (PMT) formula to calculate monthly repayments: M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months. Your eligibility score is based on your debt-to-income ratio and employment status.

Most Nigerian banks require that your monthly loan repayment does not exceed 33% to 40% of your monthly net income. For example, if you earn ₦200,000 per month, your maximum comfortable monthly repayment is ₦66,000 to ₦80,000. A lower DTI ratio improves your chances of loan approval and signals better financial health to lenders.

Yes, self-employed Nigerians can access loans from many banks and microfinance institutions. However, lenders typically apply stricter criteria — you will usually need 6 to 24 months of bank statements showing consistent income, a valid business registration (CAC certificate), and sometimes a guarantor. Our calculator applies a 75% eligibility factor for self-employed applicants to reflect this tighter lending criteria.

The calculator supports loan amounts up to ₦0. However, your actual qualifying amount is determined by your income, employment status, and the lender's policy. Most personal loans in Nigeria range from ₦50,000 to ₦5,000,000 depending on the lender.

The default rate is 24% per annum, which is typical for mid-range personal loans in Nigeria. Commercial bank rates range from about 18% to 30% p.a. Microfinance institutions often charge 3% to 8% per month (36% to 96% p.a.). Check your lender's term sheet and enter their quoted rate for the most accurate result.

Yes. The calculator uses the standard amortisation formula (also called the reducing balance method or PMT formula) that Nigerian banks use for personal loans, salary advance loans, and consumer credit. The results match what you would calculate using a financial calculator or Excel PMT function. However, some lenders add fees (processing fees, insurance, etc.) that are not included here — always request a full loan statement from your lender.

Many banks offer personal and salary advance loans in Nigeria, including GTBank QuickCredit, Access Bank PayDay Loan, First Bank FirstAdvance, Zenith Bank Personal Loan, UBA Click Credit, and Sterling Bank PayMe. Fintech lenders include FairMoney, Carbon (formerly Paylater), Branch, Renmoney, and Aella Credit. Use this calculator first to know what you can afford, then compare offers from multiple lenders.

No. This is a free online calculator — you do not provide any personal identification, and no information is shared with credit bureaus (CRC Credit Bureau, CreditRegistry, or FirstCentral CRB). It is a planning tool only.