Taking out a bank finance is a big commitment. Many people don't consider the implications of the decisions they make concerning the amount, profit rate types and repayment periods of the finance they obtain, and find themselves in a stressful position as a result.
As a responsible borrower, you should:
- First ascertain whether a taking out a finance is absolutely essential, or whether you're able to make your desired purchase out of savings.
- Create a clear budget, factoring in all of your income and monthly and ad hoc expenses. This will give you an idea of how much you can comfortably repay the bank after you've taken care of your other financial obligations.
- Know the difference between the two types of profit rates in order to decide which suits you best.
- Understand the implications of a short-term versus long-term finance repayment periods.
- Work out the total cost of your financing (i.e. the finance amount plus the cumulative profit and fees you'll end up paying).
How NBF can help you avail financing wisely
At NBF, we want to help you make informed decisions about the finance amount, profit type and repayment period given your personal circumstances. By availing financing wisely, you'll stay in control of your money.
Use the following calculators to get an accurate idea of how finance amounts, profit rate types and repayment periods will affect you. If you're still unsure, you're welcome to contact us - we're very happy to help!
How much financing can I avail?
Use this calculator to get an indication of how much financing you can avail from the bank >
Learn about profit rates
Get a better understanding of the different types of profit rates, and find out which is best suited to you >
Calculate your monthly repayment
Use this finance calculator to get a detailed breakdown of the monthly amount you need to repay NBF >