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LBC loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
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Take advantage of our loan selection system with a free credit rating check!
With personal loans and lines of credit from the Laurentian Bank of Canada, you can get financing for any of your borrowing needs.
Personal loans are available for 1-10 years at both fixed and variable rates and start from $3,500. You can repay your personal loan in fixed monthly payments or pay it off in full early, penalty-free.
Personal lines of credit provide revolving access to an approved credit amount you can use whenever you need funds. Lines of credit are available at variable rates that fluctuate with the Prime rate, and you can choose to pay either the minimum balance or any greater amount.
Book an appointment with an advisor to apply for a Laurentian Bank personal loan or line of credit.
To get an idea of your loan payments, you can estimate the approximate monthly payment, given the loan amount, preferred payment frequency, and interest rate. You can also estimate the interest costs throughout the term of your loan.
The National Bank of Canada offers no personal loan calculators, so you can use one on this website. However, it offers a range of online calculator tools on its website, such as the periodical investment value calculator, savings objective calculator, retirement needs calculato, maximized RRSP contribution calculator, mortgage borrowing power calculator to identify how much you can afford to spend on a house, mortgage payment calculator to estimate your regular payments given the property value, down payment, term, amortization, and interest rate, visa balance transfer calculator to estimate how much you could save by transferring your credit card balance at a discount rate, budget calculator to break down your earnings and expenses
While there is no loan calculator on the Laurentian Bank of Canada website, you can still make the necessary calculations with us.
If you already have an idea of how much you need to borrow and how often you will make payments, you can calculate the approximate loan payment you will make regularly. You can also get an idea of the interest costs throughout the term of your loan. These calculations will help you plan your budget accordingly.
Let’s assume you want to borrow $35,000 at a 7.70% interest rate for a 5-year term. By entering the values into the loan calculator, we get the monthly payment of $704.66.
The loan calculator will also show you the total interest costs and payments you’ll make.
To compare loan options in terms of regular payments or interest costs, you can simply adjust the key loan parameters used in the formulas described above.
Remember that the calculations you will make are approximate and may differ from the actual loan payments you will make. This is because your credit history and the bank’s assessment of your creditworthiness will define your actual loan payments.
According to the website, a variable base rate for personal loans and lines of credit is 7.70%. Still, the actual rate offered to you by the Laurentian Bank of Canada may differ from these based rates — your credit history and the bank’s evaluation of your creditworthiness matter.
As a rule, longer loan terms involve lower regular payments.
With a 36-month $25,000 loan at a 7.70% interest rate, your monthly loan payment will be $779.95. However, with a 48-month $25,000 loan at a 7.70% rate, your monthly payment will be $606.81.
To calculate your monthly interest payment, simply divide annual interest costs by 12.
If you borrow $7,500 at a 7.70% interest rate, you will pay $577.50 ($7,500 * 0.077) in interest annually or $48.12 ($577.50 / 12) monthly.
