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National Bank of Canada loan calculator 

RBC 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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Scotiabank Scotiabank
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
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National Bank Of Canada National Bank Of Canada
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Simplii Financial Simplii Financial
Laurentian Bank Of Canada Laurentian Bank Of Canada
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Calculate the NBC loan
Interest rates are given in accordance with the rates of the bank in Ottawa as of 08.02.2023
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
500 C$
75000 C$
Loan term
i

Specify the loan term for the calculation

months
days
3
96
Interest rate
i

Choose the interest rate on the loan

5 %
7.2 %
Fill out an application for a loan!
Fill out an application for a loan!

Take advantage of our loan selection system with a free credit rating check!

What is the National Bank of Canada loan calculator?

To help clients get financing for their borrowing needs, the National Bank of Canada offers personal loans and lines of credit. Personal loans are available at fixed and variable rates, defined individually based on your credit history. Lines of credit provide access to an approved financing amount available whenever you need it. Lines of credit are available at variable rates that fluctuate with the Prime rate.

You can apply for a personal loan from the National Bank of Canada online by filling out an application form on the website. You need to book an appointment with a National Bank of Canada advisor to apply for a line of credit.

Wondering what your loan payments will look like? Having the amount to borrow, preferred payment frequency in mind, and an approximate interest rate will help you estimate your regular payments. You can also get an idea of how much interest you will pay throughout the term of your loan. 

National Bank of Canada loan calculators

The National Bank of Canada offers no personal loan calculators, so you can use one on this website.

There are several online calculator tools on the National Bank Of Canada website, such as mortgage affordability calculator to estimate how much you can afford to spend on your mortgage, mortgage payment to estimate your payment amount given the selected payment frequency, rent vs. buy calculator to identify what is more beneficial for you in the long run — to buy or to rent a house, and mortgage prepayment calculator to identify prepayment charges you may face when paying off your mortgage before the maturity.

Although there is no loan calculator on the National Bank of Canada website, you can come up with the necessary calculations on your own.

Why do you need calculations for National Bank of Canada loans?

Knowing a preferred payment frequency, the desired loan amount, and the interest rate, you can estimate the approximate loan payment amount you will make regularly. Besides, you can estimate the interest amount you will pay throughout the term of your loan.

With these estimations at hand, you can make informed decisions when planning your budget.

How to calculate the National Bank of Canada loan payment?

Let’s calculate the monthly payment for a $15,000 loan with a 9.75% interest rate and a 24-month term by entering the values into the loan calculator. After plugging in the values, we get a monthly payment of $690.44.

The loan calculator will also show you the total interest costs and the total payments you’ll make.

How to compare loans using these calculations

Once you know the formulas for calculating loan payments and annual interest, you can adjust the key loan parameters and compare loan options in terms of regular payments or interest costs.

Will I pay the same regular payment amounts that I’ve calculated?

The calculations you will make are still approximate and may differ from your actual loan payments. The actual payment amounts will depend on factors like your credit history and the bank’s assessment of your creditworthiness.

What are the interest rates for National Bank Of Canada loans?

Fixed rates for up to $10,000 personal loans from the National Bank of Canada range from 10.90% to 11.30%. For loans of $10,000 and more, fixed rates range from 9.65% to 10.15%. Variable rates are 11.95% (Prime rate plus 6.50%) for up to $10,000 personal loans and 10.45% (Prime rate plus 5.00%) for loans of $10,000 and more.

The actual rate offered to you by the National Bank of Canada may differ from these sample rates based on your credit history and the authorized loan amount.

Does decreasing the loan term increase the regular payment amount?

Shorter loan terms generally involve higher regular payments. For example, when you borrow $15,000 at a 9.75% interest rate for 24 months, your monthly loan payment will be $690.44. But, if you borrow the same amount at the same rate for 18 months, your monthly payment will be $899.13.

How much will I pay towards interest monthly?

You can calculate your monthly interest payment by dividing annual interest costs by 12. If you borrow $12,000 at a 9.65% interest rate, you will pay $1,158 ($12,000 * 0.0965) in interest annually or $96.5 ($1,158 / 12) monthly.