Renmoney Loan Calculator

Are you thinking of taking a loan but needs proper repayment calculation? Then try the Renmoney Loan Calculator.

Renmoney is one of the trusted financial services companies in Nigeria that offers loan, savings, and investment services.

Whether personal loans, business loans, or other types of financing, you can get it through Renmoney. 

Loans are one of renmoney’s most vital points, as they offer quick, 24-hour available loan services with other benefits. 

Also, Renmoney has a free loan calculator that helps you understand the interest rate and loan duration you’ll get on a particular loan amount.

Hence, this article will provide insights into the Renmoney loan calculator. 

We will also look at how to use the loan calculator so as to help you make better borrowing decisions when you consider applying for a loan from Renmoney.

Firstly, let’s look into what a loan calculator is. 

What is a loan calculator?

A loan calculator is software that gives a corresponding breakdown of your loan after taking into account the details of your loan. 

It shows important details, which include the monthly repayment option to help you decide if the loan is a good idea. 

Renmoney loan calculator: All You Need to Know

Renmoney loan calculator is one of the best loan calculators in Nigerian microfinance banks, which is free for everyone looking to simulate a loan.

The loan calculator helps you do the math of your intended loan first to determine the interest you’ll get on the loan. 

Renmoney loan calculator is also free to use, and it is the best to use as it helps you to know exactly how much you’ll pay back, the interest charged, as well as the duration in which the payment is to be made. 

Benefits Of Using Renmoney Loan Calculator

This loan calculator

• Offers a complete analysis of the loan repayment over its term
• It is free to use
• It has a simple interface and is very easy to use
• Helps you decide whether you can repay a loan or not within the specified duration

How To Use Renmoney Loan Calculator

Using this loan calculator is the easiest thing to do as it has a simple tool and interface to use without any confusing elements. 

All you need to do is input the amount you intend to borrow, select the duration, and then the purpose of the loan.

The loan calculator then gives you an estimate of your monthly repayment, which can be found at the bottom end of the calculator. 

With this, you get an insight into your loan monthly repayment, thereby deciding if you can pay it back or not.

How much can Renmoney Lend me? 

At present, renmoney gives as low as N50,000 and up to a mouthwatering loan of 6 million.

However, this loan is available to employees and self-employed personnel with proof of income.

What do I need to get a loan from Renmoney?

Renmoney loan is open to self-employed and employed individuals

If you need a loan from Renmoney to cover expenses like school fees, smartphone funding, work loan, or business loan, you need to meet some requirements.

To get loan on Renmoney, you must 

• Be between the ages of 22 to 59 years.
• Have an existing and active bank account with a commercial bank in Nigeria.
• Own a thriving business or have a well-paid job as an employee.
• Have a verifiable monthly income and must have a clean credit bureau.
• Submitting your statement of account for up to six months and there must be no issues with a returned cheque
• Provide a recent passport photo and an identity card to prove that you’re a staff member of an organization.

If you meet the above requirement, you can fill out the Renmoney loan application form, upload your document and submit it. 

However, you must wait for their approval which usually happens within 24hrs.

How to Apply for a Renmoney Loan

To apply for a Renmoney loan, you get in two ways. 

1. Using the Renmoney website

When you do,

Complete the online loan application form

Upload all the required documents

If your loan application is successful, you will receive your loan within 24 hours.

2. Using the Renmoney loan app

Download the app from Google play store. 

Fill in your loan details

Submit the necessary documents

You will get a notification if your loan application is successful. 

How to Repay Renmoney Loan?

Paying back your loan depends on the process you choose for repayment. 

You can repay your loan in a month or spread the loan across 12 months, depending on your capabilities. 

What is Renmoney Loan Interest Rate?

The interest rate on a Renmoney loan depends on how and when you choose to repay your loan. 

If you are repaying your loan in a short time, your interest rate will be lower than when you want to repay it over a more extended period of time

Then you can expect a higher interest rate on your loan. 

However, their interest rate is 33.9% on a full-year loan.

Conclusion

Just like all other loan calculators, the Renmoney loan calculator is very easy to use as it gives you an insight as to how much you would need to repay monthly before accepting or declining the loan. 

As such, using the calculator helps you decide whether to avoid loans if you cannot afford to repay within the given tenure.

To get a loan in Renmoney, you need to meet certain requirements, which include being 22 years and above, having a verifiable source ofinmcoe, having a valid means of identification, and having a recent passport.

You must also submit your statement of account for up to 6 months and have a good credit score.

However, the interest rate you pay on your loan depends on how soon or later you want to repay your loan, 

Still, you get to pay 33.9% over a loan that spreads for one year.  

We Hope that this article is helpful. 

Commonly Asked Questions on Renmoney Loan Calculator

How much can I borrow from Renmoney?

With a Renmoney loan, you can borrow a minimum loan amount of NGN 50,000 and a maximum amount of NGN 6,000,000.

However, the amount to borrow depends on your capacity to pay back and other factors, such as your debt-to-income ratio.

What do I need to get a loan from Renmoney?

To get the loan on Renmoney, you should be between 22 to 59 years, have a verifiable means of monthly income.

Also, you need to have a good credit score with Credit Bureau. You should also be able to provide a bank account statement for up to six months.

How long does it take to approve Renmoney loan?

It takes about 24 hours to get approval for your Renmoney loan to be fully processed. 

You will get a credit alert in the bank account provided on your profile if your loan is approved. 

How do I know if my loan is approved by Renmoney?

When your loan application is received, your loan will be considered, as well as other requirements. You will receive an alert in your bank account submitted with Renmoney after 24 hours of applying. 

Is Renmoney loan safe?

Renmoney loan is safe.

It provides financial aid for small businesses, and offers personal loans to individuals to finance their needs like home renovation, buying a car, household appliances, sorting out emergencies, and so much more.

Can I save money on Renmoney?

Aside from getting a loan on Renmoney, you can also save and invest your money towards goals.

You can save as little as N1,000 daily on Renmoney.