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Use our loan calculator to figure out how much you will be paying in monthly installments. It’s pretty easy to use, just simply enter the loan interest rate and loan tenure in the fields below
Things you should know before deciding to borrow money
Before you decide to take out a loan, there are some important questions you need to ask yourself:
In general, the longer your loan term, the more interest you will pay. Loans with shorter terms usually have lower interest costs but higher monthly payments than loans with longer terms.
Make sure you choose the shortest term, as long as you can manage the monthly installments.
Comparing different interest rates from lenders in the market ensures that you get the lowest rate. You can easily compare available loans in Bahrain by downloading the Daleel application. Sign up for our waitlist here!
It’s important to recognize that loan calculators can only provide you with a rough estimation of the terms of your loan that is based on the average person’s financial situation.
When it comes to submitting an application, most lenders will also take into account individual factors such as financial reliability on a case-by-case basis. This may affect the terms of the loan calculation that the applicant initially completed.
Interest rate
The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).
Loan EMI
An equated monthly installment (EMI) is a fixed payment made by a borrower to a lender on a specified date of each month.
Loan tenure
Loan tenure refers to the length of time that will be taken by the borrower to repay the loan along with the interest.
Principal loan amount
Principal is most commonly used to refer to the original sum of money borrowed in a loan or put into an investment.
Total interest
Total interest refers to the sum of the total interest amount to be paid to the lender
Total payment (principal + interest)
Total payment includes the total amount that includes the original sum of the loan in addition to the total interest amount
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