*Loan example: Annuity loan SEK 5,000 in 1 year (12 installments). Nominal interest rate: 5.91%. Eff. interest: 29.12% per 2021-01-29. A total of SEK 5,655 to pay. Monthly cost: SEK 430.
Whether you are looking for a loan to buy a new car or you want to purchase a home, it is important you figure out your financial commitment. That will enable you to decide whether you can afford to buy what you want. This can take a fair bit of calculation and if you are not savvy with numbers, it will be challenging.
Also, in Sweden, lenders are very particular about the creditworthiness of borrowers. So, you should also make sure that you have a good credit rating. Your rating will have an impact on the interest rate. Using a loan calculator in Sweden, you will be able to calculate your monthly commitment throughout the term of the loan.
Understanding a Loan Calculator
At SwedenExpat, you will be able to find an online loan calculator that can help you calculate the monthly installments that you would have to pay for your loan in Sweden. You will be able to use the calculator to find the total interest you would have to pay over the term of the loan amount.
It is advisable to use different interest rates to calculate the monthly installments so that you will have a wide spectrum of amounts, allowing you to choose the right amortization table. The online loan calculator will also provide you with a pictorial representation of the amortization so that you visually understand the repayment that you would have to make.
With the help of the amortization table, graphs, and other pictorial depictions, you will be able to organize your finances. You will know how much of the loan (principal + interest) is remaining and how you can budget for the installment each month.
Features in the Loan Calculator
A loan calculator allows you to sit in the comforts of your home and calculate the different aspects of your loan. This loan calculator in Sweden comes with many interesting features and some of them are as follows:
Experiment with Figures:
The loan calculator allows you to enter different sets of variables. Each calculation can be customized based on your needs. Just enter the figures against each parameter, like loan amount, tenure, and rate of interest, and the calculator will give you personalized results. Experimenting with figures will enable you to figure out which loan amount is the best for your income.
Find Out Your Eligibility:
You can find out the different eligibility criteria that the lenders. While there are a few criteria that are common, lenders may have in-house requirements that they may want borrowers to fulfill. Some of the standard requirements are:
- Swedish personal identity number
- Household finances
When the lender approves your loan, you will get an account, which you will have to fund to ensure that each month the lender can draw the loan payment from it.
Using the Loan Calculator
This loan calculator is simple and you do not have to enter any complicated formula. Everything is already done for you. Just fill in the figures against each parameter and the result will be displayed. Primarily, the figures that you need to enter are the loan amount, tenure, and interest rate.
Check out the online calculator for Sweden right away and make your life stress-free.
