Nigerian Loan Calculator
Calculate loan payments and EMI for personal, business, mortgage, and car loans in Nigeria. Compare rates, view amortization schedules, and assess loan affordability.
Loan Details
Total amount you want to borrow
Typical: 25.0%
Additional Costs & Income
One-time processing fee
Annual insurance premium
For affordability assessment
Typical Nigerian Bank Rates (2026)
Loan Calculation Results
Monthly Payment
Principal + Interest payment
Total Interest
Cost of borrowing
Total Amount
Principal + Interest
Upfront Costs
Affordability Assessment
Debt-to-Income Ratio
Monthly payment vs income
Related Calculators
Frequently Asked Questions
How do I calculate my loan EMI in Nigeria?
To calculate loan EMI (Equated Monthly Installment) in Nigeria, use the formula: EMI = [P × r × (1+r)^n] / [(1+r)^n-1], where P = principal amount, r = monthly interest rate (annual rate ÷ 12), and n = number of months. For example, a ₦5M loan at 22% for 24 months = ₦267,851/month EMI.
What are the current loan interest rates in Nigerian banks?
Current Nigerian bank loan rates (2024): Personal loans 18-35% (typical 25%), Business loans 16-28% (typical 22%), Mortgage loans 14-22% (typical 18%), Car loans 16-25% (typical 20%). Rates vary by bank, loan amount, tenure, and your creditworthiness. Check with multiple banks for best rates.
What documents do I need for a loan in Nigeria?
Required documents for Nigerian bank loans: Valid ID (National ID/Driver's License/Passport), employment letter, 3-6 months payslips, 6 months bank statements, utility bills (address proof), tax clearance certificate, guarantor forms, passport photos. Business loans require additional business registration and financial documents.
What is the maximum loan amount I can get in Nigeria?
Maximum loan amounts in Nigeria depend on your income and loan type: Personal loans typically 6-12x monthly salary, Business loans up to ₦50-500M depending on business size, Mortgages up to 80% of property value (max ₦50-200M), Car loans up to 80% of vehicle value. Your debt-to-income ratio should not exceed 40%.
Can I pay off my Nigerian bank loan early?
Yes, most Nigerian banks allow early loan repayment, but check for prepayment penalties. Some banks charge 1-5% of outstanding balance as penalty. Early repayment saves significant interest costs. Calculate if penalty cost is less than interest savings. Contact your bank to confirm their prepayment policy and exact charges.