Microfinance banks in Nigeria and all around the world, have a major goal to provide banking services to the unbankable. This is exactly what renmoney symbolizes, as they provide many services for low to medium-income earners. More so, loans remain one of renmoney’s strongest points, as they offer quick, 24-hour available loan services with other benefits. However, one of their even more prized assets is their loan calculator which helps you simulate a loan tenure before borrowing.
Microfinance Banks and Their Goal to Serve the Unbankable: Renmoney’s Loan Calculator
Microfinance banks around the world, including Nigeria, have a major goal to provide banking services to the unbankable. This includes people who do not have access to traditional banking services due to various reasons, including low income, lack of collateral, and limited financial literacy. Renmoney, a microfinance bank in Nigeria, is a prime example of this mission, as it offers a range of banking services and loans to low to medium-income earners.
Renmoney’s Loan Services
Renmoney’s loan services are a major draw for many people in Nigeria. The bank offers quick loans with 24-hour availability, making it easy for customers to access funds when they need them. Additionally, Renmoney has a range of loan options available, including personal loans, business loans, and school fees loans.
Furthermore, Renmoney offers flexible repayment options, allowing customers to choose the loan tenure that best suits their financial situation. This means that customers can choose to pay back their loans over a longer period of time, which may result in lower monthly payments, or over a shorter period of time, which may result in a higher monthly payment but a lower overall cost.
Renmoney’s Loan Calculator
One of Renmoney’s most prized assets is its loan calculator. The loan calculator is a tool that allows customers to simulate a loan tenure before borrowing. This means that customers can enter the loan amount they are interested in, as well as the repayment period they prefer, and the loan calculator will provide an estimate of the monthly payments, total interest, and total cost of the loan.
The loan calculator is a useful tool for customers who are considering taking out a loan with Renmoney. It allows them to see how much they can afford to borrow, based on their income and expenses, and how much the loan will cost them in the long run. This information can help customers make informed decisions about borrowing and can help them avoid taking out loans that they cannot afford to repay.
Microfinance banks like Renmoney are playing an important role in providing banking services to the unbankable in Nigeria and around the world. Their loan services are a major draw for many people, and their loan calculator is a useful tool that can help customers make informed decisions about borrowing. With their focus on financial inclusion and customer satisfaction, microfinance banks like Renmoney are helping to create a more financially inclusive world.
What is a loan calculator?
A loan calculator is an online simulation software that takes into account the details of your loan and gives a corresponding breakdown. Essentially, it shows important details like monthly repayment, which would help the user decide if the loan is a good idea. Renmoney loan calculator is one of the top among Nigerian microfinance banks and is free for everyone looking to simulate a loan.
What are the benefits of using renmoney loan calculator?
The benefits of using a loan calculator are:
- It offers a complete breakdown of the loan repayment over its tenure
- The calculator is free to use
- It has a simple interface and is very easy to use
- Renmoney calculator helps you know whether you can repay a loan or not within the specified duration
How much can I borrow from renmony?
Currently, renmoney offers loans of up to a mouthwatering 6 million, which is pretty impressive for a microfinance bank. Also, this loan is available to employees and self-employed personnel with proof of income.
How do I use renmoney loan calculator?
Renmoney loan calculator is a very simple tool to use, as it doesn’t offer too many confusing elements. The calculator contains the following options:
- How much do you want to borrow?
- For how long?
- Purpose of the loan
Therefore, all you need to do is to input the amount you intend to borrow, and then select the duration and purpose of the loan. After this, the loan calculator gives an estimate of your monthly repayment, which is found at the bottom end of the calculator. Therefore, it gives you an insight into monthly repayment, allowing you to judge if you can pay back or not.
Renmoney loan calculator is one of the easiest to use. Also, like all loan calculators, it gives you an insight as to how much you would need to repay monthly. Therefore, using the calculator helps you avoid loans that you cannot afford to repay within the given tenure.