How do you calculate the loan repayments?
We calculate the monthly repayments by applying a fixed interest rate to the total amount you have borrowed. We'll then divide the total amount you'll need to repay across the term of your loan.
As you continue to make payments, you'll start to pay less interest as the initial loan amount decreases, and pay off more towards the remaining loan balance.
Each of your monthly repayments will consist of both the interest and the principal of the loan. As you continue to make payments, you'll start to pay less interest as the initial loan amount decreases, and pay off more towards the remaining loan balance.
For credit cards, as long as you pay your main balance in full by the end of next month, we won't charge interest on purchases that you've made since your last statement. If you don't pay off the whole balance each month on time, you will be charged interest on new purchases from the date the transaction appears on your account.
We charge interest on all ATM or cash withdrawal transactions from the date they're added to your account to the date you pay them off. This will always apply, even if you pay your total outstanding balance in full by the end of next month.
If you repay your statement balance in full each month, you can avoid paying credit card interest on purchases. If you pay anything less than the statement balance, such as the minimum payment, interest will be applied.