Loan Calculator — Nigeria
Estimate your monthly loan repayment and total interest at current CBN rates. See the true cost before you borrow — especially important at Nigeria's high interest rates. No signup.
Current Nigeria loan rates (April 2026)
| Loan type | Typical rate (p.a.) | Notes |
|---|---|---|
| Personal / consumer loan | 28% – 32% | Tracks CBN MPR of 27.5% |
| Auto loan | 25% – 30% | Short tenure (≤4 years) |
| NMRC mortgage | 22% – 24% | Lower, but stricter eligibility |
| Salary-advance / cooperative | Varies | Often cheaper than bank loans |
The Central Bank of Nigeria's MPR is 27.5%, kept high to fight inflation. Watch for "flat rate" quotes — a flat rate is roughly double the equivalent reducing-balance rate.
Major Nigerian lenders
- GTBank — quick personal loans and salary-backed lending
- Zenith Bank — consumer and asset finance
- Access Bank — payday and personal loans
- UBA — auto and personal loans
- NMRC partners — for lower-rate mortgages
The real cost of a ₦10M loan
Example: ₦10,000,000 at 29% for 5 years.
- Monthly repayment: ≈ ₦317,400
- Total paid over 5 years: ≈ ₦19.0 million
- Total interest: ≈ ₦9.0 million
- You repay roughly 1.9× what you borrowed — which is why many save and buy outright instead.
Frequently Asked Questions
What is the current loan rate in Nigeria?
Roughly 28%–32% p.a. for consumer loans (CBN MPR 27.5%); NMRC mortgages ≈22–24%.
How is repayment calculated?
Reducing-balance formula. Beware flat-rate quotes — they cost far more than they appear.
Why are rates so high?
The CBN keeps the MPR high to control inflation and support the naira, so bank lending is expensive.
Loan or save and buy?
At ~29%, a loan roughly doubles cost over a few years. Saving and buying outright is usually far cheaper.