RBS Loan Calculator

Work out the monthly repayment, total interest and full schedule on a personal loan from the amount, term and APR.

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What is this?

An RBS Loan Calculator works out what a personal loan will cost each month from the amount borrowed, the repayment term and the representative APR. RBS personal loans typically run from £1,000 to £50,000 over one to ten years, with rates usually between 6.0% and 29.9% APR.

How to Use the RBS Loan Calculator

This RBS loan calculator works out the monthly repayment on a personal loan from the amount you want to borrow, the term and the representative APR. It also shows the total you will repay, how much of that is interest, and a full month-by-month repayment schedule.

RBS personal loans typically run from £1,000 to £50,000 over one to ten years, with rates usually between 6.0% and 29.9% APR. The best rates generally go to loans between £7,500 and £15,000.

1. Enter the Loan Amount

Enter how much you want to borrow. Personal loans normally start at £1,000 and run up to £50,000, though the amount you are offered depends on affordability.

2. Choose the Term

Pick how long you want to repay over - one to ten years. A longer term lowers the monthly payment but increases the total interest you pay.

3. Enter the Representative APR

Enter the advertised APR. This is the rate that includes both interest and any compulsory fees, which is why it is the figure to compare between lenders.

4. Review the Repayment

You get the monthly repayment, the total repayable, the total interest, and the monthly rate the APR works out to.

5. Open the Schedule

The schedule shows every payment with the opening balance, how much goes to interest, how much clears the capital, and the balance left afterwards.

Key Formulas Used in the Calculator

Monthly Repayment

$M = \frac{P \times i} {1-(1+i)^{-n}}$

P is the amount borrowed, i is the monthly interest rate and n is the number of monthly payments. Borrowing £10,000 over 60 months at 9.9% APR gives £211.98 a month.

APR to Monthly Rate

$i = \frac{\text{APR}}{12}$

At 9.9% APR the monthly rate is 0.825%. This is the nominal reading, and it is what UK lenders' advertised monthly repayments are built on.

Total Interest

$\text{Total Interest} = \left(\text{Monthly Payment} \times \text{Number of Payments}\right) - \text{Amount Borrowed}$

£211.98 across 60 payments is £12,718.72. Subtract the £10,000 borrowed and the interest is £2,718.72.

Interest and Capital Each Month

$\text{Interest} = \text{Balance} \times i$

$\text{Capital} = \text{Payment} - \text{Interest}$

Early payments are mostly interest because the balance is high. As the balance falls, more of each fixed payment goes to clearing the capital.

Benefits

Uses APR ÷ 12, matching the repayment figures UK lenders advertise
Shows the full month-by-month repayment schedule
Separates the total interest from the amount borrowed
Shows the monthly rate your APR actually works out to
Flags amounts and rates outside the usual personal loan range
Explains why some calculators show a higher payment
Handles 0% APR correctly rather than dividing by zero

When & Where to Use

Working out what a personal loan will cost each month
Comparing the same loan over different terms
Seeing how much a lower APR would save over the term
Checking a lender's quoted monthly payment
Budgeting before applying for credit
Understanding how much of an early payment goes to interest
Comparing a loan against other borrowing options

Who Should Use This Calculator

The RBS Loan Calculator is for anyone considering a personal loan - to consolidate debt, buy a car, fund home improvements or cover a large one-off cost - and for anyone checking that a quoted repayment adds up.

Tips to Get the Best Deal

Compare APR rather than the interest rate, since APR includes compulsory fees

A longer term lowers the monthly payment but costs more in total interest

Representative APR only has to be offered to 51% of accepted applicants

The best rates usually go to loans between £7,500 and £15,000

Check whether early repayment carries a charge before signing

Use a soft-search eligibility check first so you do not mark your credit file

Borrowing slightly more to reach a better rate band can occasionally cost less overall

Frequently Asked Questions (FAQs)

How is a loan monthly repayment calculated?

M = P x i / (1 - (1 + i)^-n), where P is the amount borrowed, i is the monthly interest rate and n is the number of payments. The monthly rate is the APR divided by 12.

Why does another calculator show a different monthly payment?

Almost certainly because of how it turns the APR into a monthly rate. This calculator divides by 12, which is what UK lenders' advertised repayments use. Some tools instead treat APR as a strictly effective annual rate and take its twelfth root, which gives a slightly lower payment.

How much can I borrow with an RBS personal loan?

Personal loans typically run from £1,000 to £50,000 over one to ten years, though the amount and rate you are offered depend on your circumstances and a credit check.

What is a representative APR?

The advertised rate that at least 51% of accepted applicants must receive. The other 49% may be offered a higher rate, so the rate you get can differ from the one advertised.

Does a longer term cost more?

Yes. It lowers the monthly payment but you pay interest for longer, so the total cost rises. Borrowing £10,000 at 9.9% over ten years costs far more in total than over five, despite the smaller monthly payment.

Why is early interest so high?

Interest is charged on the outstanding balance, which is at its largest at the start. As the balance falls, the interest portion of each fixed payment shrinks and more goes to clearing the capital.

Can I repay a personal loan early?

Usually yes, but lenders can charge up to two months' interest as an early settlement fee. Check the agreement before deciding, as this calculator does not include that charge.

Pro Tips

Compare APR rather than the interest rate, since APR includes compulsory fees.
A longer term lowers the monthly payment but costs more in total interest.
Representative APR only has to be offered to 51% of accepted applicants.
The best rates usually go to loans between £7,500 and £15,000.
Check whether early repayment carries a charge before signing.
Use a soft-search eligibility check first so you do not mark your credit file.