Personal Loan Calculator

Simulate your loan with IOF, fees and see the real APR

Loan amount

Interest rate (% per month)

Term in months

Payment system

Additional fees

Include IOF (0.38% + 0.0082% daily)

What is a Personal Loan?

A personal loan is credit granted by banks and financial institutions without needing to justify the use of money. Unlike financing (which is for a specific asset), you can use the amount for any purpose: pay debts, emergencies, renovations, travel, etc.

Because it has no real collateral (like a property or vehicle), interest rates tend to be higher than financing, but lower than credit cards or overdrafts.

What is IOF?

IOF (Tax on Financial Operations) is a federal tax charged on loans. For personal loans, IOF consists of two parts:

•Fixed rate: 0.38% on loan amount
•Daily rate: 0.0082% per day (limited to 365 days)

IOF is deducted from the net amount you receive. If you borrow $10,000, you'll receive less due to IOF and fees. But you'll pay installments on the full $10,000.

What is APR?

APR (Annual Percentage Rate) is the rate that truly represents how much the loan costs you, including ALL charges: interest, IOF, administrative fees, optional insurance, etc.

Always compare loans by APR, not just monthly interest rate. APR shows the complete real cost and banks are required by law to disclose it.

Payment Systems

PRICE (Fixed Payments)

In the PRICE system, all payments have the same value from start to finish. It's easier to plan because you know exactly how much you'll pay each month. Initially you pay more interest and less principal. At the end, it reverses.

SAC (Decreasing Payments)

In SAC, amortization is fixed and payments decrease monthly. The first payment is higher, but you pay less interest in total. It's better for those who can pay more initially and want to save.

Important Tips

Compare APR, not just rate: Two loans with same interest rate can have different APRs due to fees and insurance.

Negotiate additional fees: Many fees are negotiable. Ask to remove or reduce registration, evaluation fees, etc.

Avoid unnecessary insurance: Optional insurance makes it much more expensive. Only contract if really needed.

Beware of long terms: Smaller payments are tempting, but longer term = much more interest paid in total.

Use for emergencies, not luxuries: Loans are expensive. Use only if really necessary, not for frivolous consumption.

Frequently Asked Questions

What's the difference between PRICE and SAC?

PRICE has fixed payments (easier to plan). SAC has decreasing payments (you pay less interest in total, but start with higher payment).

Why do I receive less than borrowed?

IOF and eventual fees are deducted from the net amount you receive. But you pay interest and installments on the gross requested amount.

What's better: pay in less time or smaller payments?

Paying in less time is always better financially (less interest). But assess if payment fits budget without squeezing too much.

Can I prepay?

Yes! By law you have the right to prepay with proportional interest reduction. This can save a lot of money.

Is personal loan worth it?

Depends. For emergencies or paying more expensive debts (credit card), it may be worth it. For consumption or luxuries, usually not.

How do I know if the rate is good?

Compare APR with other banks. Personal loan rates vary from 1.5% to 8% per month. Lower is better. Beware of rates above 3-4% per month.