Ngongole: Loan Calculator

Ngongole is a free loan calculator made for Zambia. Enter the amount, the period and the rate you were quoted, and see what the loan really costs you — the monthly repayment, the total you pay back and the full month-by-month schedule.

WHAT IT DOES

• Monthly repayment on any amount in kwacha, over any period from one month to twenty years.
• Total cost split into the amount you borrowed and the interest on top of it.
• A repayment schedule you can scroll through month by month, with the balance still owed.
• An early repayment slider: add a little extra every month and see how much sooner the loan ends and how much interest you never pay.
• A rate slider, so you can match the calculation to the rate you were actually quoted.
• Load on your budget: enter your monthly income and see what share of it the repayment takes, with a plain verdict on whether it is manageable.

FLAT RATE OR REDUCING BALANCE

In Zambia the two are quoted side by side and they are not the same thing. A bank quotes a rate on the reducing balance — interest only on what you still owe. Microfinance lenders, savings groups and phone loans often quote a flat rate — interest on the full amount for the whole period, even after you have paid most of it back. Ngongole calculates both and shows you, in kwacha, what the difference costs. There is a separate tool that turns a flat
monthly rate into the yearly rate on a reducing balance, so you can compare two quotes that are quoted in different ways.

BUILT FOR HOW BORROWING WORKS HERE

Pick what you are planning and the amounts, periods and typical rates are already set for Zambia: a personal loan for school fees or medical bills, a salary advance until payday, business stock or capital, a group loan through chilimba or village banking, a farming loan for fertiliser, seed or livestock, and a home loan for a plot or for building.

SAVINGS, NOT ONLY DEBT

The savings planner works the same calculation from the other side: set a goal — an emergency fund, school fees, a plot, business capital, a wedding, transport — say what you can put away every month, and see when you get there and what it takes to get there sooner.

TOOLS

• Compare two options side by side and see which one costs less over the whole period.
• How much can I afford: from your income, the amount you can carry at a sane repayment.
• What the rate really costs: the same loan at different rates, in kwacha.
• Flat to reducing balance: the real yearly rate behind a monthly flat quote.

PRIVACY

Nothing you enter leaves your phone. The amount, the period and your income are used for the calculation on the screen and are not sent anywhere. The app asks for no permissions beyond internet access and does not read your contacts, your messages or your files.

PLEASE NOTE

Ngongole is an independent calculator, not a lender and not a broker. It does not lend money, does not take applications and is not connected to any bank, microfinance company or to the Bank of Zambia. The figures are estimates based on what you enter — every lender has its own rates, fees and conditions, so confirm the final numbers with them before you
sign anything.