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Personal loan calculator with TAE

The monthly payment, what you pay in interest and fees, and the TAE that lets you compare offers.

Work out your loan

Worked out in your browser: nothing you type is sent or stored.

Why the TAE is higher than the TIN

The TIN is the interest rate charged on what you owe. The TAE also adds the fees and other costs you must pay to get the loan, such as the opening fee, and expresses it all as an annual rate 1,2. That's why, with the same payment, a loan with a fee has a higher TAE: you receive less money than you repay.

Your rights with a consumer loan

  • You have 14 calendar days to withdraw from the contract without giving reasons or paying a penalty, counted from signing or from when you receive the terms, if later 1.
  • You can repay early, in full or in part, whenever you like. If the rate is fixed, the bank can charge at most 1% of what you repay if more than a year remains, or 0.5% if a year or less remains 1.
  • The offer's TAE must include the interest, fees and costs required, and also life, disability or unemployment insurance if it's compulsory to get the loan 2.
How does this calculator work out the TAE?

It finds the monthly rate at which the payments you make are worth the same as the money you actually receive, the amount less the fee, and turns it into an annual rate. It's the idea behind the official formula 1 with equal months, which is why we call it approximate.

What is the opening fee?

What the bank charges for giving you the loan, usually a percentage of the amount paid at the start. It counts towards the TAE.

How much will they lend me?

It depends on each bank, which looks at your income and debts. The calculator only tells you what the loan would cost.

Sources

  1. Ley 16/2011, de 24 de junio, de contratos de crédito al consumo. Texto consolidado, BOE. www.boe.es/buscar/act.php?id=BOE-A-2011-10970
  2. Circular 5/2012, de 27 de junio, del Banco de España, sobre transparencia de los servicios bancarios y responsabilidad en la concesión de préstamos. Texto consolidado, BOE. www.boe.es/buscar/act.php?id=BOE-A-2012-9058
  3. Directiva (UE) 2023/2225 del Parlamento Europeo y del Consejo, de 18 de octubre de 2023, relativa a los contratos de crédito al consumo. BOE, DOUE-L-2023-81526. www.boe.es/buscar/doc.php?id=DOUE-L-2023-81526

General information, not financial advice. The calculators give estimates: what counts are the terms of your bank's offer. bancos.app is not a bank and isn't linked to any bank.