Loan Calculator Nigeria 2026: Banks, Rates and How to Borrow Smart
March 2026 · 8 min read
Quick Answer
Personal loan rates in Nigeria in 2026 range from 25% to 35% per annum. On a ₦5 million loan at 28% for 3 years your monthly repayment is approximately ₦217,000. NHF mortgage rates are as low as 6% per annum.
Nigeria Loan Repayment Chart (28% Rate)
Monthly repayment guide for common loan amounts in Nigeria.
| Loan Amount | 1 Year | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|
| ₦500,000 | ₦48,900 | ₦28,400 | ₦21,400 | ₦15,700 |
| ₦1,000,000 | ₦97,800 | ₦56,800 | ₦42,800 | ₦31,400 |
| ₦2,000,000 | ₦195,600 | ₦113,600 | ₦85,600 | ₦62,800 |
| ₦5,000,000 | ₦489,000 | ₦284,000 | ₦214,000 | ₦157,000 |
| ₦10,000,000 | ₦978,000 | ₦568,000 | ₦428,000 | ₦314,000 |
NHF Mortgage vs Commercial Mortgage Comparison
The NHF scheme is by far the cheapest mortgage option in Nigeria for eligible contributors.
| Feature | NHF Mortgage | Commercial Mortgage |
|---|---|---|
| Interest Rate | 6% per annum | 18-25% per annum |
| Maximum Loan | ₦15 million | Up to ₦200 million |
| Maximum Tenure | 30 years | 20 years |
| Eligibility | NHF contributors only | Based on income |
| Monthly on ₦5M (20yr) | ₦35,827 | ₦93,000-₦108,000 |
Calculate Your Loan Repayment Free
Use our free loan calculator — select ₦ Nigerian Naira from the currency menu.
Calculate Loan →Frequently Asked Questions
What are the current personal loan rates in Nigeria 2026?
Personal loan interest rates in Nigeria in 2026 range from 25-35% per annum from commercial banks. Microfinance banks charge higher rates. NHF (National Housing Fund) mortgage rates are subsidised at 6% for eligible contributors.
What is the NHF mortgage scheme in Nigeria?
The National Housing Fund is a federal government mortgage scheme administered by the Federal Mortgage Bank of Nigeria (FMBN). Contributors can access mortgage loans at 6% interest rate for up to 30 years. Contribution is 2.5% of monthly basic salary for formal sector workers.
Which bank gives the easiest loan in Nigeria?
Digital and fintech lenders like Carbon, FairMoney, Branch and PalmCredit offer quick unsecured loans with minimal documentation. Traditional banks like GTBank QuickCredit, Access Bank PayDay Loan and Zenith Bank offer salary-based loans for existing customers.
Can I get a mortgage in Nigeria without NHF?
Yes. Commercial banks like Stanbic IBTC, First Bank and Access Bank offer conventional mortgages at 18-25% interest rates. These are significantly more expensive than NHF loans but accessible without mandatory NHF contributions.
How do I improve my chances of getting a loan in Nigeria?
Maintain a good credit score with the Credit Bureau. Have a verifiable source of income. Keep your debt-to-income ratio below 40%. Reduce existing loan obligations before applying. Long-term customers of a bank often get preferential treatment.