Update: - We now also have a new bounce back loan extension calculator. This newer tool works the same as below, but allows you to change your loan term and see the effects on interest/repayments etc. Original article continues below.
Many businesses have taken, and continue to take advantage of, the government backed bounce back loan scheme. The loans offer a twelve month payment holiday and interest-free period, with the next five years paid off at a 2.5 percent interest rate.
We have heard many businesses have taken the maximum they are allowed according to the loan terms, which is up to twenty five percent of turnover (max £50,000). Due to this we expect some businesses may repay a portion early or ahead of schedule if the loan is not required.
We have therefore created this tool to show the full payment schedule for a bounce back loan of any amount, along with the ability to add overpayments at any stage and see the effect on the repayments, interest charges and total costs.
Adjust your details above and the calculation will automatically refresh!
If the calculator does not display, please click here to reload the page.