EMI Calculator Nigeria
Work out your monthly loan instalment in NGN, see the total interest, and compare it against rates Nigeria banks actually publish.
Click any bank to use their rate. Green = best deal
See how changes affect your loan
How is EMI calculated?
EMI = P × r × (1+r)n / ((1+r)n - 1). P = loan amount, r = monthly rate, n = months. Our calculator does this instantly.
What's a safe EMI-to-salary ratio?
Keep total EMIs under 40-50% of salary. Banks use Debt Burden Ratio (DBR) — UAE banks cap at 50%.
Longer tenure = lower EMI?
Yes — but you pay more total interest. A 5-year loan costs less overall than a 10-year loan at the same rate.
Loan interest rates in Nigeria
Buzdy tracks 5 banks in Nigeria with 178 branches across 36 cities. EMI results on this page are shown in NGN. The rates below are the ones those banks publish — use them in the calculator instead of a guess.
Looking for a credit card in Nigeria?
Compare what banks in Nigeria actually offer — rates, fees and eligibility, updated for 2026.
Credit card interest rates in Nigeria
| Card | Bank | Interest rate | Annual fee | Interest-free days |
|---|---|---|---|---|
| GTBank Visa Gold | GTBank | 2.50% per month | — | — |
| GTBank Mastercard | GTBank | 2.50% per month | — | — |
| GTBank Naira Mastercard | GTBank | 2.50% per month | — | — |
| Zenith Visa Classic | Zenith Bank | 2.50% per month | — | — |
| Zenith Visa Gold | Zenith Bank | 2.50% per month | — | — |
| Zenith Mastercard | Zenith Bank | 2.50% per month | — | — |
| UBA Visa Gold | UBA | 2.50% per month | — | — |
| UBA Mastercard | UBA | 2.50% per month | — | — |
| UBA Prepaid Card | UBA | 2.50% per month | — | — |
| FirstBank Visa Gold | First Bank Nigeria | 2.50% per month | — | — |
| FirstBank Visa Classic | First Bank Nigeria | 2.50% per month | — | — |
| FirstBank Mastercard | First Bank Nigeria | 2.50% per month | — | — |
Relevant if you convert a card purchase into monthly instalments. 12 cards with a published rate.
Worked example — repaying NGN 1,000,000 of card balance over 5 years in Nigeria
- Balance
- NGN 1,000,000
- Rate used
- 2.5% per month (≈30% a year)
- Tenure
- 60 months
- Monthly EMI
- NGN 32,353
- Total interest
- NGN 941,204
Rate taken from GTBank Visa Gold (GTBank) — the lowest published credit card rate we hold for Nigeria. Buzdy does not yet hold personal loan rates for Nigeria, so this uses card interest — the rate that applies when you convert a purchase to instalments or carry a balance. Change the numbers in the calculator above for your own case.
Banks we track in Nigeria
Keep going in Nigeria
Guides for Nigeria
Nigeria — frequently asked questions
What does NGN 1,000,000 on a credit card cost per month in Nigeria?
At 30% a year over 60 months the instalment works out at about NGN 32,353, or NGN 941,204 of interest in total. That rate comes from GTBank Visa Gold by GTBank, the lowest published credit card rate Buzdy holds for Nigeria. We do not yet hold personal loan rates for Nigeria — bank loan rates are usually well below card rates.
What interest rate do credit cards charge in Nigeria?
Across the 12 cards with a published rate in Nigeria, quoted rates run from 2.5% per month to 2.5% per month. Card interest only applies if you carry a balance past the interest-free period.
Where can I apply for a loan in Nigeria?
Buzdy maps 178 bank branches in Nigeria across 36 cities. Open the branch directory to find the nearest one to you.
How is EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the amount borrowed, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. The calculator above uses exactly this formula.