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Staff loan calculator

What a loan comes to each month, what it costs in interest, and whether it fits under your limit on loan deductions. In Ugandan shillings; nothing you type leaves your browser.

UGX
%

0 for an interest-free loan

months
UGX

What payroll deducts from

UGX

Each month; 0 if none

%

% of take-home pay in your policy; 0 for none

Deducted from pay each month

UGX 272,193

The last month is UGX 272,187, so the loan closes at exactly zero.

Interest in total
UGX 266,310
Repaid in total
UGX 3,266,310
All loan deductions
18.1% of take-home

Within the 50% limit

All loan deductions may come to UGX 750,000 a month. After what is already deducted, a new loan may take up to UGX 750,000 a month.

At 16% over 12 months, the largest loan that fits is UGX 8,260,000.

Month by month (12 deductions)
MonthDeductionInterestOff the loanStill owed
1UGX 272,193UGX 40,000UGX 232,193UGX 2,767,807
2UGX 272,193UGX 36,904UGX 235,289UGX 2,532,518
3UGX 272,193UGX 33,767UGX 238,426UGX 2,294,092
4UGX 272,193UGX 30,588UGX 241,605UGX 2,052,487
5UGX 272,193UGX 27,366UGX 244,827UGX 1,807,660
6UGX 272,193UGX 24,102UGX 248,091UGX 1,559,569
7UGX 272,193UGX 20,794UGX 251,399UGX 1,308,170
8UGX 272,193UGX 17,442UGX 254,751UGX 1,053,419
9UGX 272,193UGX 14,046UGX 258,147UGX 795,272
10UGX 272,193UGX 10,604UGX 261,589UGX 533,683
11UGX 272,193UGX 7,116UGX 265,077UGX 268,606
12UGX 272,187UGX 3,581UGX 268,606UGX 0

How the monthly deduction is worked out

Interest is charged on what is still owed (a reducing balance), so each month more of the deduction goes off the loan and less to interest.

  • The deduction is the same every month: amount × r ÷ (1 − (1 + r)^−months), where r is the yearly rate divided by 12.
  • Figures are in whole shillings. The last deduction absorbs the few shillings of rounding, so the loan closes at exactly zero.
  • An interest-free loan is simply the amount divided by the months.
  • This is the same calculation Wola uses for a real loan's repayment schedule.

Why a limit on all loan deductions matters

A rule like "up to three times salary" looks at one loan. It doesn't see what is already coming off the payslip.

  • The limit is a share of take-home pay that all loan deductions together may never pass.
  • What counts: every running loan's deduction, plus the new one. Wola also counts applications still being approved and outside loans a person declares.
  • The calculator shows how much room is left each month, and the largest loan that fits it at the rate and length you chose.
  • The share is your organisation's decision. Put it in your staff loan policy, then set it once in Wola.

What the calculator leaves out

  • Fees, insurance and taxes: add them if your scheme has them.
  • Pay that changes month to month: use a typical month's take-home pay.
  • Your own eligibility rules (time in the job, probation, warnings). Wola checks those on every application.

Keep reading

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