Every borrower wants to know exactly how much they’ll pay back before taking a loan. That’s one thing many people fail to check, and then they start complaining later about “high interest” or “hidden charges.” The truth is—if you understand how the interest works and calculate it correctly before applying, you’ll never be surprised when repayment time comes.
EaseMoni, which is operated by Blue Ridge Microfinance Bank Limited, uses a clear and flexible interest system. It’s one of the few loan apps in Nigeria that allows users to view their repayment breakdown before confirming the loan. In this guide, we’ll explain exactly how EaseMoni’s loan interest works, how to calculate your total repayment manually, and useful tips to reduce your interest rate in future loans.
EaseMoni Loan Interest Rate
EaseMoni’s current interest rate (as of October 2025) ranges between 5% and 10% per month, depending on your credit score and repayment history. This means the longer you’ve been using the app and repaying early, the lower your future interest rate becomes.
Quick breakdown:
- Monthly interest rate: 5%–10%
- Annual Percentage Rate (APR): Around 60%–120%
- Loan tenure: 91–365 days
- No hidden charges or collateral
Example:
If you borrow ₦10,000 for 3 months at 5% per month, your total interest will be ₦1,500—meaning you’ll repay ₦11,500 at the end of the tenure.
Factors That Affect Your Interest Rate
EaseMoni doesn’t give the same rate to everyone. The system checks a few important factors before deciding your rate:
- Credit score and BVN record: If your BVN shows unpaid loans with other lenders, your rate will be higher.
- Loan history with EaseMoni: Timely repayment reduces your rate and increases your limit.
- Loan tenure: Longer repayment periods attract slightly higher rates.
- Loan amount: Higher loans may come with a slightly lower rate to encourage big borrowers.
So if you want lower interest next time—repay early, don’t default, and keep your BVN clean.
How to Calculate Your EaseMoni Loan Repayment
EaseMoni uses a flat rate system, meaning interest is calculated on the total borrowed amount (not on a reducing balance).
Example 1:
₦10,000 for 3 months at 5% monthly
→ ₦10,000 + (₦10,000 × 0.05 × 3) = ₦11,500
Example 2:
₦50,000 for 6 months at 7% monthly
→ ₦50,000 + (₦50,000 × 0.07 × 6) = ₦71,000
Example 3:
₦100,000 for 12 months at 10% monthly
→ ₦100,000 + (₦100,000 × 0.10 × 12) = ₦220,000
Tip: If you repay early, EaseMoni may reduce part of your interest automatically—especially if you’ve maintained a good record.
In-App Interest Display (Automatic Calculation)
When you apply through the EaseMoni app, the repayment breakdown appears automatically before you confirm your loan.
You’ll see something like this:
Loan Amount: ₦30,000
Tenure: 91 days
Interest: ₦2,400
Total Repayment: ₦32,400
Repayment Date: Oct 3, 2026
This shows exactly how much you’ll pay—no hidden charges. The calculation happens instantly based on your BVN score and previous activity.
How EaseMoni Decides Your Loan Limit
EaseMoni’s system adjusts your limit based on your performance.
- First-time users: ₦3,000 – ₦50,000
- Second loan: Up to ₦200,000
- Regular good users: Up to ₦2,000,000
Repaying early = faster growth + reduced interest.
Common Questions About EaseMoni Interest Rates
1. Does EaseMoni have hidden charges?
No. All charges and interest are shown before you confirm your loan.
2. Why is my interest rate high?
It’s based on your credit report or previous defaults. Improve your score by repaying early.
3. Can I reduce my rate manually?
No, but consistent early payments and good credit can lower it automatically over time.
4. What happens if I delay payment?
Late fees apply daily, increasing your total repayment.
5. Does EaseMoni give a grace period?
Sometimes 1–3 days, depending on your repayment history.
Tips to Pay Less Interest on EaseMoni
✔ Repay before the duel date (you may qualify for an interest rebate).
✔ Borrow only what you can repay within the time limit.
✔ Avoid applying for multiple loans at once.
✔ Keep your bank account active and avoid defaulting with other lenders.
✔ Re-verify your BVN details if you notice higher rates.
Conclusion
EaseMoni’s interest rate system is straightforward, transparent, and easy to calculate once you understand it. The more responsible you are with repayment, the better your interest rate becomes over time.
By checking your repayment breakdown before confirming, you can borrow confidently without worrying about surprises.
For 2025, we’ve covered different microfinance banks interest rate calculator such as the Sofri, Renmoney, and many others.
EaseMoni remains one of the few licensed microfinance apps that openly display all charges before disbursement, helping you stay in full control of your finances.
