Tesco personal loan calculator

Our Tesco Bank loan calculator will help you work out how much you'll pay back on a Tesco Bank personal loan.

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Tesco Bank

One of the biggest supermarket chains in the world, Tesco also offers unsecured personal loans at some very competitive rates. And if you’re a Clubcard member, you could even score a discounted rate.

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Warning: late repayments can cause you serious money problems. See our debt help guides.

Formerly a joint venture with RBS, Tesco Bank has been a highly competitive provider of fixed-rate loans since the 90s. You’ll usually get an instant decision when you apply online and if you need to, you can apply to take a short temporary break from repayments.

Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall.

We base our calculations on Tesco Bank’s representative APR, but it’s important to note that Tesco only has to give 51% of customers the advertised representative APR. Other customers may be offered a higher rate – at the time of writing, Tesco Bank’s maximum APR is 34.5%. The rate you’re offered will depend on Tesco Bank’s assessment of your individual circumstances and the specific loan amount and term that you’re applying for.

Our calculation also assumes that you don’t take a repayment break and you don’t repay early (both are facilities that Tesco Bank offers and both affect the overall cost of your loan).

How do Tesco Bank loans compare against the competition?

Table: sorted by representative APR, promoted deals first
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind.

Name Product Total Payable Monthly Repayment Representative APR
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.4% p.a. (fixed). Representative APR 3.4% and total payable £10,524.24 in monthly repayments of £292.34.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Founded almost 100 years ago, Tesco began as a retailer in Hackney, London 1919. Fast-forward to 2017 and Tesco stores are located in over 6,500 locations and the brand has branched out into banking and mobile.

Whether you’re looking to buy a new car, consolidate debt, refurbish the kitchen, or take that desperately needed holiday, Tesco offers competitive and flexible fixed-rate loans. It’s quick and easy to apply online and you might even get a decision on the same day.

Key features of a Tesco personal loan

Tesco’s personal loans are unsecured, meaning they’re be based on creditworthiness, rather than by the use of property, vehicles and other assets as collateral. The loans are available for amounts between £1,000 and £35,000 over terms ranging from 1 to 10 years.

While Tesco rates are generally competitive, the representative APR may not be the rate you’ll receive: Tesco will offer you a rate based on assessment of your personal financial circumstances.

  • Loan terms from 1-10 years. The loan term is dependant on the amount you are wanting to borrow.
  • Loan amounts from £1,000-£35,000. Loan amount can be specific to your needs, down to the pound.
  • Fixed monthly repayments. Meaning you’ll pay the same amount each month and you know how much the loan is going to cost you overall.
  • Option to take a repayment holiday for the first 2 months for eligible customers. Although this will cost you more overall, as you’ll still be accruing interest during this period.
  • Quick decision. If you apply online, you may get an immediate decision.
  • Quick access to funds. As little as 5 working days after receipt of the signed loan agreement. When approved, your money will be sent via Faster Payments, and will usually arrive in your account on the same day.
  • No set-up fees.
  • Preferential rates for Clubcard members. On selected loan amounts.

All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors including the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan, taking into account both interest and any mandatory charges (for example an application fee, although these are thankfully now pretty rare in the world of unsecured personal loans).

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan, and it’s possible for the other 49% to be offered a higher rate (hence why it’s often referred to as the representative APR). Lenders like Tesco, which battle it out with other banks for the very lowest APRs are highly likely to reserve that advertised rate for the 51% of customers with the best credit.

Am I eligible for a Tesco personal loan?

You should only apply for a Tesco personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • You must be aged between 18 and 74. You must be aged under 75 at the end of your loan term.
  • Be in full time employment with no probationary period, or have been self employed for over two years or have a regular income e.g. pension.
  • Have lived in the UK for at least three years.
  • Have a UK based bank or building society account that can pay direct debits.
  • You must not have a history of County Court Judgements or bankruptcy.

How do I apply?

If you have decided that a Tesco personal loan is right for you, make sure you have the following information handy for your application:

  • Your ID.
  • Your address details for the past three years.
  • Your current income and employment details (payslips and bank statements).

Then simply fill in the application form via their website. Remember that if you apply online you’ll receive a response much quicker.

Frequently asked questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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