Ksh 1,000,000 loan at Bank of India for 10 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 10 years has a monthly repayment of Ksh 16,097. Total cost: Ksh 1,931,612 (Ksh 931,613 interest).
Monthly repayment
Ksh 16,097
At 14.94% · 120 payments
Total repayment
Ksh 1,931,612
1.93× the borrowed amount
Total interest
Ksh 931,613
Ksh 36,868 less than industry avg
Year-by-year amortisation
How each payment splits between interest and principal over time.
| End of year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | Ksh 46,886 | Ksh 146,276 | Ksh 953,114 |
| Year 2 | Ksh 101,276 | Ksh 285,046 | Ksh 898,724 |
| Year 3 | Ksh 164,373 | Ksh 415,111 | Ksh 835,627 |
| Year 4 | Ksh 237,569 | Ksh 535,076 | Ksh 762,431 |
| Year 5 | Ksh 322,482 | Ksh 643,324 | Ksh 677,518 |
| Year 6 | Ksh 420,987 | Ksh 737,981 | Ksh 579,013 |
| Year 7 | Ksh 535,258 | Ksh 816,871 | Ksh 464,742 |
| Year 8 | Ksh 667,821 | Ksh 877,469 | Ksh 332,179 |
| Year 9 | Ksh 821,603 | Ksh 916,849 | Ksh 178,397 |
| Year 10 | Ksh 1,000,000 | Ksh 931,613 | Ksh 0 |
Could you get this cheaper?
Currently the cheapest Kenyan lender on this CBK dataset is Citibank N.A. Kenya at 10.36%. The same Ksh 1,000,000 loan over 10 years would run about Ksh 13,415/month — saving Ksh 321,785 in interest. See the Citibank N.A. Kenya version →