Ksh 1,000,000 loan at Bank of India for 15 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 15 years has a monthly repayment of Ksh 13,955. Total cost: Ksh 2,511,864 (Ksh 1,511,864 interest).
Monthly repayment
Ksh 13,955
At 14.94% · 180 payments
Total repayment
Ksh 2,511,864
2.51× the borrowed amount
Total interest
Ksh 1,511,864
Ksh 61,858 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 19,347 | Ksh 148,111 | Ksh 980,653 |
| Year 2 | Ksh 41,791 | Ksh 293,125 | Ksh 958,210 |
| Year 3 | Ksh 67,827 | Ksh 434,546 | Ksh 932,173 |
| Year 4 | Ksh 98,030 | Ksh 571,800 | Ksh 901,970 |
| Year 5 | Ksh 133,069 | Ksh 704,219 | Ksh 866,931 |
| Year 6 | Ksh 173,715 | Ksh 831,030 | Ksh 826,285 |
| Year 7 | Ksh 220,868 | Ksh 951,335 | Ksh 779,132 |
| Year 8 | Ksh 275,569 | Ksh 1,064,092 | Ksh 724,431 |
| Year 9 | Ksh 339,025 | Ksh 1,168,093 | Ksh 660,975 |
| Year 10 | Ksh 412,638 | Ksh 1,261,937 | Ksh 587,362 |
| Year 11 | Ksh 498,035 | Ksh 1,343,998 | Ksh 501,965 |
| Year 12 | Ksh 597,101 | Ksh 1,412,390 | Ksh 402,899 |
| Year 13 | Ksh 712,024 | Ksh 1,464,925 | Ksh 287,976 |
| Year 14 | Ksh 845,342 | Ksh 1,499,064 | Ksh 154,658 |
| Year 15 | Ksh 1,000,000 | Ksh 1,511,864 | 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 15 years would run about Ksh 10,967/month — saving Ksh 537,740 in interest. See the Citibank N.A. Kenya version →