Ksh 1,000,000 loan at Bank of India for 2 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 2 years has a monthly repayment of Ksh 48,458. Total cost: Ksh 1,162,996 (Ksh 162,996 interest).
Monthly repayment
Ksh 48,458
At 14.94% · 24 payments
Total repayment
Ksh 1,162,996
1.16× the borrowed amount
Total interest
Ksh 162,996
Ksh 5,708 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 462,949 | Ksh 118,549 | Ksh 537,051 |
| Year 2 | Ksh 1,000,000 | Ksh 162,996 | 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 2 years would run about Ksh 46,311/month — saving Ksh 51,525 in interest. See the Citibank N.A. Kenya version →