Ksh 1,000,000 loan at Bank of India for 20 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 20 years has a monthly repayment of Ksh 13,124. Total cost: Ksh 3,149,659 (Ksh 2,149,660 interest).
Monthly repayment
Ksh 13,124
At 14.94% · 240 payments
Total repayment
Ksh 3,149,659
3.15× the borrowed amount
Total interest
Ksh 2,149,660
Ksh 88,934 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 8,660 | Ksh 148,823 | Ksh 991,340 |
| Year 2 | Ksh 18,706 | Ksh 296,260 | Ksh 981,294 |
| Year 3 | Ksh 30,361 | Ksh 442,088 | Ksh 969,639 |
| Year 4 | Ksh 43,881 | Ksh 586,051 | Ksh 956,119 |
| Year 5 | Ksh 59,565 | Ksh 727,850 | Ksh 940,435 |
| Year 6 | Ksh 77,759 | Ksh 867,139 | Ksh 922,241 |
| Year 7 | Ksh 98,866 | Ksh 1,003,515 | Ksh 901,134 |
| Year 8 | Ksh 123,351 | Ksh 1,136,513 | Ksh 876,649 |
| Year 9 | Ksh 151,756 | Ksh 1,265,591 | Ksh 848,244 |
| Year 10 | Ksh 184,707 | Ksh 1,390,123 | Ksh 815,293 |
| Year 11 | Ksh 222,933 | Ksh 1,509,380 | Ksh 777,067 |
| Year 12 | Ksh 267,277 | Ksh 1,622,519 | Ksh 732,723 |
| Year 13 | Ksh 318,719 | Ksh 1,728,560 | Ksh 681,281 |
| Year 14 | Ksh 378,396 | Ksh 1,826,366 | Ksh 621,604 |
| Year 15 | Ksh 447,624 | Ksh 1,914,621 | Ksh 552,376 |
| Year 16 | Ksh 527,934 | Ksh 1,991,794 | Ksh 472,066 |
| Year 17 | Ksh 621,099 | Ksh 2,056,112 | Ksh 378,901 |
| Year 18 | Ksh 729,177 | Ksh 2,105,517 | Ksh 270,823 |
| Year 19 | Ksh 854,554 | Ksh 2,137,623 | Ksh 145,446 |
| Year 20 | Ksh 1,000,000 | Ksh 2,149,660 | 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 20 years would run about Ksh 9,890/month — saving Ksh 776,076 in interest. See the Citibank N.A. Kenya version →