Ksh 1,000,000 loan at Bank of India for 3 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 34,636. Total cost: Ksh 1,246,894 (Ksh 246,894 interest).
Monthly repayment
Ksh 34,636
At 14.94% · 36 payments
Total repayment
Ksh 1,246,894
1.25× the borrowed amount
Total interest
Ksh 246,894
Ksh 8,828 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 285,240 | Ksh 130,392 | Ksh 714,760 |
| Year 2 | Ksh 616,137 | Ksh 215,126 | Ksh 383,863 |
| Year 3 | Ksh 1,000,000 | Ksh 246,894 | 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 3 years would run about Ksh 32,436/month — saving Ksh 79,181 in interest. See the Citibank N.A. Kenya version →