Ksh 1,000,000 loan at Bank of India for 5 years.
At Bank of India's current lending rate of 14.94%, a Ksh 1,000,000 fixed-rate loan over 5 years has a monthly repayment of Ksh 23,758. Total cost: Ksh 1,425,507 (Ksh 425,507 interest).
Monthly repayment
Ksh 23,758
At 14.94% · 60 payments
Total repayment
Ksh 1,425,507
1.43× the borrowed amount
Total interest
Ksh 425,507
Ksh 15,784 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 145,390 | Ksh 139,711 | Ksh 854,610 |
| Year 2 | Ksh 314,052 | Ksh 256,150 | Ksh 685,948 |
| Year 3 | Ksh 509,712 | Ksh 345,592 | Ksh 490,288 |
| Year 4 | Ksh 736,690 | Ksh 403,715 | Ksh 263,310 |
| Year 5 | Ksh 1,000,000 | Ksh 425,507 | 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 5 years would run about Ksh 21,425/month — saving Ksh 140,030 in interest. See the Citibank N.A. Kenya version →