Ksh 10,000,000 loan at Bank of India for 3 years.
At Bank of India's current lending rate of 14.94%, a Ksh 10,000,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 346,360. Total cost: Ksh 12,468,943 (Ksh 2,468,943 interest).
Monthly repayment
Ksh 346,360
At 14.94% · 36 payments
Total repayment
Ksh 12,468,943
1.25× the borrowed amount
Total interest
Ksh 2,468,943
Ksh 88,284 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 2,852,398 | Ksh 1,303,916 | Ksh 7,147,602 |
| Year 2 | Ksh 6,161,371 | Ksh 2,151,258 | Ksh 3,838,629 |
| Year 3 | Ksh 10,000,000 | Ksh 2,468,943 | 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 10,000,000 loan over 3 years would run about Ksh 324,365/month — saving Ksh 791,814 in interest. See the Citibank N.A. Kenya version →