Ksh 2,000,000 loan at Bank of India for 5 years.
At Bank of India's current lending rate of 14.94%, a Ksh 2,000,000 fixed-rate loan over 5 years has a monthly repayment of Ksh 47,517. Total cost: Ksh 2,851,013 (Ksh 851,014 interest).
Monthly repayment
Ksh 47,517
At 14.94% · 60 payments
Total repayment
Ksh 2,851,013
1.43× the borrowed amount
Total interest
Ksh 851,014
Ksh 31,568 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 290,780 | Ksh 279,422 | Ksh 1,709,220 |
| Year 2 | Ksh 628,105 | Ksh 512,301 | Ksh 1,371,895 |
| Year 3 | Ksh 1,019,424 | Ksh 691,184 | Ksh 980,576 |
| Year 4 | Ksh 1,473,380 | Ksh 807,431 | Ksh 526,620 |
| Year 5 | Ksh 2,000,000 | Ksh 851,014 | 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 2,000,000 loan over 5 years would run about Ksh 42,849/month — saving Ksh 280,060 in interest. See the Citibank N.A. Kenya version →