Ksh 500,000 loan at Bank of India for 15 years.
At Bank of India's current lending rate of 14.94%, a Ksh 500,000 fixed-rate loan over 15 years has a monthly repayment of Ksh 6,977. Total cost: Ksh 1,255,932 (Ksh 755,932 interest).
Monthly repayment
Ksh 6,977
At 14.94% · 180 payments
Total repayment
Ksh 1,255,932
2.51× the borrowed amount
Total interest
Ksh 755,932
Ksh 30,929 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 9,673 | Ksh 74,055 | Ksh 490,327 |
| Year 2 | Ksh 20,895 | Ksh 146,562 | Ksh 479,105 |
| Year 3 | Ksh 33,913 | Ksh 217,273 | Ksh 466,087 |
| Year 4 | Ksh 49,015 | Ksh 285,900 | Ksh 450,985 |
| Year 5 | Ksh 66,534 | Ksh 352,110 | Ksh 433,466 |
| Year 6 | Ksh 86,858 | Ksh 415,515 | Ksh 413,142 |
| Year 7 | Ksh 110,434 | Ksh 475,667 | Ksh 389,566 |
| Year 8 | Ksh 137,784 | Ksh 532,046 | Ksh 362,216 |
| Year 9 | Ksh 169,512 | Ksh 584,047 | Ksh 330,488 |
| Year 10 | Ksh 206,319 | Ksh 630,969 | Ksh 293,681 |
| Year 11 | Ksh 249,018 | Ksh 671,999 | Ksh 250,982 |
| Year 12 | Ksh 298,550 | Ksh 706,195 | Ksh 201,450 |
| Year 13 | Ksh 356,012 | Ksh 732,462 | Ksh 143,988 |
| Year 14 | Ksh 422,671 | Ksh 749,532 | Ksh 77,329 |
| Year 15 | Ksh 500,000 | Ksh 755,932 | 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 500,000 loan over 15 years would run about Ksh 5,484/month — saving Ksh 268,870 in interest. See the Citibank N.A. Kenya version →