Ksh 500,000 loan at Bank of India for 2 years.
At Bank of India's current lending rate of 14.94%, a Ksh 500,000 fixed-rate loan over 2 years has a monthly repayment of Ksh 24,229. Total cost: Ksh 581,498 (Ksh 81,498 interest).
Monthly repayment
Ksh 24,229
At 14.94% · 24 payments
Total repayment
Ksh 581,498
1.16× the borrowed amount
Total interest
Ksh 81,498
Ksh 2,854 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 231,474 | Ksh 59,275 | Ksh 268,526 |
| Year 2 | Ksh 500,000 | Ksh 81,498 | 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 2 years would run about Ksh 23,156/month — saving Ksh 25,763 in interest. See the Citibank N.A. Kenya version →