Ksh 500,000 loan at Bank of India for 3 years.
At Bank of India's current lending rate of 14.94%, a Ksh 500,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 17,318. Total cost: Ksh 623,447 (Ksh 123,447 interest).
Monthly repayment
Ksh 17,318
At 14.94% · 36 payments
Total repayment
Ksh 623,447
1.25× the borrowed amount
Total interest
Ksh 123,447
Ksh 4,414 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 142,620 | Ksh 65,196 | Ksh 357,380 |
| Year 2 | Ksh 308,069 | Ksh 107,563 | Ksh 191,931 |
| Year 3 | Ksh 500,000 | Ksh 123,447 | 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 3 years would run about Ksh 16,218/month — saving Ksh 39,591 in interest. See the Citibank N.A. Kenya version →