Ksh 1,000,000 loan at I&M Bank for 10 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 1,000,000 fixed-rate loan over 10 years has a monthly repayment of Ksh 17,316. Total cost: Ksh 2,077,974 (Ksh 1,077,974 interest).
Monthly repayment
Ksh 17,316
At 16.90% · 120 payments
Total repayment
Ksh 2,077,974
2.08× the borrowed amount
Total interest
Ksh 1,077,974
Ksh 109,494 more 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 41,948 | Ksh 165,849 | Ksh 958,052 |
| Year 2 | Ksh 91,561 | Ksh 324,033 | Ksh 908,439 |
| Year 3 | Ksh 150,240 | Ksh 473,152 | Ksh 849,760 |
| Year 4 | Ksh 219,641 | Ksh 611,548 | Ksh 780,359 |
| Year 5 | Ksh 301,723 | Ksh 737,264 | Ksh 698,277 |
| Year 6 | Ksh 398,804 | Ksh 847,981 | Ksh 601,196 |
| Year 7 | Ksh 513,624 | Ksh 940,958 | Ksh 486,376 |
| Year 8 | Ksh 649,424 | Ksh 1,012,956 | Ksh 350,576 |
| Year 9 | Ksh 810,038 | Ksh 1,060,139 | Ksh 189,962 |
| Year 10 | Ksh 1,000,000 | Ksh 1,077,974 | 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 1,000,000 loan over 10 years would run about Ksh 13,415/month — saving Ksh 468,147 in interest. See the Citibank N.A. Kenya version →