Ksh 10,000,000 loan at I&M Bank for 2 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 10,000,000 fixed-rate loan over 2 years has a monthly repayment of Ksh 493,942. Total cost: Ksh 11,854,615 (Ksh 1,854,615 interest).
Monthly repayment
Ksh 493,942
At 16.90% · 24 payments
Total repayment
Ksh 11,854,615
1.19× the borrowed amount
Total interest
Ksh 1,854,615
Ksh 167,584 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 4,581,429 | Ksh 1,345,878 | Ksh 5,418,571 |
| Year 2 | Ksh 10,000,000 | Ksh 1,854,615 | 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 10,000,000 loan over 2 years would run about Ksh 463,113/month — saving Ksh 739,912 in interest. See the Citibank N.A. Kenya version →