Ksh 10,000,000 loan at I&M Bank for 3 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 10,000,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 356,030. Total cost: Ksh 12,817,072 (Ksh 2,817,072 interest).
Monthly repayment
Ksh 356,030
At 16.90% · 36 payments
Total repayment
Ksh 12,817,072
1.28× the borrowed amount
Total interest
Ksh 2,817,072
Ksh 259,846 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 2,792,077 | Ksh 1,480,280 | Ksh 7,207,923 |
| Year 2 | Ksh 6,094,336 | Ksh 2,450,379 | Ksh 3,905,664 |
| Year 3 | Ksh 10,000,000 | Ksh 2,817,072 | 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 3 years would run about Ksh 324,365/month — saving Ksh 1,139,944 in interest. See the Citibank N.A. Kenya version →