Ksh 2,000,000 loan at I&M Bank for 3 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 2,000,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 71,206. Total cost: Ksh 2,563,415 (Ksh 563,414 interest).
Monthly repayment
Ksh 71,206
At 16.90% · 36 payments
Total repayment
Ksh 2,563,415
1.28× the borrowed amount
Total interest
Ksh 563,414
Ksh 51,969 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 558,415 | Ksh 296,056 | Ksh 1,441,585 |
| Year 2 | Ksh 1,218,867 | Ksh 490,076 | Ksh 781,133 |
| Year 3 | Ksh 2,000,000 | Ksh 563,414 | 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 2,000,000 loan over 3 years would run about Ksh 64,873/month — saving Ksh 227,989 in interest. See the Citibank N.A. Kenya version →