Ksh 500,000 loan at I&M Bank for 3 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 500,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 17,801. Total cost: Ksh 640,854 (Ksh 140,854 interest).
Monthly repayment
Ksh 17,801
At 16.90% · 36 payments
Total repayment
Ksh 640,854
1.28× the borrowed amount
Total interest
Ksh 140,854
Ksh 12,992 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 139,604 | Ksh 74,014 | Ksh 360,396 |
| Year 2 | Ksh 304,717 | Ksh 122,519 | Ksh 195,283 |
| Year 3 | Ksh 500,000 | Ksh 140,854 | 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 56,997 in interest. See the Citibank N.A. Kenya version →