Ksh 5,000,000 loan at I&M Bank for 3 years.
At I&M Bank's current lending rate of 16.90%, a Ksh 5,000,000 fixed-rate loan over 3 years has a monthly repayment of Ksh 178,015. Total cost: Ksh 6,408,536 (Ksh 1,408,536 interest).
Monthly repayment
Ksh 178,015
At 16.90% · 36 payments
Total repayment
Ksh 6,408,536
1.28× the borrowed amount
Total interest
Ksh 1,408,536
Ksh 129,923 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 1,396,039 | Ksh 740,140 | Ksh 3,603,961 |
| Year 2 | Ksh 3,047,168 | Ksh 1,225,189 | Ksh 1,952,832 |
| Year 3 | Ksh 5,000,000 | Ksh 1,408,536 | 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 5,000,000 loan over 3 years would run about Ksh 162,182/month — saving Ksh 569,972 in interest. See the Citibank N.A. Kenya version →