Ksh 1,000,000 loan at Middle East Bank for 2 years.
At Middle East Bank's current lending rate of 19.87%, a Ksh 1,000,000 fixed-rate loan over 2 years has a monthly repayment of Ksh 50,832. Total cost: Ksh 1,219,976 (Ksh 219,976 interest).
Monthly repayment
Ksh 50,832
At 19.87% · 24 payments
Total repayment
Ksh 1,219,976
1.22× the borrowed amount
Total interest
Ksh 219,976
Ksh 51,273 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 450,891 | Ksh 159,097 | Ksh 549,109 |
| Year 2 | Ksh 1,000,000 | Ksh 219,976 | 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 1,000,000 loan over 2 years would run about Ksh 46,311/month — saving Ksh 108,505 in interest. See the Citibank N.A. Kenya version →