Ksh 1,000,000 loan at Middle East Bank for 5 years.
At Middle East Bank's current lending rate of 19.87%, a Ksh 1,000,000 fixed-rate loan over 5 years has a monthly repayment of Ksh 26,422. Total cost: Ksh 1,585,296 (Ksh 585,296 interest).
Monthly repayment
Ksh 26,422
At 19.87% · 60 payments
Total repayment
Ksh 1,585,296
1.59× the borrowed amount
Total interest
Ksh 585,296
Ksh 144,005 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 129,756 | Ksh 187,303 | Ksh 870,244 |
| Year 2 | Ksh 287,777 | Ksh 346,341 | Ksh 712,223 |
| Year 3 | Ksh 480,220 | Ksh 470,957 | Ksh 519,780 |
| Year 4 | Ksh 714,584 | Ksh 553,653 | Ksh 285,416 |
| Year 5 | Ksh 1,000,000 | Ksh 585,296 | 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 5 years would run about Ksh 21,425/month — saving Ksh 299,819 in interest. See the Citibank N.A. Kenya version →