Ksh 2,000,000 loan at Middle East Bank for 10 years.
At Middle East Bank's current lending rate of 19.87%, a Ksh 2,000,000 fixed-rate loan over 10 years has a monthly repayment of Ksh 38,479. Total cost: Ksh 4,617,469 (Ksh 2,617,469 interest).
Monthly repayment
Ksh 38,479
At 19.87% · 120 payments
Total repayment
Ksh 4,617,469
2.31× the borrowed amount
Total interest
Ksh 2,617,469
Ksh 680,508 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 70,543 | Ksh 391,204 | Ksh 1,929,457 |
| Year 2 | Ksh 156,452 | Ksh 767,042 | Ksh 1,843,548 |
| Year 3 | Ksh 261,075 | Ksh 1,124,165 | Ksh 1,738,925 |
| Year 4 | Ksh 388,489 | Ksh 1,458,499 | Ksh 1,611,511 |
| Year 5 | Ksh 543,657 | Ksh 1,765,077 | Ksh 1,456,343 |
| Year 6 | Ksh 732,627 | Ksh 2,037,855 | Ksh 1,267,373 |
| Year 7 | Ksh 962,759 | Ksh 2,269,469 | Ksh 1,037,241 |
| Year 8 | Ksh 1,243,023 | Ksh 2,450,952 | Ksh 756,977 |
| Year 9 | Ksh 1,584,337 | Ksh 2,571,385 | Ksh 415,663 |
| Year 10 | Ksh 2,000,000 | Ksh 2,617,469 | 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 10 years would run about Ksh 26,830/month — saving Ksh 1,397,814 in interest. See the Citibank N.A. Kenya version →