Ksh 2,000,000 loan at Middle East Bank for 5 years.
At Middle East Bank's current lending rate of 19.87%, a Ksh 2,000,000 fixed-rate loan over 5 years has a monthly repayment of Ksh 52,843. Total cost: Ksh 3,170,592 (Ksh 1,170,592 interest).
Monthly repayment
Ksh 52,843
At 19.87% · 60 payments
Total repayment
Ksh 3,170,592
1.59× the borrowed amount
Total interest
Ksh 1,170,592
Ksh 288,010 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 259,512 | Ksh 374,606 | Ksh 1,740,488 |
| Year 2 | Ksh 575,554 | Ksh 692,683 | Ksh 1,424,446 |
| Year 3 | Ksh 960,441 | Ksh 941,915 | Ksh 1,039,559 |
| Year 4 | Ksh 1,429,168 | Ksh 1,107,305 | Ksh 570,832 |
| Year 5 | Ksh 2,000,000 | Ksh 1,170,592 | 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 5 years would run about Ksh 42,849/month — saving Ksh 599,639 in interest. See the Citibank N.A. Kenya version →