Loan Amortization Schedule is a table which shows how much money, in relation to the loan principal and interest a borrower will be paying over time till the loan is cleared.
In Kenya there are many online loan calculators but cannot display an amortization schedule.
What's Loan Amortization Schedule in Kenya
Loan Amortization Schedule is therefore a detailed information presented in a table form to help the customer to easily understand what they're pay in terms of principal and interest every month, year or whatever instalment arrived at during loan application.
Loan Amortization Schedule Kenya Example
Am going to give an example of a loan amortization schedule in Kenya. The details used are as follows;
- Principal; Ksh 100,000
- Interest rate; 12% per year (fixed)
- Loan term; 24 months
Here is a screenshot from Aren online loan calculator
Now ,here is the loan amortization schedule Kenya example for the above loan details;
Period (Months) | Principal Balance (Ksh) | Principal Paid (Ksh) | Interest Paid (Ksh) | Amount Paid (Ksh) |
---|---|---|---|---|
0 | 100,000 | 0 | 0 | 0 |
1 | 95293 | 4166.67 | 540.33 | 4707 |
2 | 90586 | 4166.67 | 540.33 | 4707 |
3 | 85879 | 4166.67 | 540.33 | 4707 |
4 | 81172 | 4166.67 | 540.33 | 4707 |
5 | 76465 | 4166.67 | 540.33 | 4707 |
6 | 71758 | 4166.67 | 540.33 | 4707 |
7 | 67051 | 4166.67 | 540.33 | 4707 |
8 | 62344 | 4166.67 | 540.33 | 4707 |
9 | 57637 | 4166.67 | 540.33 | 4707 |
10 | 52930 | 4166.67 | 540.33 | 4707 |
11 | 48223 | 4166.67 | 540.33 | 4707 |
12 | 43516 | 4166.67 | 540.33 | 4707 |
13 | 38809 | 4166.67 | 540.33 | 4707 |
14 | 34102 | 4166.67 | 540.33 | 4707 |
15 | 29395 | 4166.67 | 540.33 | 4707 |
16 | 24688 | 4166.67 | 540.33 | 4707 |
17 | 19981 | 4166.67 | 540.33 | 4707 |
18 | 15274 | 4166.67 | 540.33 | 4707 |
19 | 10567 | 4166.67 | 540.33 | 4707 |
20 | 5860 | 4166.67 | 540.33 | 4707 |
21 | 1153 | 1153 | 540.33 | 1693.33 |
22 | 0 | 0 | 540.33 | 540.33 |
23 | 0 | 0 | 540.33 | 540.33 |
24 | 0 | 0 | 540.33 | 540.33 |
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