Okash Loan Interest Rate on ₦500,000 and ₦1,000,000 Loan (Calculation)

Getting a loan in Nigeria has become much easier with mobile apps like Okash, but understanding the true cost of borrowing is very important before committing to a large sum. Many Nigerians search for loans of ₦500,000 or even ₦1,000,000, but the interest rate structure on Okash can make these loans very expensive if not properly calculated.

This article explains how Okash loan works, the current interest rate system, and real examples of how much you will repay if you borrow ₦500,000 or ₦1,000,000.

How Okash Loan Works

Okash is a mobile loan app in Nigeria that offers instant loans without collateral. To apply, you need to:

• Download the Okash app from Google Play Store.
• Register with your BVN, ID card, and bank details.
• Be between 20 and 55 years old.
• Submit an application and wait for approval.

Once approved, funds are sent directly to your bank account. Repayment is done through the app, with tenures ranging from 91 days (about 3 months) to 365 days (1 year).

Okash Loan Interest Rate 

Okash advertises interest rates of 3% to 15% per month, which translates to an annual percentage rate (APR) of 36% to 360%.

• A short-term loan (around 3 months) may have rates closer to 3% monthly.
• Longer-term loans, especially if considered risky, can attract up to 15% monthly.
• Late payments can attract a 2% daily penalty fee, which makes it very costly if repayment is delayed.

Okash Loan Interest Rate on ₦500,000 Loan

Let’s explain how much you would repay if you borrow ₦500,000 from Okash:

Example 1: ₦500,000 for 3 months at 3% monthly

• Monthly interest: ₦15,000
• Total interest: ₦45,000
• Total repayment: ₦545,000

Example 2: ₦500,000 for 6 months at 10% monthly

• Monthly interest: ₦50,000
• Total interest: ₦300,000
• Total repayment: ₦800,000

Example 3: ₦500,000 for 12 months at 15% monthly

• Monthly interest: ₦75,000
• Total interest: ₦900,000
• Total repayment: ₦1,400,000

Even at the lowest rate (3% monthly), a ₦500,000 loan still attracts tens of thousands in interest.

Okash Loan Interest Rate on ₦1,000,000 Loan

For borrowers interested in ₦1 million, here’s what it looks like:

Example 1: ₦1,000,000 for 3 months at 3% monthly

• Monthly interest: ₦30,000
• Total interest: ₦90,000
• Total repayment: ₦1,090,000

Example 2: ₦1,000,000 for 6 months at 10% monthly

• Monthly interest: ₦100,000
• Total interest: ₦600,000
• Total repayment: ₦1,600,000

Example 3: ₦1,000,000 for 12 months at 15% monthly

• Monthly interest: ₦150,000
• Total interest: ₦1,800,000
• Total repayment: ₦2,800,000

Clearly, large loans on Okash can become extremely expensive, especially with long tenures.

Factors That Affect Your Okash Loan Interest Rate

Several factors determine what interest rate Okash gives you:

• Borrower history: First-time users often get small amounts (₦3,000 – ₦50,000) at higher rates.
• Loan tenure: Short-term loans may have lower total cost compared to year-long ones.
• Credit profile: Stable income and clean banking history may improve your loan offers.
• Repayment record: Timely repayments help you qualify for larger amounts like ₦500k or ₦1m.

Can First-Time Users Get ₦500k or ₦1m on Okash?

The answer is no. First-time borrowers usually qualify for small amounts, often less than ₦50,000. Accessing ₦500,000 or ₦1,000,000 is only possible after taking multiple smaller loans and building trust with the platform.

Tips to Reduce Loan Costs on Okash

• Repay on time to avoid late fees.
• Borrow only what you need to minimize extra interest.
• Repay early if possible to reduce total charges.
• Maintain a good repayment record to qualify for better rates in the future.

Final Verdict: Is Okash Good for ₦500k or ₦1m Loan?

Okash is very fast, convenient, and requires no collateral, but the interest rates on large loans (₦500k – ₦1m) make repayment very heavy. If you truly need such a large amount, it may be smarter to compare with bank loans or other digital lenders that offer lower APR. However, if speed and accessibility are your top priorities, Okash provides instant solutions—with the tradeoff of higher costs.

ALSO READ: Okash Loan Full Review: Interest Explained – Borrow ₦20k, Repay ₦26k in 30 Days