I've seen many people of colour singing the praises of this stuff on Youtube, and have been using it when my hair has been especially fried at the ends.
I used it on bleached hair with no colourant in it, so I have no idea how much it fades colour. Although it's a little heavy, it leaves my hair MUCH softer and more manageable afterwards. The package says to leave it on for 15-20 minutes, but I usually left it on overnight. It has a pretty strong honey/egg smell. I personally quite like it, but YMMV.
It doesn't have any dimethicone/dimethiconol, either!
If you're in the UK, it's about £4-5 for a large pot in Boots/Superdrug, and you can also get it in beauty shops for black/Asian hair. If you're outside the UK, then... not sure where you can go. Sorry.