ICICI Business Loan EMI Calculator India Feb 2018

Last Updated 21st Feb 2018

Get monthly EMI as low as Rs. 2,405 per lakh on ICICI Bank business loan. Business loan EMI in ICICI Bank depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.

Business Loan EMI Calculator ICICI Bank

Loan Amount1 year loan2 year loan5 year loan
Rs. 5 LakhRs. 44,776 Rs. 23,889 Rs. 11,505
Rs. 10 LakhRs. 89,552 Rs. 47,777 Rs. 23,010
Rs. 20 LakhRs. 1.79 LakhRs. 95,554 Rs. 46,020
Business Loan EMI Calculator
Rs.

Business Loan Calculator ICICI Bank

  • Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to ICICI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • ICICI Bank offers business loans with loan tenure up to 60 months that translates into a lowest loan EMI of Rs. 2,405 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by ICICI Bank on business loan is 15.50%.
Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for Rs. 10 Lakh loan amount at lowest 15.50% interest rate offered by ICICI Bank for different tenures

1 year 2 year 5 year
ICICI Bank EMI for loan amount of Rs. 10 lakh at 15.50% Rs. 90,494 Rs. 48,725 Rs. 24,053
Total amount you pay back to the bank including principal and interest Rs. 11.64 Lakh Rs. 13.55 Lakh Rs. 21.39 Lakh
Interest you have to pay over loan tenure Rs. 1.64 Lakh Rs. 3.55 Lakh Rs. 11.39 Lakh
  • The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take Rs. 10 Lakh loan for a period of 5 years, you pay the lowest EMI of Rs. 24,053 . However, you pay an interest of Rs. 11.39 Lakh on a Rs. 10 Lakh loan.
  • In contrast, if you take a Rs. 10 Lakh loan from ICICI Bank at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of Rs. 90,494 and pay an interest of only Rs. 1.64 Lakh which is less than half of what you paid in a 5 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting ICICI Bank Business Loan EMI

  • Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. ICICI Bank gives minimum business loan of Rs. 1 Lakh up to an amount of Rs. 40 Lakh.
  • Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by ICICI Bank is 15.50%. Do complete market research and compare rates online before you apply for a business loan.
  • Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, ICICI Bank offers business loan for a maximum tenure of 60 months.

ICICI Business Loan Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how ICICI business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1 Lakh to Rs. 40 Lakh
r = Rate of interest per month. Current rate is 15.50%
n = tenure in month. For ICICI, this can be 60 months

Tips to decide the right amount of ICICI Bank Business Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching ICICI Bank for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking loan from ICICI Bank, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

FAQs on ICICI Bank Business Loan Calculator

What is the calculation of ICICI Bank Business Loan EMI?
  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to ICICI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to ICICI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With ICICI Bank offering business loan with loan tenure up to 60 months, the loan EMI can be as low as Rs. 2,405 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by ICICI Bank are as low as 15.50%. You can check EMI for other tenures using our ICICI Bank business loan calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
How does MyLoanCare business loan calculator calculate EMI?
  • This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Will the ICICI Bank business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
  • Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by ICICI Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
  • In case the floating rate of interest on your business loan increases, ICICI Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by ICICI Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.
Will business loan EMI change in case of prepayment?
  • ICICI Bank allows prepayment at nil charges or penalty in case of floating rate business loans.
  • When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
Why should I calculate ICICI Bank loan EMI before taking a loan?

It is advised to calculate EMI prior to taking a loan. There are several benefits of calculating your ICICI Bank business loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

Compare Business Loan EMI of All Banks

ICICI Bank Business Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad 902-166-7777
Bangalore 080-33667777/ 080-44455000
Bhilai 909-866-7777
Bhilwara 787-766-7777
Bhiwadi 787-766-7777
Bhopal 0755-3366777
Bhubaneswar Cuttack 0674-3366777
Bikaner 787-766-7777
Chandigarh 0172-3366777/ 0172-4445500
Chennai 044-33667777/ 044-44455000
Cochin 902-066-7777
Coimbatore 0730-566-7777
Dehradun 0135-3366777
Delhi 011-33667777/ 011-44455000
Durg 909-866-7777
Faridabad 901-766-7777
Gandhinagar 800-066-7777
Ghaziabad 808-166-7777
Goa 902-166-7777
Greater Noida 808-166-7777
Gurgaon 0124-3366777/ 0124- 4445500
Guwahati 986-466-7777
Gwalior 909-866-7777
Hyderabad 040-33667777/ 040-44455000
Indore 909-866-7777
Jabalpur 909-866-7777
Jaipur 0141-3366777/ 0141-4445500
Jalandhar 730-766-7777
Jodhpur 787-766-7777
Kanpur 808-166-7777
Karnal 901-766-7777
Kolhapur 902-166-7777
Kolkata 033-33667777/ 033-44455000
Kota 787-766-7777
Kozhikode 902-066-7777
Lucknow 0161-3366777/ 0161-4445500
Ludhiana 730-766-7777
Madurai 0730-566-7777
Meerut 808-166-7777
Mehsana 800-066-7777
Mohali Sas Nagar 730-766-7777
Mumbai 022-33667777/ 022-44455000
Mussoorie 808-166-7777
Nagpur 902-166-7777
Nashik 902-166-7777
Noida 808-166-7777
Noida Extn 808-166-7777
Panipat 901-766-7777
Patna 0612-3366777
Pondicherry 0730-566-7777
Pune 902-166-7777
Raipur 0771-3366777
Rajkot 800-066-7777
Ranchi 0651-3366777
Rohtak 901-766-7777
Roorkee 808-166-7777
Salem 0730-566-7777
Shimla 0177-3366777
Sonepat 901-766-7777
Surat 800-066-7777
Trichy 0730-566-7777
Udaipur 787-766-7777
Vadodara 800-066-7777
Varanasi 808-166-7777
Vijaywada 730-666-7777
Vizag 730-666-7777
ICICI Business Loan News - Feb 2018
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