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ICICI Business Loan EMI Calculator India Jul 2021

Business Loan EMI Calculator ICICI Bank

Last Updated 14th Jul 2021

Get monthly EMI as low as ₹ 3,540 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.

Loan Amount1 Year Loan2 Year loan3 Year loan
₹ 1 Lakh₹ 9,097₹ 4,920₹ 3,540
₹ 5 Lakh₹ 45,484₹ 24,601₹ 17,702
₹ 10 Lakh₹ 90,968₹ 49,202₹ 35,404
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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 36 months that translates into a lowest loan EMI of ₹ 3,540 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by ICICI Bank on business loan is 16.50%.

Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for ₹ 10 Lakh loan amount at lowest 16.50% interest rate offered by ICICI Bank for different tenures

1 year 2 year 3 year
ICICI Bank EMI for loan amount of ₹ 10 Lakh at 16.50% ₹ 90,968 ₹ 49,202 ₹ 35,404
Total amount you pay back to the bank including principal and interest ₹ 11,75,493 ₹ 13,81,784 ₹ 16,24,277
Interest you have to pay over loan tenure ₹ 1,75,493 ₹ 3,81,784 ₹ 6,24,277
  • 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 ₹ 10 Lakh loan for a period of 3 years, you pay the lowest EMI of ₹ 35,404. However, you pay an interest of ₹ 6,24,277 on a ₹ 10 Lakh loan.
  • In contrast, if you take a ₹ 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 ₹ 90,968 and pay an interest of only ₹ 1,75,493 which is less than half of what you paid in a 3 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 ₹ 1,00,000 up to an amount of ₹ 40,00,000.
  • 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 16.50%. 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 48 months.

ICICI Bank Business Loan Amortization Calculator

ICICI Bank Business Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. ICICI Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Business Loan of ₹ 7 Lakh for 3 years from ICICI Bank at an interest rate of 16.50%. EMI calculated for this loan amount is ₹ 24,783 and the total annual EMIs to be paid annually is ₹ 2,97,397. The EMI schedule of loan for 3 years is explained below in the table –

Amortization Schedule for a Business Loan of ₹ 7 Lakh over the 3 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 54,566 ₹ 94,133 ₹ 1,48,698 ₹ 6,05,867
2022 ₹ 84,332 ₹ 2,13,065 ₹ 2,97,397 ₹ 3,92,802
2023 ₹ 46,391 ₹ 2,51,005 ₹ 2,97,397 ₹ 1,41,797
2024 ₹ 6,902 ₹ 1,41,797 ₹ 1,48,698 -₹ 0

In the above illustration, on a ICICI Bank Business Loan of₹ 7 Lakh, taken at the lowest interest rate of 16.50, EMI paid is ₹ 24,783 and an annual total of EMIs is ₹ 2,97,397, the interest component is ₹ 1,01,094 while the principal component is ₹ 1,96,303 in year 1 of loan disbursement. You repay only 28.04% of the total principal after paying 12 EMIs during the first year.

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 ₹ 1,00,000 to ₹ 40,00,000
r = Rate of interest per month. Current rate is 16.50%
n = tenure in month. For ICICI, this can be 48 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

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 36 months, the loan EMI can be as low as ₹ 3,540 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 16.50%. 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?

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 Customer Care Toll Free Number
City Customer Care Number
Agra 808-166-7777
Ahmedabad 079-33667777/ 079-44455000
Ambala 901-766-7777
Anand 800-066-7777
Aurangabad Bihar 902-166-7777

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ICICI Business Loan News - Jul 2021
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2021-02-08 : MOU between ICICI and MUFG to serve banking needs of Japanese corporates
    ICICI Bank signed a Memorandum of Understanding with MUFG Bank. The basic purpose of the MOU is to jointly serve the banking needs of the Japanese corporates.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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