With advancements in the financial sector, securing a business loan has become easier than ever. You don't have to worry about bank visits; everything you ask for is just a click or call away. Amongst several business loan providers, you can secure a better business loan offer from ICICI bank among several business loan providers.
ICICI bank ensures that everything from basic information to process to loan sanctions comes in handy. Based on your financial ability, business plan, and credit profile, you can avail of the best business loan interest rates available in the market through the ICICI bank. But how will you figure out what interest rates will be best for you, what should be repayment tenure based on the loan amount?
Taking all such decisions can be confusing, but this problem is long gone with the infusion of technology, this problem is long gone. One of the foremost financial tools, i.e. ICICI bank business loan calculator, allows you to get answers to all such questions in one go. ICICI bank business loan EMI calculator offers many functionalities, to use them, you must get familiar with them. Here's how you can compute values through a business loan calculator and how it works.
ICICI Bank Business Loan Calculator
A cutting-edge AI-based financial tool, the ICICI Bank Business Loan EMI Calculator aids business workers in determining how much they may comfortably borrow to meet their needs. The anticipated monthly payments for the selected repayment period are calculated using the ICICI bank business loan interest rate calculator.
The ICICI Business Loan EMI Calculator was developed to help potential customers organise their loans more efficiently while accounting for other regular business expenses. Some simple but crucial information must be entered to utilise this calculator. for instance, the interest rate, the desired loan amount, and the time frame for loan payback.
Quick results are displayed on your screen when you enter the essential data into the calculator.
Features of ICICI Bank Business EMI Loans Calculator?
The ICICI Bank Business Loan EMI Calculator aids users in calculating their monthly payments in proportion to their borrowed funds to start a business or expand. The financial industry has embraced technology, making calculations more accessible. You only need to enter the appropriate values to receive results quickly. The following is a list of the calculator's features:
By entering the relevant information in the proper fields, users may quickly compute the EMI value.
- The calculator is available online at all times and from anywhere. The ICICI Bank Business Loan EMI calculator shows the user the EMIs and a comprehensive repayment schedule to their advantage.
- The users receive immediate results from the calculator. Given that the calculator is made to compute the numbers swiftly, it enables you to obtain desired values with lightning speed. It successfully eliminates the need to complete time-consuming and taxing calculations.
- The user can enter and compare various principal, interest rates, and payback period settings. By analysing and selecting the EMI amount that best suits their budgetary goals
Benefits of Calculating ICICI Business Loan online?
A brilliantly created AI-supported application, the ICICI Bank Business Loan EMI Calculator, aids the borrower in calculating the EMI payments for their business loan. The laborious and outdated manual calculation of the equated monthly payments has been replaced by the ICICI bank business loan EMI calculator. It enables the user to comprehend an EMI's various components and how it will benefit them. Some advantages of utilising the ICICI Bank Business Loan EMI Calculator are listed below:
- With an EMI calculator, borrowers can determine monthly payments associated with their business loans beforehand, which caters to better financial management.
- Borrowers can now understand what the monthly payments will look like without manual computations.
- Human computational errors are eliminated.
- Access to accurate results in a fraction of a second.
ICICI Bank Business Loan EMI Calculator Formula and how it works?
To help customers choose the right loan amount, ICICI Bank offers a business loan EMI calculator. All the applicant must enter is the loan amount, term, and appropriate interest rate. The calculator will automatically provide you with a thorough amortisation schedule and an approximate EMI cost.
You can also use the mathematical formula presented below to calculate the interest and EMI due:
EMI = P × r × (1 + r)n/((1 + r)n - 1)
In this equation,
- EMI represents equated monthly instalments towards the borrowed amount.
- P is the principal business loan amount
- r denoted the applicable interest rate on the secured business loan
- n is the repayment tenure.
The business loan EMI calculator uses a similar formula to provide instant results.
Things to consider while calculating ICICI Business Loan?
Every applicant should consider a number of different factors before choosing the appropriate loan option. Applicants should compare the EMI amount with their repayment ability to select a loan offer that is best suited for them. However, several aspects impact your computation, and you must understand them to come up with the best financial product. Below are the primary factors that affect the ICICI bank business loan EMI:
Business Loan Interest Rate
The rate at which banks and NBFCs provide loans to borrowers is the interest rate. The applicant's financial situation and creditworthiness significantly impact the interest rate. A borrower with a better credit score is more likely to be approved for a larger loan amount with lower interest rates. Lenders typically utilise the applicant's CIBIL score to assess their credit profile.
The biggest influence on the business loan EMI is created by the loan amount. The loan amount and the EMI payments are directly related to one another. The higher the loan amount, the more the EMI and the more will be the repayment amount. Naturally, larger loans require larger EMI payments, and smaller loans require smaller instalments.
Business Loan Repayment Tenure
The length of time the borrower must repay the loan's principal is known as the loan term. The loan term can be changed to accommodate the applicant's financial limitations. The EMI cost will decrease and spread out over a longer period if you choose a longer loan duration. Alternatively, a shorter tenure can result in larger EMI sums due to fewer EMI instalments.
ICICI Bank Business Loan Amortisation Calculator
The amortisation schedule shows how the borrowed amount will be repaid over the course of the loan. The principal and interest components do not stay the same during the loan, but the EMIs do. The schedule explains to the borrower how EMIs are divided across the repayment tenure. They can also look at the outstanding balance amount for a specific time period to further elucidate the repayment process. The borrower could strategically plan the prepayments against the business loan to reduce the length of the EMI instalments.
Let’s go through an example to understand how it works and how it can help you determine what your repayment will look like throughout the loan period.
Suppose you take out an ICICI bank business loan of INR 21,00,000 for 10 years at a 7% interest rate. To repay the loan in the said tenure, you will have to pay an EMI of INR 24,383. In total, the total repayment amount will equate to INR 29,25,934.
Amortisation Schedule for Business Loan of Rs 21 Lakhs over 10 Years
The following amortisation schedule represents how your repayment amount is divided throughout the loan tenure. This is how you will be repaying Rs 21 lakhs in 10 years:
|Interest Component Paid Per Year
|Principal Component Paid Per Year
|Total Payment Made (Principal + Interest Component)
|Outstanding Loan Balance
ICICI Bank Business Loan EMI at Different Repayment Tenures
As discussed earlier, it is quite clear that monthly EMIs are highly influenced by loan repayment tenure. Lesser the time, the more will be the EMI, whereas the longer the tenure lower will be the EMI. So, your EMI will differ for every chosen loan repayment tenure. For better understanding, go through the mentioned table, which contains monthly EMIs for different loan tenures for a loan amount of Rs 10 lakhs.
|Business Loan Interest Rate
|7 Per cent
|7 Per cent
|7 Per cent
Longer repayment tenure results in lower EMIs. However, one thing you need to focus on is as time expands, so does the interest component. So, it is recommended not to stretch the repayment tenure, or you will pay more in terms of the interest component.
What is the Quickest Way to Get a Business Loan from ICICI Bank?
If you seek an ICICI bank business loan, you get two alternatives. You can apply for the business loan online through the official portal, or visit the bank branch and submit an application form.
ICICI Bank has kept the loan application quick and easy to offer utmost user satisfaction. You don't have to meet big eligibility criteria, and the paperwork is minimal.
So, if you are an existing ICICI bank customer, get in touch with an executive, and inquire about the requirements and loan amount you are eligible for. When you are done, based upon the discussion, submit the application form, online or offline and provide the associated documents.
If you have a good financial history and your business is performing well, securing a business loan from ICICI bank will become easier.
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Frequently Asked Questions (FAQs)
What is the interest rate of business loans in ICICI Bank?
The interest rate of business loans in ICICI banks ranges between 10.99% to 17.99%, based on the applicant’s credibility.
Can I get a business loan of 10 lakhs?
Yes, you can secure a business loan of 10 lakhs with interest rates starting from 11%.
How is a business loan calculated?
You can either count on the ICICI bank business loan calculator to calculate your business loan or can rely on manual computation. To compute values through a calculator, just enter a few values. For manual computation, use mathematical formula i.e. EMI = P × r × (1 + r)n/((1 + r)n – 1).
How much business loan can I get on an INR 20,000 salary?
On a salary of INR 20,000, if a customer has no other financial obligations, they can stand to pocket a loan of INR 5.40 Lakhs.
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