ICICI Bank Business Loan EMI Calculator
Last Updated : Feb. 27, 2020, 5:38 p.m.
ICICI Bank Business Loan EMI Calculator helps the user to find out the exact monthly instalment payable on the loan amount including the interest and principal amount. You can try this tool for calculating EMIs on any amount of loan at a given rate of interest. You just have to enter the principal amount, interest rate and the tenure for which the loan is provided. In a few second you’ll get your monthly EMIs.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Types of Information to be Entered while Calculating EMI
It is mandatory to provide the loan amount, Rate of Interest and the time period for which the loan has been taken.
Rate of Interest:- In order to calculate the exact EMI of ICICI Business loans you have to submit the rate of interest charged by the bank. The rate of interest is mostly charged on a yearly basis. But there are some financial institutions that charge the rate of interest on a quarterly and monthly basis.
Loan Amount:- It is that amount of money which is taken as debt by the applicant. So, you have to enter the amount of loan taken in the EMI calculator for getting the exact instalment payable every month. The EMI might vary if the loan amount is increased or decreased.
Time Period:- The time period also plays an important role in calculating the EMI. It is basically the repayment period provided by the bank to the borrower. Any increase in tenure will decrease the amount of EMI and vice versa.
The Formula used for Calculating EMI
EMI = P x R x (1+R)^n/((1+R)^n-1)
P Denotes the principal amount.
R Denotes the Rate of Interest Per Month.
Small “n” denotes the tenure given by the bank.
Need for ICICI Bank Business Loan EMI Calculator
ICICI Bank Business Loans are very helpful for business expansion and meeting the day to day transactions. But knowing the EMI before taking the loan is also necessary. There are certain benefits of calculating the EMI before taking any loan from ICICI Bank. Therefore, you can use the ICICI Bank Business Loan EMI Calculator for evaluating monthly instalments.
Determine the Expenses:- It is really difficult for a middle-class user to manage all the expenses. Therefore, he refuse to take any type of loan because the EMI is unknown. Then the only way out is to calculate the EMI and know the expenses that will incur after taking the loan.
Decide Loan Period:- Once you know the different EMIs for a different time period. It will be easy to decide the loan period. You know your financial capacity well and it will be easy to find out which time period would be the best in clearing the loan.
Determines the Rate of Interest:- As you know that higher rate of interest results in higher EMI. So by entering the different rates of interest in the tool will help you to find out the best EMI option available for you to various rates of interest.
Well, you can use the ICICI Bank Business Loan EMI Calculator for determining the EMI on the ICICI Bank Business Loans. It is better to know the EMI on the loan before taking it from the bank. It will make you mentally prepared for the expenses to be incurred on the loan every month. You ‘ll also get to know the total interest amount that will be charged by the ICICI Bank. The graphical representation will clear all your doubts related to interest and the principal amount of the loan.
