(1) The interest rate conversion formula for RMB business is (note: common for deposits and loans):
1. daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.
2. Monthly interest rate (‰) = annual interest rate (%)÷ 12
(two) banks can use the product interest method and the transaction interest method to calculate interest:
1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:
Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.
2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:
If the interest-bearing period is a whole year (month), the interest-bearing formula is:
① Interest = principal × year (month )× year (month) interest rate
If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:
② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.
At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:
③ Interest = principal × actual days × daily interest rate
These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased. Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.
(3) Compound interest: Compound interest means adding interest at a certain interest rate. According to the regulations of the central bank, if the borrower fails to repay the interest at the time agreed in the contract, it will be charged with compound interest.
(4) Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest paid by the bank to the defaulter according to the contract signed with the parties is called bank penalty interest.
(V) loans overdue liquidated damages: penalties for the defaulting party with the same nature as penalty interest.
(six) the formulation and filing of interest calculation methods
The interest-bearing settlement rules and methods for deposit and loan business formulated by national commercial banks as legal persons shall be reported to the head office of the People's Bank of China for the record, and the customers shall be informed; Regional commercial banks and urban credit cooperatives should be reported to the branches of the People's Bank of China and the central branch of the provincial capital for the record, and inform customers; County rural credit cooperatives as legal persons may, according to the actual situation of the county rural credit cooperatives, formulate the rules for interest calculation and settlement and the interest-bearing measures for deposit and loan business, and report them to the branch of the People's Bank of China and the central branch of the provincial capital for the record, and the rural credit cooperatives as legal persons shall notify the customers.
(7) Reference basis:
1. Provisions on the Administration of RMB Interest Rate (Yinfa 199977).
2. Notice of the People's Bank of China on issues related to the interest rate of RMB loans. 200325 1).
3. Notice of the People's Bank of China on Interest Calculation and Settlement of RMB Deposits and Loans (Yinfa [2004]10/No.. 2005 129).
Application conditions
1. China citizens with full civil capacity who have a fixed residence in China, or a fixed residence (or valid residence certificate) in a local town, or a fixed business place; 2. Have a legitimate occupation and stable economic income, and have the ability to repay the principal and interest of the loan on schedule; 3. No bad credit record; 4. Loans cannot be used for stock trading, house purchase, gambling and other behaviors; 5. Other bank microfinance conditions stipulated by the lender. Application materials for microfinance banks 1. Provide personal identification, which can be ID card, residence permit, household registration book, marriage certificate and other materials; Temporary residence permit shall be provided in different places; 2. Provide stable proof of address, house lease contract, water and electricity bills, property management and other relevant certificates; 3. Provide stable proof of income source, bank flow sheet and labor contract.
It is characterized by simple procedures, fast lending process and simple procedures. Small loan companies have simple loan procedures, and loans are managed according to the processes of customer application, investigation, mortgage verification, guarantee, loan Committee approval, loan contract signing, loan issuance and loan principal and interest recovery. Generally, it is completed within 7 days from the date of loan acceptance, which is more convenient and faster than bank loans, and the interest is much lower than private lending. The repayment method is flexible. A variety of flexible repayment and interest payment methods, such as equal monthly repayment and interest payment, quarterly interest settlement due, one-time repayment and interest payment or two-time repayment and interest payment, etc. The loan scope is wider. Small loan companies mainly serve small and medium-sized enterprises, individual businesses and farmers. Flexible marketing methods. Micro-loan companies implement risk-controllable marketing form without rating and credit, which breaks the long-term operation mode of formal financial institutions such as commercial banks, and has the characteristics of simple, efficient and fast mode, which is beneficial to SMEs to obtain credit support in time, alleviate the short-term financing difficulties of SMEs and individual industrial and commercial households, and make up for the shortage between bank loans and private lending to some extent. Microfinance companies have high quality loans. The loan quality of microfinance companies is high, because almost all the funds lent by microfinance companies are shareholders' own funds, so the audit of loan projects is more cautious; Because microfinance companies are privately operated and mainly lend money locally, they can fully understand borrowers and their uses, which is conducive to risk control. Small loans have little social risk. Microfinance companies do not illegally raise funds, usury or accept loans from social idlers. Its fund-raising, lending, and loan collection all have their own execution methods, and only loans are not saved, and public deposits are not involved, so the social risk is small. develop
Microfinance is a kind of loan innovation that traditional commercial banks can't cover customers. Mainly solve some small, scattered, short-term, unsecured and unsecured capital needs. It is an effective tool to get rid of poverty and become rich by financial means, and it is also an important financial support for the sustainable development of China's economy.
According to the statistical report of microfinance companies in the first half of 20 14 released by the People's Bank of China on July 23rd, 200014, as of the end of June, there were 8,394 microfinance companies in China with a loan balance of 88165,438+billion yuan, and RMB loans were added in the first half of the year.
As a supplementary subject of the financial industry, the emerging microfinance industry has been supported by policies, but it has not yet formed a strong industry scale, and microfinance institutions are generally small in scale, lacking the ability to resist risks and development potential. For details, please refer to the Analysis Report on Market Prospect and Investment Strategic Planning of Microfinance Industry in China.
Forward-looking Industry Research Institute believes that microfinance has established a financial system that is completely different from the traditional banking objectives. Through a series of loan technology innovations, it not only provides ways to relax mortgage guarantee and alleviate information asymmetry, but also provides technologies to reduce transaction costs, thus lowering the threshold for low-income groups to enter the loan market on an equal footing.
Domestic status quo
China has a history of more than 10 since it was piloted in 193. The development of micro-credit led by non-governmental organizations in China has gone through the process from international donation, government subsidy support to commercial operation. Microfinance in China can be roughly divided into three types: first, guaranteed loans for laid-off workers, student loans and poverty alleviation loans provided by big banks, with a total loan amount of several hundred billion yuan; The second is the small loans of rural credit cooperatives. There are 6 1 10,000 farmers enjoying loans192.7 billion yuan, accounting for 27.3% of all farmers; There are also some farmers who guarantee loans, about120,000 households enjoy loans 14 1 100 million yuan; Third, there are more than 100 non-governmental microfinance organizations, providing loans of about 1 100 million yuan. Although micro-credit appeared earlier in China, there are many problems with China characteristics in the operation of micro-credit, which led to a large number of commercial banks withdrawing from the micro-secured loan mechanism. The problems existing in small secured loans mainly include the following aspects:
1. Generally, people who handle small-sum secured loans are laid-off workers and farmers, who lack mortgaged property. Farmers' property generally includes private plots, homestead and houses built on the homestead, which are the main property of farmers. China's "People's Republic of China (PRC) Guarantee Law" clearly stipulates: "The land use rights collectively owned by villages such as cultivated land, homestead, private plots and private plots shall not be mortgaged." The reason why the law stipulates this is mainly due to the mortgagor's right to exist and the development of agriculture. At the same time, the Security Law of People's Republic of China (PRC) stipulates two special cases of mortgage of the right to use collectively owned land: first, the right to use barren hills, gullies, hills and beaches contracted by the mortgagor according to law and mortgaged with the consent of the employer can be mortgaged; Second, the buildings such as factories of township enterprises are mortgaged, and the land use right within the occupied area can be mortgaged. Although the law stipulates that in the above two cases, the collectively owned land use right can be mortgaged (but it is not allowed to be mortgaged separately), at the same time, the realization of this kind of mortgage is still restricted: if the land use right of contracted wasteland is mortgaged, or the land use right within the occupied area of buildings such as factories of township enterprises is mortgaged, the collectively owned land and land use cannot be changed without legal procedures after the mortgage is realized. Regarding self-built houses, the Guarantee Law of People's Republic of China (PRC) does not explicitly stipulate that farmers' self-built houses cannot be used for mortgage. It should belong to "other property that can be mortgaged according to law" stipulated in the Guarantee Law of People's Republic of China (PRC), and can be mortgaged. However, the Guarantee Law of People's Republic of China (PRC) also clearly stipulates that the land use right of collectively owned homestead shall not be mortgaged. Because the right to use the homestead belongs to the collective, the state only allows farmers to use it for their own use, and it is not allowed to dispose of it and enter the circulation field. Then, when farmers mortgage their own houses, they actually only mortgage with the ownership of the houses, and they cannot mortgage the land use rights within the occupied areas of the houses together according to the principle of "the land goes with the houses". This has caused the mortgagee's mortgage on the house to be impossible to realize.
2. Small loans lack the guarantee mechanism of final repayment. The borrowers of microfinance are generally entrepreneurs, and most of them lack funds. If the business is successful, they are willing to repay the loan. However, if they fail to start a business, the interests of the lenders will be difficult to guarantee.
3. The operating cost of microfinance is too high. Small loans are retail loans. A loan officer can market one or two hundred loans at most, but the amount is only a few million, which is incomparable with the scale effect of wholesale loans and the relative cost is high. It is also a loan of 100 million yuan. If you give a loan to a large enterprise, you only need one account manager to handle it, while it may take thousands of loans to handle a small loan, and only a dozen account managers are needed. The cost of manpower and material resources is too high.
4. The whole social credit system is lacking, and most micro-loans rely on credit guarantee, but many lenders regard micro-loans as "Tang monk meat", and malicious acts such as disaster relief, poverty alleviation, waste evasion and fraud occur from time to time.