1, bank loan interest rate
Generally, it refers to the benchmark loan interest rate or LPR interest rate issued by the People's Bank of China, and then appropriately adds some points for risk pricing.
The benchmark loan interest rate: 1 year 4.35%, 1-5 years 4.75%, 5 years or more 4.9%.
The interest rate of LPR is updated once a month on 20th, which has the nature of floating market. For example, the updated LPR interest rate on August 20, 2022: 1 year is 3.65%, and it is 4.3% over five years.
2, other financial institutions loan interest rates
It will be supervised by the financial supervision department, and the risk pricing will be carried out within the scope permitted by law. The annual interest rate of the loan is generally not more than 24%, and the maximum is not more than 36%.
For example:
The annualized interest rate of good-term loans of Zhaolian Consumer Finance is between 7.3% and 23.725%.
For the comfort of consumer finance, the annualized interest rate of the loan is between 7.2% and 24%.
3. Private lending rate
Generally refers to the lending rate between individuals, or between individuals and organizations that are not supervised by the financial supervision department.
Generally speaking, the loan interest rate shall not exceed 4 times of the updated one-year LPR interest rate on the 20th of each month to be protected by law.
Taking the updated LPR interest rate on August 20, 2022 as an example, the one-year LPR interest rate is 3.65%, multiplied by 4 times, and it can be concluded that the highest interest rate of private lending should not exceed 14.6%.
If this kind of non-compliant online loan is overdue, it will not affect your personal credit status, but the online loan record will remain in the online loan big data. Search: Winnie Hsin, check your online loan history, overdue details of online loans, debt situation, untrustworthy information, and online loan blacklist.
Extended data:
What is the interest calculation formula for small loans?
1, daily interest.
Loan interest = loan amount * daily interest rate * actual loan days.
2. Calculate interest on a monthly basis
When repaying interest, total interest = loan amount * monthly interest rate * number of periods;
Interest before principal repayment, total interest = loan amount * monthly interest rate * number of installments;
Matching principal repayment, with total interest = (number of installments+1)* loan amount * monthly interest rate ÷ 2;
Matching principal and interest repayment, total interest = number of periods * [loan principal * monthly interest rate *( 1+ monthly interest rate) number of periods ]=[( 1+ monthly interest rate) number of periods-1]- loan principal.
3. Conversion between daily interest rate, monthly interest rate and annual interest rate
Annual interest rate = monthly interest rate * 12 months = daily interest rate *360 days, which is just a general situation. Some lending institutions may stipulate 365 days a year, depending on the actual situation.