If a rural credit cooperative applies for a loan and fails to repay it within the time limit, it will generate a penalty interest. The penalty interest is calculated according to compound interest, that is to say, the longer the overdue time, the higher the penalty interest the borrower needs to pay. For those with weak repayment ability, further penalty interest will increase their repayment pressure.
Renewing the loan must meet the following four conditions at the same time:
1. The borrower's production and business activities are normal and he can pay interest on time.
2. The loan principal is compressed by more than 5%.
3. The loan guarantee is effective.
This is a revolving loan.
Fujian rural credit cooperative bank
Fujian Rural Credit Cooperatives conscientiously implemented a series of work arrangements of the CPC Central Committee, the State Council, the provincial party committee and the provincial government to promote epidemic prevention and control and economic and social development as a whole, organically combined external macro-policies with internal micro-strategies, adhered to the small orientation of supporting agriculture, firmly grasped "doing soil, doing small things and doing scattered things", and helped "six stabilities" and "six guarantees".
Settle in provincial platforms such as "Jinfuyun", "Production Rong Yun" and "Single Window", accurately connect and respond quickly, and improve the vertical implementation efficiency of preferential policies. Explore the development mechanism of "three social integration" of credit cooperatives, supply and marketing cooperatives and cooperatives, and provide convenient services such as information consultation, agricultural product sales, small deposit and withdrawal, and living payment. Facing the "three rural" customers, improve the customer service ability and synergy of grassroots outlets.