When applying for a loan at a bank, many people will see the bank interest rate bps. What does this mean? In fact, bps in bank interest rates means base points, bps is the plural of bp, and 1bp=0.01 refers to the smallest unit of change in the interest rate spread. When applying for a loan, different banks will add or subtract basis points based on the lpr interest rate. Different banks will give The number of base points is different.

LPR interest rate is quoted by a representative quoting bank based on the bank's loan interest rate for the best customers, plus the open market operating interest rate (mainly referring to the medium-term lending facility interest rate) plus points, and then Each financial institution should mainly refer to LPR for loan pricing. The LPR interest rate is released by the National Interbank Funding Center on the 20th of every month.

LPR interest rates include two varieties: 1-year term and 5-year term or more. On July 20, 2021, the loan market quoted interest rate (LPR) was 3.85 for 1-year term, and 4.65 for 5-year term and above. It is best to consult the bank when applying for a loan, so that you can know who offers the lowest loan interest rate, so that you can choose a bank with a low loan interest rate when applying for a loan.

When applying for a loan, you must be over 18 years old, have full capacity for civil conduct, submit proof of employment, bank statements, etc. The above are the basic conditions for applying for a loan. When applying for a loan, banks may put forward other requirements depending on the type of loan.

Users must repay on time after applying for a loan, and there must be no overdue repayment, because penalty interest will accrue after overdue repayment. The longer the time, the more penalty interest will be generated, and after overdue repayment, The bank will collect the money. If the loan is overdue in time, it will be uploaded to the credit report center, and the personal credit report will be adversely affected, which will affect various subsequent loans.

In order to ensure that the loan applied by the user at the bank can be repaid on time, the user must choose the repayment method and number of repayment periods that suit them when applying for the loan, so that they can repay it on time after applying for the loan. There will be an overdue period. If there are temporary difficulties in the repayment process, you can borrow money from friends around you and then return it to them later.