When we apply for a personal loan, besides caring about the conditions of the personal loan application, another relationship focuses on the calculation of personal loan interest. So, what is the calculation method of personal loan interest? To teach you.
1. Charge for ordinary personal loan: interest handling fee.
It is understood that the higher the quality of applicants, the lower the interest charged by banks. For banks, the best applicants are undoubtedly civil servants, public institutions, large state-owned enterprises and official personnel of Fortune 500 companies. For this kind of high-quality people, the expected annualized interest rate for borrowing 12 months is only 7.2%. If you borrow 50 thousand, the total cost is only 2000.
Second, personal loan interest calculation method
There are two basic formulas for calculating personal loan interest of banks: equal principal and interest and average capital, which are briefly introduced below:
Calculation formula of equal principal and interest: monthly repayment amount = [loan principal × monthly expected annualized interest rate ×( 1 expected annualized interest rate )× repayment months ]=[( 1 expected annualized interest rate )× repayment months]; (where symbols represent strength)
Calculation formula of average funds: monthly repayment amount = (loan principal ÷ repayment months) (principal-accumulated repaid principal) × monthly expected annualized interest rate.
For example, suppose the principal is 10000 yuan and the benchmark expected annualized interest rate is 6.55% when the bank loan is 10.
Loan interest calculation formula
1. Monthly interest rate: interest calculated on a monthly basis. The calculation method is: monthly interest rate = annual interest rate ÷ 12 (month).
2. Daily interest rate: The daily interest rate is called the daily interest rate and is calculated on a daily basis. The calculation method is: daily interest rate = annual interest rate ÷360 (days) = monthly interest rate ÷30 (days).
3. Annual interest rate: usually in the form of percentage of principal, interest is calculated annually. Calculation method: annual interest rate = interest ÷ principal ÷ time × 100%.
4. Annualized interest rate: refers to the interest rate at which the inherent rate of return of products is discounted to the whole year, which is quite different from the calculation method of annual interest rate. Assuming that the yield of a wealth management product is one year and the yield is B, the annualized interest rate R is calculated as R=( 1B)A- 1.
5. Calculation formula of equal principal and interest: [loan principal × monthly interest rate× (1interest rate) repayment months] ÷ repayment months [( 1 interest rate) repayment months-1]
6. Calculation formula of average fund: monthly repayment amount = (loan principal ÷ repayment months) (principal-accumulated amount of repaid principal) × monthly interest rate.
Extended information:
Bank loan refers to an economic behavior in which banks lend funds to people in need at a certain interest rate according to national policies and agree to return them within a specified time limit. Generally, you need a guarantee, a house mortgage, or proof of income, and your personal credit information is good before you can apply.
Moreover, in different countries and different development periods of a country, the types of loans classified according to various standards are also different. For example, industrial and commercial loans in the United States mainly include ordinary loan quotas, working capital loans, standby loan commitments, and project loans. In Britain, industrial and commercial loans are mostly in the form of discounted bills, credit accounts and overdraft accounts.
According to different classification standards, there are different types of bank loans. For example:
1. According to different repayment periods, it can be divided into short-term loans, medium-term loans and long-term loans;
2. According to different repayment methods, it can be divided into demand loans, term loans and overdrafts;
3. According to the purpose or object of the loan, it can be divided into industrial and commercial loans, agricultural loans, consumer loans and securities broker loans.
4. According to the different loan guarantee conditions, it can be divided into bill discount loan, bill mortgage loan, commodity mortgage loan and credit loan.
5. According to the loan amount, it can be divided into wholesale loans and retail loans;
6. According to the different ways of interest rate agreement, it can be divided into fixed interest rate loans and floating interest rate loans, and so on.
Short-term loans refer to loans with a loan term of 1 year (inclusive). Short-term loans are generally used for the liquidity needs of the borrower's production and operation.
The currencies of short-term loans include RMB and major convertible currencies of other countries and regions. The term of short-term working capital loans is generally about half a year, and the longest is no more than one year; Short-term loans can only be extended once, and the extension period cannot exceed the original period.
The loan interest rate is determined according to the interest rate policy formulated by the People's Bank of China and the floating range of the loan interest rate, as well as the nature, currency, use, method, term and risk of the loan, among which the foreign exchange loan interest rate is divided into floating interest rate and fixed interest rate. The loan interest rate is indicated in the loan contract, which customers can check when applying for a loan. Overdue loans will be punished according to regulations.
The advantages of short-term loans are relatively low interest rates and relatively stable capital supply and repayment. The disadvantage is that it cannot meet the long-term capital needs of enterprises. At the same time, because short-term loans use fixed interest rates, the interests of enterprises may be affected by interest rate fluctuations.
How to calculate the loan interest formula
Interest rate = interest/principal/time × 100%
For example: deposit 100 yuan,
The bank promised to pay an annual interest rate of 4.2%
Then the bank will pay 4.2 yuan interest in the second year.
The calculation formula is 100×4.2%=4.2 yuan.
The formula is: interest rate = interest ÷ principal ÷ time × 100%.
Interest = principal × interest rate× time
= 100×4.2%=4.2 yuan.
The final withdrawal 104.2= 104.2 yuan.
Extended data
Matters needing attention
1. When applying for a loan, the borrower makes a correct judgment on his repayment ability. Design a repayment plan according to your income level, leaving room for it and not affecting your normal life.
2. Choose the appropriate repayment method. There are two repayment methods: equal repayment and equal principal repayment. Once the repayment method is agreed in the contract, it shall not be changed during the whole loan period.
3. Repay on time every month to avoid penalty interest. From the month following the initiation of the loan, the lending time of the next month is usually the repayment date. Don't default on the penalty interest because of your negligence, so that the bank can't approve the loan application again.
4. Take care of your contract and receipt, read the terms of the contract carefully, and know your rights and obligations.
Calculation formula of personal loan interest
1. Calculation formula of interest: principal × annual interest rate (percentage) × deposit period.
2. Matching principal and interest method: calculation formula: monthly repayment amount = monthly interest rate of principal [( 1 interest rate) n/[( 1 interest rate) n- 1] where n represents the number of months of loan and n represents the power of n, such as 240 represents the power of 240 (loan for 20 years).
3. Average capital method: calculation formula: monthly repayment amount = principal /n residual principal monthly interest rate Total interest = principal monthly interest rate (loan months /20.5).
4. Loan interest is generally divided into annual interest rate, monthly interest rate and daily interest rate.
Interest introduction
1. Interest is the use fee of money in a certain period of time, which refers to the reward that the money holder (creditor) gets from the borrower (debtor) for lending money or monetary capital. Including deposit interest, loan interest and interest generated by various bonds. Under the capitalist system, the source of interest is the surplus value created by hired workers. The essence of interest is a special transformation form of surplus value and a part of profit.
1. Money other than the principal of deposits and loans (different from "principal").
2. The abstract interest point refers to the value added when monetary funds are injected into the real economy and returned. In a less abstract sense, interest generally refers to the remuneration paid by the borrower (debtor) to the lender (creditor) for using the borrowed currency or capital. Also known as the symmetry of sub-fund and parent fund (principal). The calculation formula of interest is: interest = principal × interest rate × deposit period (i.e. time).
Interest is the reward that the fund owner gets for lending the fund, which comes from a part of the profits that the producer makes by using the fund to play its operational functions. Refers to the value-added amount brought by monetary funds injected and returned to the real economy. The calculation formula is: interest = principal × interest rate × deposit period × 100%.
3. The classification of bank interest can be divided into bank interest receivable and bank interest payable according to the nature of banking business. Interest receivable refers to the remuneration that the bank obtains from the borrower by lending to the borrower; It is the price that the borrower must pay for using the funds; It is also part of the bank's profits. Interest payable refers to the remuneration paid to depositors by banks to absorb their deposits; It is the price that banks must pay to absorb deposits, and it is also part of the cost of banks.