Because loans are usually divided into annual interest rate, monthly interest rate and daily interest rate, the annual interest rate is expressed as a percentage of the principal, the monthly interest rate is expressed as a few thousandths, and the daily interest rate is expressed as a few ten thousandths, so this generally refers to the annual interest rate. The annual interest rate of loans is 5.6%, that is, if you borrow 1 10,000 yuan, the annual interest is 56,000 yuan.

There are three kinds of interest rates in China, namely, benchmark interest rate, commercial bank interest rate and financial market interest rate. The benchmark interest rate is the benchmark of deposit and loan interest rates of commercial banks and other financial institutions stipulated by the People's Bank of China (the central bank), which is the legal interest rate; The interest rates of commercial banks are different, but they all fluctuate on the basis of the benchmark interest rate.