Not only do many people not save any money, but they have to spend more annual fees, which is very helpless. With a sigh, I decided to go to the bank for an emergency loan, but I was worried that I would forget to pay it back if I was busy in the New Year, and it was overdue. How to calculate the penalty interest of this bank loan?
Bank loans overdue interest rate supervision
Generally speaking, there are clear provisions on overdue repayment in the loan contract, as follows:
1) If the borrower is overdue, the overdue penalty interest will generally rise by 30%-50% on the basis of the original loan interest rate;
Assuming that the original interest rate is 6% and the overdue penalty interest rate is 50%, the overdue interest rate is 9%.
2) If the borrower fails to use the credit funds according to the loan purpose, the bank will immediately recover the loan or increase it by 50%-100% on the basis of the original loan interest rate;
3) If the repayment is overdue or the funds are not used according to the specified purposes, the bank will charge default interest from the date of overdue repayment or the date of using the funds until the borrower pays off the loan principal and interest (including default interest).
It should be noted that if the borrower fails to pay the interest in time, the compound interest will be calculated according to the penalty interest rate.
Bank loans overdue interest rate calculation
Give a chestnut:
Mr. Wang applied for a comprehensive consumer loan from the bank last year, with an annual interest rate of 6%. Last month, he paid back a loan of 3000 yuan for lack of funds. The corresponding overdue penalty interest is calculated as follows:
1) If the repayment is overdue and the overdue interest rate rises by 30%, the corresponding overdue penalty interest rate is 6%( 130%)=7.8%. The converted daily interest rate is 7.8%/360=0.02 167%. Therefore, if the delay is 30 days, the corresponding liquidated damages can be calculated: 30000.05438+067% 30 = 19.5 yuan.
2) Overdue repayment causes the default interest rate to rise by 50%, and the corresponding default interest rate is 6%( 150%)=9%, which translates into a daily interest rate of 9%/360=0.025%. 3000 yuan is overdue for 30 days, and the corresponding overdue penalty interest is 30000.025%30=22.5 yuan.
In addition, if the overdue time is long, the penalty interest will be included in the principal to calculate compound interest. Therefore, the longer the overdue period, the higher the penalty interest, and the more serious the impact on credit reporting.
How to calculate the penalty interest
Through the concept, we can know that the penalty interest in practice is mainly divided into two categories: the penalty interest after loans overdue and the penalty interest after the loan is misappropriated.
According to Article 3 of the Notice of the People's Bank of China on Issues Concerning the Interest Rate of RMB Loans, the default interest rate of overdue loans (loans that the borrower fails to repay on the date agreed in the contract) is changed from the current daily interest rate of 2. 1% to the loan interest rate level agreed in the loan contract, that is, 30%-50%;
If the borrower fails to use the loan as agreed in the contract, the penalty interest rate will be changed from the current daily interest rate of five ten thousandths to 50%- 100% of the loan interest rate agreed in the loan contract.
Therefore, the calculation method of penalty interest is the principal interest rate (1 penalty interest rate).
Example: Following the above-mentioned case of Yan, it is stipulated in the financial loan contract between Yan and Bank A that if the loan expires or expires in advance, if Yan fails to repay the loan as agreed, the bank has the right to charge 50% of the loan principal at the interest rate agreed in the contract according to the actual overdue days, and collect penalty interest from the overdue date.
Then, if the loan expires after 3 years, Yan has only paid back the principal of 800,000 yuan, and the principal of 200,000 yuan has not been paid off. The calculation method of this part of penalty interest is 200,000 yuan, 5%( 140%)( 150%) overdue days /360 (or 365).
Overdue interest
Overdue interest, that is, the overdue interest that the lender should pay if it fails to repay within the time limit agreed in the contract.
In practice, it often happens that financial institutions collect loans in advance, that is, financial institutions, as plaintiff borrowers, take a certain day within the loan relationship as the settlement point of loan principal and interest, get a settlement amount, and then use this settlement amount as the base to calculate the overdue interest from the day after that day to the actual settlement date according to the overdue interest rate.
The review of overdue interest is usually calculated according to the date determined in the plaintiff's claim, and the case is judged separately.
In another case, financial institutions charge principal and interest after the loan term expires, and then charge overdue interest from the maturity date.
The above are the types of interests focused on in the trial. As for the concepts of overdraft interest and overdue interest, they are often the combination and deformation of interest, compound interest, penalty interest and overdue interest. The judge will accurately distinguish according to the contract terms of this interest and revert to one or more of the above concepts.
As for liquidated damages and handling fees, they will be restricted in strict accordance with the maximum annual interest rate of 24% stipulated by judicial interpretation in combination with the interest already generated.
The expenses for realizing creditor's rights (such as attorney's fees) will be comprehensively determined according to the actual situation and the loan target amount under the circumstances clearly stipulated in the contract, and controlled within a reasonable range.
What does penalty interest mean?
Bank penalty interest is a fine paid by the borrower for overdue repayment on the specified date. Lenders can postpone loans. At this time, lenders will generally modify the original term, and during the remaining loan term, lenders will raise interest rates, which is called default interest rates.
If the loan principal and interest can be repaid on schedule, the penalty interest will be charged according to the relevant regulations of the People's Bank of China. The so-called interest-free period refers to the period from the bank bookkeeping date to the due repayment date. If the cardholder's monthly billing date is 25th, and the cardholder swipes the card on March 26th, the record will be settled on the bill on April 25th, and May 15 will be the due repayment date. Cardholders can enjoy an interest-free period of up to 50 days if they repay in full.
The interest-free period is only for cardholders who repay in full on the due date. If they don't pay off their debts in full on the due date, they can't enjoy the interest-free period. The other is to calculate interest according to the unpaid part.
Extended data:
The calculation method of bank penalty interest is as follows:
1, full interest. If the cardholder fails to repay in full on the due repayment date, the full amount shall be calculated according to the interest of the current billing date, and the compound interest shall be calculated monthly.
2. Calculate the interest according to the unpaid part, and only need to pay the interest of the unpaid part.
3. If the cardholder fails to repay the minimum repayment amount before the due repayment date (inclusive), he shall pay the overdraft interest from the bookkeeping date to the repayment date, and at the same time pay a late fee according to a certain proportion of the unpaid minimum repayment amount.