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.

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