Monthly payment of 400,000 years (60 months):

400000 * 9.84%/ 12 * ( 1+9.84%/ 12) 60/[( 1+9.84%/ 12) 60-65438+]

Annual repayment: 8467.36 *12 =101608.32.

Explanation: 60 is the 60th power.

At present, the banks that are handling small loans are: Agricultural Bank, Postal Savings Bank and local credit cooperatives. Migrant workers need to provide the following basic information when handling small loans:

1. Original and photocopy of legal and valid ID card, household registration book and Jinsui Huinong card;

2. Relevant information of collateral or guarantor, except those that meet the conditions of credit loan;

3. Other materials required by the lender.

The basic conditions for migrant workers to apply for entrepreneurial loans are: 1. He is over 18 years old (including 18 years old) but under 60 years old, has a fixed residence in the countryside, is in good health, has full capacity for civil conduct and labor, and holds valid identity documents; 2. It is the head of the rural household or other family members designated by the head in writing, and has applied for the Jinsui Huinong Card; 3. Engaged in agricultural production and operation such as agriculture, forestry, animal husbandry and fishery or non-agricultural production and operation activities such as industry, commerce, construction, transportation and service industry; 4. Other conditions required by the bank. Generally speaking, the credit period of farmers' small loans does not exceed 1 year, and the longest is not more than 3 years. The amount of small loans for farmers is 30,000-50,000 yuan.