Where the Borrower and the Lender have agreed on the overdue interest rate, such agreement shall prevail, but it shall not exceed four times the market quotation of one-year loan at the time of the establishment of this Contract. It is forbidden to lend at high interest rate, and the lending rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.
Interest rate conversion, in which the conversion relationship among annual interest rate, monthly interest rate and daily interest rate is: annual interest rate = monthly interest rate multiplied by 12 (month) = daily interest rate multiplied by 360 (days); Monthly interest rate = annual interest rate12 (month) = daily interest rate multiplied by 30 (days); Daily interest rate = annual interest rate ÷360 (days) = monthly interest rate ÷30 (days). In addition, the use of interest rates should be consistent with the deposit term.