1. Laws and regulations: According to Article 1 14 of the Contract Law of People's Republic of China (PRC), if the borrower violates the repayment obligation of the contract, the overdue interest can be calculated according to the contract agreement or the loan interest rate. Therefore, the legality of overdue penalty interest needs to comply with the law.
2. Contract agreement: According to Article 130 of People's Republic of China (PRC) Contract Law, the parties may agree on interest according to law. The calculation method of overdue interest rate and penalty interest shall be clearly stipulated in the contract and shall not exceed the upper limit prescribed by law.
3. Upper limit: The CBRC has stipulated the highest penalty interest rate for personal consumption loans, which is usually 36% per annum. The specific provisions may vary from place to place, but the penalty interest generally cannot exceed the upper limit.
4. Other factors: The legality of overdue penalty interest is also affected by other factors, such as the purpose of borrowing and whether there is unfair monopoly. If the penalty clause in the loan agreement is considered unfair, it may be protected by law.
Summary:
The legal amount of overdue penalty interest on online loans should be within the scope prescribed by law and need to be clearly stipulated in the contract. Overdue penalty interest should fully consider the borrower's repayment ability and willingness to protect the legitimate rights and interests of both parties.
Extended data:
1. People's Republic of China (PRC) contract law: the basic contract law of China.
2. China Banking Regulatory Commission: The official institution in charge of banking supervision in China has issued a series of relevant laws and regulations and guidance documents.