The interest on the loan is calculated on a daily basis. When the loan is repaid, the interest will be calculated on the repayment date.

Take China Merchants Bank’s e-recruitment loan as an example. This consumer loan has two repayment methods: monthly repayment and borrowing and repaying at any time. If you choose to borrow and repay at any time, the daily interest rate for borrowing 100,000 yuan is 0.04, the daily interest is 10000×0.04=4 yuan, and you only need to repay 10004 yuan the next day. The contract will be automatically terminated after the repayment.