How to calculate bank loan interest rate
How to calculate the annual interest rate of borrowing: The annualized interest rate is the value of converting the current interest rate, daily interest rate, weekly interest rate, and monthly interest rate into an annual interest rate. The annual interest rate is only a budget interest rate, not an actual interest rate.
For example, the monthly interest rate of a certain loan platform is 1.5%, and the annualized interest rate is 1.512100%=18%.
At present, the annual interest rate of borrowing in the market is generally far lower than the actual annual interest rate. One is because of the repayment method, and the other is because loans are often accompanied by various handling fees, service fees and other hidden fees.
What kind of loan has the lowest interest rate? It has a good reputation, is easy to pass, and is easy to place a loan on. If you need it urgently, how do you choose a regular online loan? When choosing loan software, borrowers usually pay attention to low loan interest rates, complete qualifications, large loan amounts, and reputation of the platform. Everyone would like to apply for a bank loan if they could.
1. Bank loans: Common bank loans include: ICBC E-loan, China Merchants Bank E-loan, flash loan, CITIC Xinkuai Cash, Pudong Development Bank, etc.
2. Personal Internet/Consumer Finance: One is to see whether you have the qualifications to lend, that is, whether you have a financial license issued by the central bank; the other is to see whether the loan interest rate is reasonable. Generally speaking, reliable companies will make it clear. Various loan fees, and the annualized interest rate is within 36%, that is, the annualized interest rate does not exceed 4 times the LPR for the same period. The stronger the shareholders behind a company, the higher its reliability. If the company's shareholders are central enterprises, large state-owned enterprises, or enterprises with high social reputation, then the company is relatively reliable.
The top ten loan platforms, the top ten conscientious loan platforms recognized by the state!
1. Baidu Consumer Finance:
Baidu Consumer Finance not only holds an online small loan license, but also indirectly obtained a consumer finance license by taking a 30% stake in Harbin Bank of China Consumer Finance. The strength cannot be underestimated.
The representative product is a pure credit loan for money. It cooperates with 7 major banks to provide loans. The maximum limit is 200,000 yuan. The daily interest rate is as low as 0.02%. No mortgage guarantee is required. Second-generation ID card and personal debit are provided. You can apply with a card, the approval is quick, and the loan is disbursed quickly. Borrowers aged 18 to 55 years old and with good credit can try it.
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2. 360 Finance:
360 Finance is also very strong, through its subsidiaries It holds 6 financial licenses through acquisition or shareholding, including insurance brokerage, online small loans, financial exchange, financing guarantee, consumer finance, and fund agency licenses.
The representative product is 360 IOU, which is a pure credit consumer loan without mortgage guarantee. To apply with credit, mainland Chinese residents aged 18-55 can provide their ID card mobile phone number and password to authorize the binding of the savings card. Borrow money with a maximum limit of 200,000 yuan and a daily interest rate starting from 0.027%, which is suitable for office workers.
Click to measure the amount online
3. Ping An Consumer Finance:
In April 2020, it obtained the approval of the consumer finance license from the China Banking and Insurance Regulatory Commission, and on April 23 Officially opened for business, with a registered capital of 5 billion yuan, 30% of which is held by Ping An Group, and a total of 70% is held by three affiliated companies of Lufax.
The representative product of Ping An Bank’s New Loan (Quick Loan) can borrow up to 500,000! 0 mortgage, 0 guarantee: no guarantee required, just personal credit, application threshold is low: you can apply if you have an average monthly income of more than 4,000 yuan (provident fund, housing loan, insurance policy are all acceptable)
Click here to take an online test for Ping An New Loan Um
Do you know the hidden costs of interest-free car loans?
Many financial institutions offer interest-free car loans, but car buyers should pay attention. Zero expected annualized interest rate does not mean zero cost. Be careful about the hidden fees of interest-free car loans.
1. Handling fee;
Only some car models on the market offer interest-free and handling fee-free installment payments. The "handling fee" of most interest-free car loans cannot be saved. . For a car worth about 200,000 yuan, if the loan is 50%, the handling fee is 5%. Even if there is no interest, you still have to pay 5,000 yuan more in handling fees than buying the car in full, and this amount is equal to the down payment. paid together.
2. You need to purchase car insurance;
Buying a car with a bank loan means that the car belongs to the bank before the bank loan is paid off.
In order to reduce risks, banks usually put forward some car insurance that you must purchase as loan conditions in the car loan contract. The premiums for these car insurances may be much higher, so it is recommended to read the relevant insurance terms carefully when applying for a car loan.
3. Find out the car discount range.
Although interest-free car loans can save a lot of interest, consumers who purchase cars through interest-free car loans often no longer enjoy car purchase discounts.
What fees are charged for bank loans?
Loan interest, loan handling fees, default fees
1. The latest bank loan benchmark interest rate: 0-6 months ( The annual loan rate is 4.35%, including June, 4.35% from June to 1 year (including 1 year), 4.75% from 1 year to 3 years (including 3 years), and 4.75 from 3 years to 5 years (including 5 years). %, 5 years to 30 years (including 30 years) is 4.90%. On this basis, there will be an appropriate rise or fall.
2. Credit business is divided into mortgage loans, secured loans, credit loans, housing loans, etc. The charging standards for each business are different. Generally speaking, banks mainly charge some handling fees. Service fees will be generated during the process of handling the procedures. Some of them are not charged by the bank, but are assessed and collected by the bank entrusted by third-party agencies, such as lawyers and appraisal agencies.
3. If the lender fails to repay the loan within the agreed time, it shall be compensated according to the liquidated damages stipulated in the contract. The law stipulates that liquidated damages shall not exceed 30% of the contract amount. If the amount of liquidated damages stipulated in the loan contract does not exceed 30% of the loan amount, which is 150,000, then if there is a breach of contract, the liquidated damages shall be paid as agreed. If the amount of liquidated damages exceeds 150,000, then the excess does not need to be paid, because it has exceeded the legal upper limit, and the agreement for the excess is illegal and invalid.
: 1. Mortgage loan: The current benchmark interest rate is 4.35% per year for short-term loans within 1 year, 4.75% per year for medium-term loans between 1 and 5 years, and 4.75% per year for long-term loans over 5 years. The loan has an annual interest rate of 4.9%.
2. Credit loan: The entry threshold for credit loan is relatively high, but the interest rate is relatively acceptable. -General bank credit loan interest rates range from 8% to 18%.
3. Mortgage house loan: A house with a mortgage loan can continue to be used as a mortgage, and the annual interest rate is generally between 12% and 18%.
Loan interest rates of major banks in 2021:
1. Industrial and Commercial Bank of China
In 2021, Industrial and Commercial Bank of China will provide short-term loans (within six months, including six The loan interest rate is 4.35%; the loan interest rate is 4.35% for six months to one year (inclusive). -The interest rate for loans up to three years (inclusive) is 4.75%, and the interest rate for loans over five years is 4.9%. If it is a provident fund loan, the loan interest rate for five years or less (including five years) is 2.75%; the loan interest rate for more than five years is 3.25%. 2. Agricultural Bank of China
In 2021, the loan interest rate of Agricultural Bank of China’s short-term loans (within six months, inclusive) is 4.35%; the loan interest rate to five years (including five years) is 4.35%; 4.75%, and the interest rate for loans over five years is 4.9%. For personal housing provident fund loans, the interest rate for loans with five years and below is 2.75%, and the interest rate for loans with five years and above is 3.25%.
3. People's Bank of China
In 2021, the loan interest rate of China Renmin Bank within one year (including one year) is 4.35%, and the loan interest rate of one to five years (including five years) is 4.35%. The interest rate is 4.75%, and the interest rate for loans over five years is 4.9%. For personal housing provident fund loans, the interest rate for loans of five years and below is 2.75%, and the interest rate for loans of five years and above is 3.25%.
4. Bank of Communications
In 2021, the interest rate for Bank of Communications loans within one year (including - years) is 4.35%, and for loans from - to five years (including five years) The interest rate is 4.75%, and the interest rate for loans over five years is 4.9%.
5. China Construction Bank
In 2021, the loan interest rate for China Construction Bank’s short-term loans (within six months, inclusive) is 4.35%;--to five years (inclusive) The loan interest rate for five years) is 4.75%, and the loan interest rate for more than five years is 4.9%.
6. Postal Savings Bank
In 2021, Postal Savings Bank’s loan interest rate (within six months, inclusive) is 4.35%; - to five years (inclusive) The loan interest rate for five years) is 4.75%, and the loan interest rate for more than five years is 4.9%.
Are there any fees for bank loans? These points must be understood
In life, people often encounter situations where they have large purchases but insufficient funds, and may need to go to the bank for a loan. Bank loans are not free and will incur some fees. After all, banks are not charities and they also need to make profits. Next, let’s take a look at what bank loan fees are.
1. Loan interest:
This is the most basic and the most familiar fee, and interest is generally calculated on a daily basis.
However, the specific interest rate is not fixed and has a certain relationship with many aspects, such as the loan method chosen by the lender, whether it is a credit loan, mortgage loan, housing loan, or car loan; There is also the method of repayment, such as equal principal and interest, equal principal, etc., which are determined comprehensively.
2. Loan handling fee:
Not all bank loans charge interest, but are replaced by handling fees. In fact, they are equivalent to monthly interest, but most of them are credit card derivative loans. This charging method will be adopted.
Take the simplest example: Take the installment purchase of a car with a credit card. There is no interest for the installment purchase of a car with a credit card, but a part of the handling fee will be charged to the borrower.
3. Default fee:
This can actually be divided into two types of fees, one is the default fee after overdue, and the other is the default fee for early repayment. The charging standards are different. .
1) After the borrower obtains the loan, the borrower is still required to repay the loan on time. If the borrower fails to repay the loan on time, resulting in overdue repayment, the bank will determine the borrower's overdue payment. days to collect liquidated damages.
2) When a borrower applies for early repayment of a loan, the bank will also charge a certain amount of liquidated damages. Different banks have different charging standards, and the specific circumstances must be implemented according to bank regulations.
Are direct bank loans reliable?
Direct bank loans are formal.
It means that the customer directly contacts the bank to apply for a loan, which is also called a direct customer loan. Since the cost of acquiring customers in this form is very low and it also reduces operating costs, banks are more willing to do this kind of business. As for the general mortgage business, recommendations from developers and real estate agents generally require introduction fees. Direct bank loans mean that customer service directly goes to the bank to apply for a mortgage.
Relying on the big data center, Shendai Bank Direct Loan continues to promote the application of artificial intelligence technology in the entire process of loan services, and explores solutions to the problems of "large number of transactions, small amount, low efficiency" and "information" in loan business. Asymmetry, high risk" and other problems, through the establishment of a one-stop loan service platform, a new model of fast and efficient loan services has been built.
Note on direct bank loans:
The direct loan model of Shendai.com follows the principle of “no interest spreads and no hidden fees” to effectively ensure the convenience of users’ loans and the safety of their funds. Its loan products specifically include: personal credit loans, personal vehicle mortgage loans, personal real estate mortgage loans, etc.
On the eve of the launch of the direct loan model of Shendai.com, Jiang Beining, the founder of Shendai.com direct loan, gave a detailed explanation on platform attributes, product categories and other issues. What loan users need is green, and what practitioners need is a healthy and orderly market environment. To this end, Shendai Bank Direct Lending has made a commitment to abide by national laws and regulations and adhere to honest operations.
This is the end of the introduction about the hidden fees of bank loans and what hidden loans are. I wonder if you found the information you need?