Interest rate is the basis for calculating interest. Simply put, after you get a loan from a bank, you have to pay interest = loan principal × days × interest rate (the annual interest rate announced by the state should be converted into daily interest rate).

Daily interest rate = annual interest rate /360 days

The interest rate implemented by banks varies with different regions, different guarantee methods and different bank policies. If we say 20% of ICBC and 80% of ABC, it generally refers to the room for lowering the loan execution interest rate, which means = original execution interest rate ×20%.