The monthly loan interest rate is ‰, the annual interest rate is%, and the monthly interest rate (‰) = the annual interest rate (%)÷ 12. The loan interest rate is the interest rate charged by banks and other financial institutions to borrowers when they issue loans. It can be divided into daily interest rate, monthly interest rate and annual interest rate according to the length of time.

Extended data

The interest rate conversion formula for RMB business is (note: common for deposits and loans):

Daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.

Monthly interest rate (‰) = annual interest rate (%)÷ 12

The bank loan interest rate is comprehensively evaluated according to the credit situation of the loan, and the loan interest rate level is determined according to the credit situation, collateral and national policy (whether it is the first suite).

The People's Bank of China has decided to lower the benchmark interest rate of RMB deposits and loans of financial institutions from July 6, 20 12. The benchmark interest rate for one-year deposits of financial institutions is lowered by 0.25 percentage point, and the benchmark interest rate for one-year loans is lowered by 0.3 1 percentage point; The benchmark deposit and loan interest rates of other grades and the deposit and loan interest rates of individual housing provident fund are adjusted accordingly.

References:

Baidu encyclopedia-loan interest rate