Moreover, the interest rate of private microfinance is mostly higher than that of bank loans, and there are many usurers, whose interest rate is more than four times that of the central bank in the same period. When applying for private small loans, it is best to carefully check the loan interest rate and other expenses on the loan contract.
At present, the benchmark annual interest rate of central bank loans for more than five years is 4.9%, and that for one to five years is 4.75%. If it exceeds four times this interest rate, don't borrow any more.
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