Standard of overdue penalty interest rate:
I. Credit card
With regard to the standard of overdue penalty interest rate for bank credit cards, most banks, except ICBC, pay interest in full. In other words, no matter how much you repay, once overdue, the penalty interest is calculated according to the total repayment amount.
Moreover, banks basically carry interest in cycles. For every consumption on the bill, as well as the unpaid amount of last month, interest of five ten thousandths will be charged every day from the bookkeeping date until the repayment date. After the repayment date, the remaining unpaid part will continue to bear interest until the next repayment, and the compound interest will be calculated monthly.
Second, loans.
As for the standard of default interest rate of banks in loans overdue, according to relevant regulations, "the default interest rate of overdue loans is 30%-50% higher than the loan interest rate agreed in the loan contract. If the borrower fails to use the default interest rate of the loan as agreed in the contract, it will be 50%- 100% higher than the loan interest rate agreed in the loan contract. "
Therefore, if you are overdue in repayment to the bank, the interest rate of penalty interest is quite high, starting from the overdue day until the principal and interest are paid off. Moreover, the interest that cannot be paid on time will be compounded at the penalty interest rate.
Article 3 of the Notice of the People's Bank of China on Issues Related to RMB Loan Interest Rate:
1, "On the issue of penalty interest rate. The default interest rate of overdue loans (loans that the borrower fails to repay on the date agreed in the contract) is changed from the current daily interest rate of 2. 1% to 30%-50% higher than the loan interest rate agreed in the loan contract; If the borrower fails to use the loan as agreed in the contract, the penalty interest rate will be changed from the current daily interest rate of five ten thousandths to 50%- 100% of the loan interest rate agreed in the loan contract.
2. For loans that are overdue or not used according to the purpose agreed in this contract, interest will be charged at the default interest rate from the date when they are used in loans overdue or not according to the purpose agreed in this contract until the loan principal and interest are fully paid off. For the interest that cannot be paid on time, compound interest shall be calculated at the penalty interest rate. "