2. Medium-and long-term loans: (1) If the loan term is one to five years (including five years), the annual interest rate is 4.75%; (2) If the loan term is more than five years, the annual interest rate is 4.90%;
3. Provident fund loan: (1) If the loan term is less than five years (including five years), the annual interest rate is 2.75%; (2) If the loan term is more than five years, the annual interest rate is 3.25%.
Provisions of People's Republic of China (PRC) Municipality on the Administration of RMB Interest Rate
Twentieth short-term loans (term less than one year, including one year), according to the legal loan interest rate of the corresponding grade on the date of signing the loan contract. During the loan contract period, in case of interest rate adjustment, interest will not be calculated by installments.
Twenty-first medium and long-term loans (with a term of more than one year) have a fixed interest rate of one year. The loan (including all the funds that should be allocated by installments within one year from the effective date of the loan contract) bears interest according to the legal loan interest rate of the corresponding grade on the effective date of the loan contract, and one year later, the interest rate of the next year is determined according to the legal loan interest rate of the corresponding grade at that time (the first loan is paid by installments). Medium and long-term loans are settled quarterly, and the 20th of the last month of each quarter is the settlement date. The interest that cannot be paid on schedule during the loan period shall be compounded quarterly according to the contract interest rate, and after loans overdue, it shall be compounded at the default interest rate.
Twenty-fifth overdue loans or misappropriation of loans, from the date of overdue or misappropriation, interest will be calculated at the default interest rate until the principal and interest are fully paid off. In case of adjustment of the default interest rate, interest will be calculated in stages. Interest that cannot be paid on schedule during loans overdue or misappropriation shall be compounded quarterly (short-term loans can also be monthly) according to the penalty interest rate. Just like loans overdue's misappropriation, we should choose carefully and not combine.