Except for small-scale farmers' loans, short-term loans bear interest at the legal loan interest rate of the corresponding grade on the signing date of the loan contract. During the loan contract period, in case of interest rate adjustment, interest will not be calculated by installments.
Short-term loans are settled quarterly, and the 20th day of the last month of each quarter is the settlement date; If the interest is settled on a monthly basis, the 20th of each month is the interest settlement date. The specific interest settlement method shall be determined by the borrower and the lender through consultation. Interest that cannot be paid on schedule during the loan period shall be compounded quarterly or monthly according to the loan contract interest rate, and after loans overdue, at the default interest rate.
The medium and long-term loan interest rate is fixed for one year. The loan shall bear interest according to the term agreed in the loan contract and the legal loan interest rate of the corresponding grade on the effective date of the loan contract. One year later, the interest rate for the next year will be determined according to the legal loan interest rate of the corresponding grade at that time.
Extended data:
Loan interest rate and interest determination:
The lender shall determine the interest rate of each loan according to the upper and lower limits of the loan interest rate stipulated by the People's Bank of China, and specify it in the loan contract.
Both borrowers and borrowers shall collect or pay interest on schedule in accordance with the loan contract and the relevant interest-bearing provisions of the People's Bank of China. When the loan extension period plus the original term reaches the new interest rate grade, it will be charged at the new term grade interest rate from the date of extension. Penalty interest is charged for overdue loans according to regulations.
According to the national policy, in order to promote the economic development of certain industries and regions, the relevant departments can subsidize the loan interest. Loans subsidized by relevant departments shall be independently examined and issued by the undertaking bank, and strictly managed in accordance with the relevant provisions of the General Rules for Loans.
Except as stipulated by the State Council, no unit or individual has the right to decide whether to stop, reduce or interest-free. The Lender shall, according to the decision of the State Council, specifically handle the cessation, interest reduction and interest-free according to the scope of duties and authority.
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