How to calculate the interest on the policy loan?
If you want to calculate the interest of the policy loan, the most important problem is to figure out how to calculate the interest rate of the policy loan. The policy loan interest rate is different from the bank commercial loan interest rate. The most common is that the interest rate of two-year resident time savings deposits announced by the People's Bank of China on the first business day of each month is 2.5%, and the interest rate is determined by the greater +2.0%. For example, on September 1 day, 2007, the interest rate of two-year residents' time savings deposits announced by the People's Bank of China was 3.96%, and the corresponding annual interest rate of policy loans was 5.96%.
As for the interest rate of policy loans, the current loan period of policy loans is generally 6 months, which is equivalent to the benchmark interest rate of bank loans for half a year after the loan interest rate is lowered. Because the interest rate of personal consumption or commercial loans of banks generally rises by 20%~30% on the basis of the benchmark interest rate, this means that it is more favorable for customers to borrow from insurance companies with insurance policies than from other banks.
Since the longest term of each loan is 6 months, the policy loan will bear interest once every 6 months, and if the repayment is less than 6 months, it will be counted as days. According to different types of insurance policies, the loan interest rate is also different.
It is not difficult to see that the loan interest rate is the factor that determines the policy loan interest rate under the condition of a certain loan time.