Repay the loan in installments.

A loan that a bank agrees to be repaid in installments over a certain period of time. When a bank issues this kind of loan, it must investigate the borrower's financial status and repayment ability. At the same time, the loan contract must determine the installment time, the amount of each installment, and the calculation of interest.

51 Character users can obtain character values ??through address books, Weibo, financial resources and other information. Depending on your character value, you can obtain a loan limit and submit a loan application for the corresponding amount.

Extended information

Article 207 of the Contract Law stipulates that "if the borrower fails to return the loan within the agreed time limit, he shall pay overdue interest in accordance with the agreement or relevant national regulations."

Penalty interest will be charged for overdue payments. From the date of overdue payment, penalty interest at the agreed interest rate of 150 will be charged on the overdue amount every day until the overdue amount is paid off. Your overdue record will be reported to the People's Bank of China for credit reporting, which will affect your credit record. Please cherish your credit and repay on time.

If the loan is overdue for more than a certain period, the relevant records of the overdue user will be transmitted to the central bank's personal credit system. In addition to uploading overdue information to the central bank's personal credit reporting system, lending will continue to cooperate with third-party credit reporting agencies such as Qianhai Credit Reporting, Shanghai Credit Reporting, and Pengyuan Credit Reporting.

For loans that are overdue or not used for the purpose stipulated in the contract, interest will be charged at a penalty interest rate from the date of overdue or the loan is not used for the purpose stipulated in the contract until the principal and interest are repaid. For interest that cannot be paid on time, compound interest will be calculated based on the penalty interest rate.

According to the specific repayment method, installment loans can be divided into complete equal installment repayment method and partial equal installment repayment method.

1. Complete equal installment repayment method

The principal and interest of the loan are repaid regularly at the same amount, instead of repaying the principal and interest all at once on the maturity date; this method allows the lender to Reduce the risk of a borrower being unable to repay a loan when due.

2. Partial installment equal installment method

Part of the loan is repaid in equal installments, and the remaining part of the loan is paid in installments with interest and the principal is repaid in one lump sum upon maturity.

Baidu Encyclopedia--Loan Installment

Baidu Encyclopedia--51 Characters

Baidu Encyclopedia--Overdue Interest