The annual comprehensive loan interest rate of 24% means that the comprehensive fee to be paid to the lending institution in one year is 24% of the principal. Then, as long as we know the loan term, loan amount and repayment method, we can calculate the comprehensive cost of specific loans. However, the loan amount and the loan term are the same, and the comprehensive loan fees generated by different repayment methods are different.
For example, if the loan amount is 1 1,000 yuan, the loan term is 1 year, and the annual comprehensive loan interest rate is 24%, then a one-time comprehensive fee of 2,400 yuan is required to pay the principal and interest; If the principal and interest are equal, the comprehensive expenses shall be paid 1347. 15 yuan; Choose average capital to pay comprehensive expenses 1300 yuan.
If the borrower wants to calculate the monthly and daily comprehensive fees, he can use the formula: annual interest rate = monthly interest rate * 12= daily interest rate *365%, convert the annual comprehensive fees into monthly and daily comprehensive rates, and then calculate according to the loan amount and term.
Is the annual comprehensive loan ratio of 2.24% high or low?
There is no exact answer, it depends on who you compare with. Here are some common expenses.
1, private lending
If the comprehensive rate of private lending is based on the rate within the scope of legal protection, it cannot exceed 4 times of LPR in the same period. Assuming the term is 1 year, the LPR of 1 1 year published on October 20th, 2022 is 3.65%, and the four times LPR is 14.6%. In contrast, the annual comprehensive loan interest rate of 24% is relatively high, close to 8 times that of LPR.
2. Non-private lending
Refers to financial institutions established with the approval of financial supervision departments, including commercial banks and consumer finance companies. The legal upper limit of the annual comprehensive interest rate of the online lending platform they launched is not 4 times LPR, but 24% as the dividing line, that is, the annual interest rate is less than 24% as the legal interest rate, which is protected by the judiciary.
In this way, the annual comprehensive loan interest rate of 24% is just within the upper limit of judicial protection interest rate, which is a legal interest rate and still lower than usury.
3. Credit card installment rate
Credit card installment is interest-free and free, and it is also calculated according to the installment interest rate determined by the bank. The highest installment rate of most banks is 0.72% per installment, but the actual annual rate is not simply based on the monthly rate * 12. After all, the total cost of credit card installment has always been calculated by the initial installment amount.
Therefore, the actual installment interest rate of credit cards is close to 20% at the highest, and will not exceed 24%, which may be lower than the comprehensive annual loan interest rate of 24%.