The state stipulates that the maximum interest rate for private loans is four times the bank’s benchmark interest rate. It depends on the period of the loan. For example, if your loan is a one-year loan, the People’s Bank of China’s one-year loan benchmark interest rate is 6 , then the maximum interest rate for private loans cannot exceed 24, otherwise it will be usury and illegal.

Interest of 500,000 and 7 cents = 500,000*7 = 35,000 yuan, which is one year’s interest.

The highest interest rate for personal loans mainly depends on two aspects. The first is what types of loans the bank you choose has, and the second is the value of your collateral (pledge). ?

At this stage, because the country has increased the reserve ratio, various banks are controlling loans. If you want to make a personal consumption loan, it is estimated that very few banks can do it, and even if you do, the interest rate will be very high. It is also relatively high. ?

As for the value of the mortgage, if you are mortgaged against real estate, the general procedure is to first find an appraisal company to issue an appraisal report, and then multiply it by a certain ratio based on your appraisal price. To calculate your loan amount.

Reference material: In private lending, the rule that the maximum interest rate cannot exceed four times the bank’s similar loan interest rate has been cancelled