According to Article 14 of the General Rules for Loans:

Collection of loan interest:

Lenders and borrowers shall collect or pay interest on schedule according to the loan contract and relevant interest-bearing provisions of the People's Bank of China. When the loan extension period and the original term reach the new interest rate term grade, the loan interest 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.

Extended data:

1, loan interest rate

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.

2. Loan extension

If the loan cannot be repaid on schedule, the borrower shall apply to the lender for loan extension before the loan maturity date. Whether the extension is decided by the lender. When applying for extension of secured loan, mortgage loan or pledged loan, the guarantor, mortgagor and pledgor shall also issue a written consent certificate. If there is an agreement, it shall be implemented in accordance with the agreement.

The cumulative extension period of short-term loans shall not exceed the original loan period; The cumulative extension period of medium-term loans shall not exceed half of the original loan period; The cumulative extension period of long-term loans shall not exceed 3 years. Unless otherwise stipulated by the state. If the borrower fails to apply for extension or the application for extension is not approved, the loan will be transferred to the overdue loan account from the day after the maturity date.

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