The interest of seven points refers to the loan interest rate of seven points and seven percent (7%).

The loan interest rate is the interest rate charged by banks and other financial institutions to borrowers when they issue loans. There are roughly three categories: the loan interest rate of the central bank to commercial banks; The loan interest rate of commercial banks to customers; Interbank lending rate

The People's Bank of China announced that, with the approval of the State Council, the lower limit of 0.7 times of the loan interest rate of financial institutions will be cancelled from July 20th, 20 13, and financial institutions will independently determine the loan interest rate level according to commercial principles.

Extended data:

I. The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1, daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.

2. Monthly interest rate (‰) = annual interest rate (%)÷ 12.

Two, banks can use product interest method and transaction interest method to calculate interest.

The product interest method accumulates the account balance daily according to the actual number of days, and multiplies the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:

Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.