The so-called long-term, in terms of banking finance, means a period of more than one year. Therefore, there is no fixed interest rate for long-term loans, only floating interest rates. There are three ways of floating interest rates according to the contract:

1. Floating on a monthly basis, with the interest rate adjusted on the 1st of each month or the day after the interest payment day; 2. Floating on a quarterly basis, The interest rate is adjusted on the 1st of the first month of each quarter;

3. It floats on an annual basis and the interest rate is adjusted on January 1 of each year.