After the national loan interest rate is lowered, the previous loan interest rate will also drop.
At present, domestic personal loans are mainly based on floating interest rates, and most mortgage contracts signed by borrowers and banks have floating interest rates. After the adjustment of bank loan interest rate, the interest rate calculated by loan interest is also adjusted. In other words, every time the central bank cuts interest rates, the borrower's monthly payment will be reduced accordingly; On the contrary, there will be a corresponding increase.
When the benchmark interest rate is adjusted, the repayment amount will also be adjusted. For existing loans (loan mortgage), the floating (or falling) range during the loan period remains unchanged. If the benchmark interest rate is adjusted, the loan interest rate will rise (or fall) on the basis of the new interest rate. Of course, no matter how it is calculated, it will have no impact on the interest paid, but it will have an impact on the adjusted interest calculation.
As for when to implement the new interest rate, it should be determined according to the nature of the loan (commercial loan or provident fund loan), the lending bank and the relevant contract provisions. There are generally three forms: first, after the bank's interest rate is adjusted, the newly adjusted interest rate will be implemented at the beginning of the following year (such as Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank); The second is the annual adjustment, that is, the new interest rate is adjusted and implemented every repayment year (such as China Bank); Third, the two sides agreed that the new interest rate level will generally be implemented in the month after the bank's interest rate adjustment. The adjustment of the interest rate of provident fund loans is carried out every year 1 month 1 day.
The interest rate is lowered because there is less interest on bank deposits, usually because of the monetary policy during the period of deflation.
The interest rate regulation of the People's Bank of China is mainly reflected in the following three aspects:
1. According to the changes of macroeconomic and financial situation and the needs of monetary policy, the deposit and loan interest rates of financial institutions are adjusted through interest rate leverage.
2. Market interest rate can be guided by open market operation.
3. Adjust the interest rate of domestic small foreign currency deposits through the change of interest rate in the international market, so as to coordinate the interest rate policy of local and foreign currencies.