Article 6 of the Law (People's Law) No.21of "Several Opinions of the Supreme People's Court on People's Courts Handling Lending Cases" (19 1) issued by the Supreme People's Court stipulates: "The interest rate of private lending can be higher than the bank's interest rate, and local people's courts can specifically grasp it according to the actual situation in their respective regions, but the maximum interest rate (including interest rate) of similar loans from banks shall not exceed this.