Loan principal x monthly interest rate /30 (days) x one month (30 days) = monthly interest of the loan.

Loan interest calculation

1, calculation of short-term loan interest

Short-term loans (with a term of less than one year, including one year) shall bear interest at the legal loan interest rate of the corresponding grade on the signing date of the loan contract. During the loan contract period, in case of interest rate adjustment, interest will not be calculated by installments.

Short-term loans are settled quarterly, and the 20th day of the last month of each quarter is the settlement date; If the interest is settled on a monthly basis, the 20th of each month is the interest settlement date. The specific interest settlement method shall be determined by the borrower and the lender through consultation. Interest that cannot be paid on schedule during the loan period shall be compounded quarterly or monthly according to the loan contract interest rate, and after loans overdue, at the default interest rate. When the last loan is paid off, the profit will be paid off with the principal.

2. Calculation of long-term loan interest

The interest rate of medium and long-term loans (with a term of more than one year) should be fixed at one year. The loan (including all the funds that should be allocated by installments within one year from the effective date of the loan contract) bears interest according to the legal loan interest rate of the corresponding grade on the effective date of the loan contract, and one year later, the interest rate of the next year is determined according to the legal loan interest rate of the corresponding grade at that time (the first loan is paid by installments).

Medium and long-term loans are settled quarterly, and the 20th of the last month of each quarter is the settlement date. The interest that cannot be paid on schedule during the loan period shall be compounded quarterly according to the contract interest rate, and after loans overdue, it shall be compounded at the default interest rate.

3. Interest shall be charged in one lump sum at the discount rate determined on the discount date.

4. Loan extension and cumulative term calculation. When the cumulative term reaches the new interest rate term grade, from the date of extension, interest will be calculated according to the interest rate of the same grade listed on the extension date; If the new term grade cannot be reached, the interest will be calculated at the original grade interest rate on the extension date.

5. For overdue loans or misappropriated loans, from the date of overdue or misappropriated loans, default interest will be charged at the default interest rate until the principal and interest are paid off, and interest will be calculated by stages when the default interest rate is adjusted. Interest that cannot be paid on schedule during loans overdue or misappropriation shall be compounded quarterly (short-term loans can also be monthly) according to the penalty interest rate. Just like loans overdue's misappropriation, we should choose carefully and not combine.

6. When the borrower repays the loan before the expiration date of the loan contract, the lender has the right to charge the borrower interest according to the original loan contract.