How much is the interest for applying for a policy loan?
The annual interest rate of policy loans is generally around 5%, and the calculation method of interest is as follows:
1. Matching principal and interest repayment: the loan is 50,000 yuan, the loan term is 6 months, and the loan interest rate is 5%, so the monthly repayment should be 8,455.28 yuan, and the total repayment interest is 7,365,438 yuan +0.69 yuan.
2. Equal principal repayment: the loan is 50,000 yuan, the loan term is 6 months, and the loan interest rate is 5%, so the first month should be 85,465,438 yuan +0.67 yuan, and then the 34 yuan will be reduced every month, and the total repayment interest will be 729.65438 yuan +07 yuan.
What is the pledge of the policy loan?
The pledge in the policy loan is the policy. If the insured directly pledges the policy to the insurance company, he can get a certain proportion of funds according to the cash value of the policy. If the borrower fails to repay the loan on time and the principal and interest of the loan have reached the cash value of surrender, the insurance company has the right to terminate the insurance contract at this time. Therefore, when applying for a policy pledge loan, you must repay it on time, so as not to affect the guarantee function of the policy.
However, it should be noted that not all insurance policies can apply for loans. You need to apply for loans with cash value, such as life insurance and endowment insurance policies, before you can apply for loans as collateral. And some medical insurance and accident insurance, even if the premium is very high, can not apply for policy loans.