Taobao credit loan is a loan model for Taobao sellers. The borrower does not need to provide collateral at all. As long as they reach a certain credit, they can borrow it easily. Many friends are curious about the interest rate of Taobao credit loan. Today, I will talk to you about the interest related issues of Taobao credit loan.

There are two types of Taobao credit loans, one with a term of 6 months and the other with a term of 12 months.

Calculation method of interest on Taobao credit loan

The loan interest of Taobao Credit Loan is calculated on a daily basis, and the daily interest = the loan principal balance of the day * the expected annualized interest rate of the loan day of the day.

Expected annualized interest rate of Taobao credit loan

Taobao credit loan is divided into two loan methods, Taobao seller loan and order loan. Taobao seller loan, 6-month loan, interest is daily settlement, 12-month loan interest is daily settlement; On the other hand, daily interest is uniformly charged for order loans.

Calculation method of interest after prepayment

Taobao credit loan will bear interest on a daily basis according to the actual amount used. If you prepay, you will no longer charge interest for prepayment. If you pay in full, you will not be charged any interest. Interest is calculated on the day of loan, not on the day of repayment.

remind

Prepayment fee for credit loans with credit periods of 1 and 12 months: prepayment of loans in 1-3 (inclusive) will generate 2% prepayment principal, and prepayment of loans in 4-9 (inclusive) will generate 1% prepayment principal.

2. Credit loans with a credit period of 6 months can be repaid with the loan, and there is no handling fee for prepayment.