China Bank Premium Customer Staging is a credit loan product launched by China Bank. This credit loan is quite special. After the application is successful, there will be a special bank card, which cannot be withdrawn or transferred. Now you can swipe your card at some specific merchants. Similar to a credit card.

Now let's talk about his repayment.

The installment rate is 2.75%

The installment interest rate here means that the annual installment interest rate is 2.75% and the monthly installment interest rate is 2.75%12 = 0.23%.

As mentioned earlier, BOC Premium Customer Installment is a credit card-like loan. The installment interest rate for BOC Premium customers is similar to the installment fee for credit card installment. When paying in installments, the composition of the monthly repayment amount is the same as that of ordinary credit cards.

Ordinary credit cards are divided into stages, and the repayment amount = repayment principal+repayment fee.

Excellent customers of China Bank are divided into stages, and the repayment amount = repayment principal+repayment interest.

Then the installment interest rate of BOC Youke is 2.75%, the loan is 200,000 yuan for five years, and the monthly repayment amount = 200,000 ÷ 60+200,000× 0.23% = 3333.33+460 = 3793.33.

The monthly repayment interest = 200,000× 0.23% = 460, and the total interest after five years = 460× 60 = 27,600.

There is one thing to note here. The installment interest rate of BOC Youke mentioned here is 2.75%, which is the interest calculated by the method of equal principal and interest repayment. If the interest is calculated according to the equal principal and interest repayment, it is not 2.75%, but about 5.2 1%.

Equal interest and equal principal and interest are two different formulas, so I won't introduce them here.

BOC Youke is divided into 200,000 installments and 5 years. The monthly interest is 460, and the total interest after five years is 27600. This is a good loan product.