What is the annual comprehensive loan interest rate of 1.24%?
The annual comprehensive loan interest rate of 24% means that the comprehensive fee to be paid to the lending institution in one year is 24% of the principal. Then, as long as we know the loan term, loan amount and repayment method, we can calculate the comprehensive cost of specific loans. However, the loan amount and the loan term are the same, and the comprehensive loan fees generated by different repayment methods are different.
For example, if the loan amount is 1 1,000 yuan, the loan term is 1 year, and the annual comprehensive loan interest rate is 24%, then a one-time comprehensive fee of 2,400 yuan is required to pay the principal and interest; If the principal and interest are equal, the comprehensive expenses shall be paid 1347. 15 yuan; Choose average capital to pay comprehensive expenses 1300 yuan.
If the borrower wants to calculate the monthly and daily comprehensive expenses, he can use the formula: annual interest rate = monthly interest rate 12= daily interest rate of 365%, convert the annual comprehensive expenses into monthly and daily comprehensive rates, and then calculate according to the loan amount and term.
Is the annual comprehensive loan ratio of 2.24% high or low?
There is no exact answer, it depends on who you compare with. Here are some common expenses.
1, private lending
If the comprehensive rate of private lending is based on the rate within the scope of legal protection, it cannot exceed 4 times of LPR in the same period. Assuming the term is 1 year, the LPR of 1 1 year published on October 20th, 2022 is 3.65%, and the four times LPR is 14.6%. In contrast, the annual comprehensive loan interest rate of 24% is relatively high, close to 8 times that of LPR.
2. Non-private lending
Refers to financial institutions established with the approval of financial supervision departments, including commercial banks and consumer finance companies. The legal upper limit of the annual comprehensive interest rate of the online lending platform they launched is not 4 times LPR, but 24% as the dividing line, that is, the annual interest rate is less than 24% as the legal interest rate, which is protected by the judiciary.
In this way, the annual comprehensive loan interest rate of 24% is just within the upper limit of the judicial protection interest rate, which is the legal interest rate, and the proportion is even lower.
3. Credit card installment rate
Credit card installment is interest-free and not free, and it is also calculated according to the installment interest rate determined by the bank. The highest installment rate of most banks is 0.72% per installment, but the actual annual rate is not simply calculated according to the monthly rate 12. After all, the total cost of credit card installment has always been calculated according to the initial installment amount.
Therefore, the actual installment interest rate of credit cards is close to 20% at the highest, and will not exceed 24%, which may be lower than the comprehensive annual loan interest rate of 24%.
What is the non-standard loan ratio of the bank?
4.9%。 According to the standard interest rate of bank non-standard loans, it can be known that the interest rate of bank non-standard loans is 4.9%. Non-standard loans, that is, non-standardized debt assets, refer to debt assets that are not traded in banks and exchange markets, including but not limited to credit assets, acceptance bills, accounts receivable and other equity financing.
What's the difference between interest rate and interest?
The interest rate of Pacific Auto Network refers to the repayment rate of equal principal and interest, that is, the monthly repayment amount is equal. Interest rate refers to the ratio of total interest to total loan, through which interest and monthly payment can be directly calculated.
1. The concept is different: the rate refers to the ratio of payment, while the interest rate refers to the ratio of interest to principal in a certain period. 2. There are different charging methods: loan interest rate calculation requires one-time payment, but interest rate calculation is generally paid in installments. 3. The settlement method of prepayment is different: the rate is calculated according to the handling fee. Even if the loan is repaid in advance, the borrower must repay it in one lump sum, but the interest rate is different. If prepayment is made, interest will be settled on the day of prepayment. 4. Different scope of application: the rate is mostly used for the calculation of credit card installment fees, while the interest rate is used for loans.
Calculated according to the prevailing interest rate in the current market. The loan is 654.38 million yuan, with the interest rate of 4%: loan 1 year, interest = 1 10,000% = 4,000 yuan, and monthly repayment =( 1000004000)=8.67 yuan. Annual interest rate =7.3%, interest rate 7.3%/ interest rate 4%≈ 1.83 can be deduced from loan amount, monthly payment and term. That is, the interest rate at the same interest rate of 1 year is 1.83 times.
(Photo/Text/Photo: Pacific Auto Network Chen Hanlin)
What does the monthly loan interest rate mean?
As a novice property buyer, you may not know what the monthly interest rate means. But don't worry, I will briefly introduce you to the question of what the monthly interest rate means.
What does the monthly loan interest rate mean?
The monthly interest of the loan, as the name implies, is the rate of payment within 1 month, and the rate value remains unchanged. Take the bank loan interest rate as an example. If you know the loan amount and monthly interest, you can calculate the monthly loan fee. The formula is: handling fee = loan amount × monthly interest. For example, the bank loan is 6,543.8+0,000 yuan, with a monthly interest rate of 0.5% and a handling fee of 50 yuan.
How to calculate the monthly loan interest rate?
We calculate the interest according to the loan of 65438+100000 years:
If you want to know the loan interest, you must first know what the loan interest rate is. Under normal circumstances, we calculate according to the benchmark interest rate of commercial loans, so the current one-year loan interest rate is 6.00%, and the annual interest of a loan of 65,438+10,000 yuan is:/kloc-0 100000×6.00% = 6000 yuan. The three-year interest of a loan of 654.38 million yuan is: (loan interest rate 6.15%)100000× 6.15% (1000000× 6.15%/kloc-0.
Note: The benchmark table of loan interest rates for each term is as follows: 5.60 for loans within 6 months (including 6 months), 6.00 for loans from 6 months to 1 year (including 1 year), and 6. 1 to 3 years (including 3 years).
The specific calculation methods and data are listed above. We can see that the annual interest on a loan of 6,543,800 yuan is 6,000 yuan, which is not a small sum.
What's the difference between monthly interest and monthly interest?
1. Different concepts
Rate refers to the rate of paying fees; Interest rate refers to the ratio of interest amount to principal in a certain period.
2. Different charging methods.
Generally speaking, if the fee is calculated according to the "rate", it is necessary to pay the fee in one lump sum; Most of the interest calculated according to the "interest rate" is repaid in installments.
3. Prepayment settlement methods are different.
Usually, the fees calculated by "rate" are mostly handling fees, and even if such fees are repaid in advance, the borrower must pay them off; For the interest calculated by "interest rate", if the borrower intends to repay in advance, it will usually settle the interest on the day of prepayment.
4. Different scope of application
Monthly rate, which is mostly used to calculate the handling fee of credit card installment payment; The monthly interest is mostly used for loans.
Editor's summary: After reading the above introduction, I believe everyone has a further understanding of what the monthly interest on loans means. Please continue to pay attention to our website for more information, and more exciting content will be presented to you later.
How to calculate the loan interest rate?
At present, PBOC has announced the benchmark annual interest rate of loans: 0-6 months (including 6 months), with an annual interest rate of 4.35%; 6 months-1 year (inclusive), with an annual interest rate of 4.35%; 1-3 years (including 3 years), with annual interest rate of 4.75%; 3-5 years (including 5 years), with an annual interest rate of 4.75%; 5-30 years (including 30 years), with an annual interest rate of 4.90%; The loan interest rate needs to be comprehensively priced according to the business type, credit status, guarantee method and other factors you apply for, and can only be determined after being approved by the handling outlets.
If you want to try to calculate the monthly payment information for reference, please open the following link: Try to calculate the monthly payment using the benchmark interest rate of the current loan. (You can view information such as monthly payment, monthly principal, monthly interest, principal balance, total interest and total repayment).
The introduction of loan interest rates ends here.