Reminder: This product is only available to those who have applied for a Shanghai Pudong Development Credit Card. If you have not applied for a card yet, you cannot apply for cash installment at the moment. As the name suggests, Shanghai Pudong Development Bank Fresh Meat Loan is an installment product tailor-made for young people. Therefore, the application threshold is very low and the interest fees are not particularly high. It is suitable for those who have just started working and entrepreneurs who are in urgent need of funds.
Instalment fee method:
1. For cash installment products that charge installment fees, the monthly repayment principal and handling fee are calculated according to the method of equal principal and interest. The monthly repayment amount is equal to the sum of the total installment principal and the total handling fee divided by the number of installments, accurate to the minute. It will be amortized starting from the first bill date after the installment is successfully applied for, and will be recorded in the accounts on each bill date. The remainder Included in the final installment.
2. The total amount of the one-time handling fee will be recorded in the account in one go on the first billing date after the installment; the principal payable in each installment is equal to the total installment principal divided by the number of installments, accurate to the cent. Apportionment will begin on the first billing day after a successful installment application, and will be recorded on each billing date, with the remainder included in the last installment.
Let’s take a look at the number of installments and the handling fee rate: For example, if Xiao Ming applies for a fresh meat loan of 10,000 yuan in 12 installments, then the installment handling fee is: 1) Installment payment procedure Fee (monthly payment) 10000*7.12%/12=59.3 yuan 2) One-time payment fee (first month) 10000*7.12%=712 yuan