The turn of spring and summer is the peak season for home decoration. Recently, CCB Chongqing Branch officially launched the "2021 CCB Home Decoration Season", uniting many well-known brands to provide installment and immediate discounts for consumers with decoration and home appliance purchase needs.
The maximum installment amount is 1 million yuan.
Solving financial problems
In Chongqing, “To buy a house and settle down, go to China Construction Bank” is well known to many citizens, including Xiaoxi and Chen Chen. Last year, after receiving the certificate, they bought a wedding room with a first-class view. In order to buy a house, both families provided financial support, but the decoration costs had to be borne by the young couple. The total area of ??their two suites is 100 square meters. The cost of decoration and home appliance purchase is around 400,000. The amount is not small, and it is difficult to reach parents. When can the wedding room be moved in?
"The charges are reasonable and the price is low. Although we have a mortgage, it will not affect our quality of life." Chen said that thanks to CCB's installment payment service, they will be able to move into the wedding room in the second half of the year.
Join 300 merchants
Get an instant discount of NT$200 when spending over NT$2,000.
The May Day and Dragon Boat Festival holidays are also traditional peak seasons for home appliance sales. Many families plan to use the holidays to visit major shopping malls and shop around to find the furniture and appliances they are most satisfied with. From now until June 30, China Construction Bank has joined hands with more than 300 merchants to launch an instant discount activity: as long as cardholders hold installment renovation (including installment plans), they can enjoy discounts of more than 2,000 yuan and instant discounts when swiping their cards at home renovation merchants. 200 yuan.
These brands include Chongbai Electrical Appliances, Suning Electrical Appliances, Gome Electrical Appliances, Midea Electrical Appliances, Easyhome, Haier Electrical Appliances, Quanyou Home Furnishing, Jianma Special Shopping, Red Star Macalline, etc. The stores cover the main city, Bishan, Fuling, Jiangjin, Fengjie, Fengdu, Hechuan, Kaizhou, Liangping, Rongchang, Qijiang, Shizhu, Tongnan, Wanzhou, etc. CCB cardholders can choose to participate in activities nearby. As a reminder, each card is limited to one opportunity during the event.
Since 2021, CCB Chongqing Branch has carried out activities such as the "Home Appliances New Year Shopping Festival", "Longka Weekend Festival", and "Longka Spring Shopping Festival", aiming to actively serve people's livelihood and promote consumption to improve quality and efficiency. .
(Registration for Installment Decoration) Related Questions and Answers: How much is the installment fee for CCB credit card decoration?
If you take a loan for 5 years. The handling fee for each period is 0.21589688506981740064446831364125. For example, if you repay the principal of 100 every month after installment, the handling fee will be 21.589688506981740064446831364125, and you should pay 121.5896885069817400644468 for each period. 31364125. In addition, CCB calculates how much you use and how much you repay based on monthly bills. For example, if your loan limit is 50,000, but you actually only used 10,000 this month, you will only be charged a handling fee of 10,000 this month. It's very suitable, and the main thing is that after one year of repayment, you can also apply for early repayment. You will no longer have to pay subsequent handling fees. Related Q&A: Is the renovation loan from China Construction Bank with an annualized interest rate of only 3 real?
At present, bank loan interest rates are relatively low, but no matter how low they are, normal commercial loans can basically reach more than 5. For example, when everyone goes to the bank to apply for a home loan, it is basically more than 5.2.
Because of this, many people suddenly saw that China Construction Bank had a 3 interest rate renovation loan. Many people found it incredible, and some even thought it was completely impossible.
First of all, I can definitely tell you that China Construction Bank does have renovation loans with a monthly interest rate of only 0.25.
But in the CCB product introduction, it is not called interest, but a handling fee. The monthly handling fee is 0.25. As for how much the handling fee is, different customers have different actual situations and different terms. , the interest rates are also different, usually between 0.25 and 0.33.
The monthly interest rate of 0.25 is converted into an annualized interest rate of only 0.25×12=3. This interest rate is indeed very low.
But everyone needs to understand one concept. The repayment method of this decoration loan is that the principal and interest are the same every month.
For example, if you borrow 100,000 yuan for 5 years, that is, 60 installments, then the monthly principal to be repaid is 1,667 yuan, the monthly handling fee is 250 yuan, and the monthly repayment is 1,917 yuan. Yuan.
Calculated in this way, the annual interest rate of 3 seems to be no problem, but in fact the real interest rate is much higher than 3.
Because everyone is repaying the principal every month, which means that the principal is getting smaller and smaller as time passes, and everyone takes up less and less bank funds, but the bank still pays the principal of 100,000 yuan. To collect interest, the actual interest paid by everyone is invisibly higher than 3.
For example, if you borrow 100,000 yuan for 5 years and repay the principal of 1,667 yuan every month, you will have to pay back a total of 80,016 yuan of principal in the first four years, which is equivalent to the remaining 19,984 yuan in the last year. The principal is RMB 1, but the handling fee everyone has to pay in the last year is 250 RMB × 12 = 3,000 RMB, which calculates to an annualized interest rate of up to 15.
After simple calculation, based on the actual utilization rate of funds, the real interest rate of CCB decoration loan is much higher than 3.
Of course, the actual interest rate is a more complicated calculation, but it can still be calculated through the formula.
For example, the monthly interest rate is 0.27, and the nominal interest rate in five years is only 3.24, but the real interest rate should be 6.07;
If the monthly interest rate is 0.33, the loan term is 6 years, the nominal interest rate is only 3.96, but the actual interest rate is 7.29.
It can be seen that the interest rate of about 3 for CCB decoration is not the real interest rate. The real interest rate should be about 1.8 times the nominal interest rate.
Of course, this interest rate is not very high overall. Even if the annualized interest rate reaches 6, it is still very cheap compared with some small loans outside. Even compared with Jiebei and Weilidai Compared with some online loans, it is considered very cheap. This interest rate is only equivalent to about 1/3 of that of Jiebei and Weili loans, so the decoration team of CCB is still very cost-effective.