Agricultural Bank of China’s bank loan calculation method

The latest bank deposit and loan benchmark interest rate table effective from October 24, 2015: 4.35 for six months (inclusive) and 4.35 for one year (inclusive) 4.75, one to five years (inclusive) 4.9.

Note: The base interest rate is set by the central bank, and bank loan interest rates can fluctuate up or down based on this.

The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1. Daily interest rate (0/000) = annual interest rate ()÷360 = monthly interest rate (‰ )÷30

2. Monthly interest rate (‰) = annual interest rate ()÷12

Extended information

Notes

1 . When applying for a loan, the borrower must make a correct judgment on his or her repayment ability. Design a repayment plan based on your income level, and leave appropriate room for it so as not to affect your normal life.

2. Choose a suitable repayment method. There are two methods of equal repayment and equal principal repayment. Once the repayment method is agreed in the contract, it cannot be changed during the entire loan period.

3. Make monthly repayments on time to avoid penalty interest. Starting from the next month after the loan is initiated, the loan is generally released on the repayment date in the next month. Don't incur default penalties due to your own negligence, which will lead to failure to approve the bank's loan application again.

4. Keep your contract and IOU properly, and read the terms of the contract carefully to understand your rights and obligations.

Baidu Encyclopedia - Loan Interest Rate

Agricultural Bank of China - Loan Calculator How to calculate Agricultural Bank of China interest

The bank interest calculation is as follows: Bank interest is the principal and deposit period , the product of the three factors of interest rate.

(1) Interest is calculated on a year-to-month basis. If the interest calculation period is a whole year (month), the interest calculation formula is: interest = principal × number of years (months) × interest rate per year (month); if the interest calculation period is a whole year (month) and there are fractions, the interest calculation The formula is: interest = principal × number of years (months) × interest rate per year (months) principal × number of fractional days × daily interest rate.

(2) Interest is calculated based on the actual number of days. That is, there are 365 days in a year (366 days in a leap year), and each month is the actual number of days in the Gregorian calendar. The interest calculation formula is: interest = principal × actual number of days × daily interest rate.

The time deposit interest rates of Agricultural Bank of China are as follows:

1. Whole deposits are 1.35% for three months, 1.55% for half a year, 1.75% for one year, 2.25% for two years, and 2.25% for three years. 2.75% per year and 2.75 over five years.

2. The interest rate for partial deposits, lump sum withdrawals, and principal deposits and withdrawals is 1.35% for one year, 1.55% for three years, and 1.55% for five years.

3. A 40% discount will be applied to the same grade of interest rate for regular lump sum deposits and withdrawals within one year.

According to the calculation formula of interest rate and interest on the official website of Agricultural Bank of China (interest = principal x deposit period x interest rate), for example, if someone has a time deposit of 1,000 yuan in the Agricultural Bank of China, the interest is as follows:

1. Deposit and round off three months = 1000x (1.35% / 12) x 3 = 3.375 yuan;

2. Deposit and round off half a year = 1000x (1.55% / 12) x 6 = 7.75 yuan;

3. One year of deposit and withdrawal = 1000x1.75%x1 = 17.5 yuan;

4. Two years of deposit and withdrawal = 1000x2.25%x2 = 45 yuan;

5. Three years of deposit and withdrawal = 1000x2.75%x3 = 82.5 yuan;

6. Five years of deposit and withdrawal = 1000x2.75%x5 = 137.5 yuan.

How to calculate the loan interest rate of the Agricultural Bank of China?

In fact, the loan interest rate is based on the central bank’s benchmark interest rate for the same period and the same period. It is based on the borrower’s personal qualifications, the type of loan, and the term of the loan. , the loan area, etc. fluctuate.

Let’s take a one-year loan as an example. If you choose a one-year loan, then the interest brought by your Agricultural Bank of China is calculated based on the annual interest rate. The interest rate published by the bank is generally also the annual interest rate. The interest rate, if it is 6.00, then it is 6.00. The interest brought by Agricultural Bank of China is calculated based on the actual number of days of the loan. Convert the annual interest brought by Agricultural Bank of China into a daily interest rate, and then multiply it by the amount of your loan from Agricultural Bank of China. , then multiplied by the number of days of your loan, then the final result is the interest you should pay. Here we mainly need to look at one point, that is, whether the base interest rate or the floating interest rate is implemented. This depends on your application with the Agricultural Bank of China. The Agricultural Bank of China loan interest rate was stipulated in the loan contract. Generally speaking, the annual interest rate is expressed as a percentage, while the monthly interest rate is expressed as a thousand percent.

The benchmark interest rate released by the central bank is 6.15 for one year, 6.15 for two to three years; 6.4 for four to five years; 6.55 for more than six years (inclusive); the bank will base on the individual's credit status There are uncertain rises, usually around 10.

Effective from October 24, 2015, the benchmark interest rates for RMB loans and deposits of financial institutions will be lowered to further reduce social financing costs. Among them, the one-year loan benchmark interest rate of financial institutions was reduced by 0.25 percentage points. How is the loan interest rate of the Agricultural Bank of China calculated? I believe that only by knowing yourself and the enemy can you win every battle. Therefore, it is also a good thing for borrowers to know how the loan interest rate of the Agricultural Bank of China is calculated. How is the interest rate of Wangjie Loan of Agricultural Bank of China’s mobile banking calculated?

Since November 12, 2020, the implementation of interest rates in each region of the newly signed 1-year Wangjie Loan is as follows:

1. Newly signed 1-year online loans are as low as 4.35 in regions: Beijing, Tianjin, Hebei, Shandong, Qingdao, Shanghai, Jiangsu, Zhejiang, Ningbo, Fujian, Guangdong, Xiamen, Shenzhen, and Dalian.

2. Newly signed 1-year NetJie loans are as low as 4.45 in regions: Shanxi, Henan, Anhui, Hubei, Hunan, Hainan, Jiangxi, Sichuan, Guangxi, Shaanxi, and Chongqing.

3. Newly signed 1-year NetJie loans are as low as 4.5 in regions: Inner Mongolia, Guizhou, Yunnan, Gansu, Qinghai, Ningxia, Xinjiang, Xinbingtuan, Liaoning, Jilin, and Heilongjiang.

You can apply through our bank’s mobile banking, and the final approval result will be subject to the system. If you have any objections, you can also consult the nearest outlet.

(Answer time: June 2, 2021. In case of business changes, please refer to the actual situation.)