How to calculate overdue interest on loans?

According to Article 3 of the "Notice of the People's Bank of China on Issues Concerning RMB Loan Interest Rates", if the loan is not repaid when it is due, overdue interest will be charged at an additional 30%-50% based on the loan interest rate specified in the loan contract. %. For overdue loans, interest will be charged based on the penalty interest rate from the overdue date until the principal and interest are paid off. For interest that cannot be paid on time, compound interest will be calculated based on the penalty interest rate. According to Article 676 of the Civil Code, if the borrower fails to repay the loan within the agreed time limit, he shall pay overdue interest in accordance with the agreement or relevant national regulations. Article 3 of the "Notice of the People's Bank of China on Issues Concerning RMB Loan Interest Rates" concerns the issue of penalty interest rates. The penalty interest rate for overdue loans (loans where the borrower fails to repay on the date agreed upon in the contract) will be changed from the current rate of 2.1% per day to an additional 30%-50% on top of the loan interest rate stated in the loan contract. %; if the borrower fails to use the loan for the purpose stipulated in the contract, the penalty interest rate will be changed from the current daily interest rate of 0.5% to an additional 50%-100% of the loan interest rate stated in the loan contract. For loans that are overdue or not used for the purpose stipulated in the contract, interest will be charged at a penalty interest rate from the date of overdue or the loan is not used for the purpose stipulated in the contract until the principal and interest are repaid. For interest that cannot be paid on time, compound interest will be calculated based on the penalty interest rate. Article 676 of the Civil Code: If the borrower fails to repay the loan within the agreed time limit, he shall pay overdue interest in accordance with the agreement or relevant national regulations.

Overdue interest calculation formula

1. Positive answer

Each different platform has different overdue interest calculation methods. Common overdue interest calculation methods are as follows.

2. Specific analysis

1. Bank loan

Bank loan is recognized as a relatively reliable loan platform. If it is overdue, additional overdue fees will be charged. Interest is calculated as the overdue interest rate on the principal and the number of days overdue. Each bank has different regulations regarding overdue interest rates. According to the regulations of the Central Bank, the penalty interest rate is 30-50% higher than the original loan interest rate. If the borrower's loan is used for abnormal purposes, such as investment in gambling or other activities prohibited by the bank, the bank will immediately withdraw the loan or increase the original loan interest rate by 50 to 100.

2. Credit card

Credit cards are also a type of loan. When a credit card is overdue, there will generally be two types of fees: overdue interest and liquidated damages.

Overdue interest: Generally, bank credit cards have an interest-free period ranging from 20 to 50 days. If the cardholder still fails to repay after the interest-free period, overdue interest will accrue. Generally, It is charged at 0.05% per day.

Liquidated damages: At present, most banks set the standard for liquidated damages to be 5% of the unpaid portion of the minimum repayment amount.

3. Alipay

There are many loan platforms on Alipay, such as Huabei, Jiebei, online merchant loans, etc. The interest accrued after overdue payment on different platforms is different.

Huabei: If the current amount due is not repaid before the repayment date (the 10th of each month), corresponding overdue interest will be incurred. The specific calculation method is 0.05 of the number of days overdue for the overdue amount.

Borrowing: The overdue fee is calculated as the overdue bill amount (overdue principal plus interest) interest rate 1.5 days overdue (not counting the day).

Online merchant loans: Overdue interest on online merchant loans is relatively high. The calculation formula is: overdue bill amount (overdue principal plus interest) × interest rate × 1.5 × number of overdue days (not counting the day).

4. Online Loans

There are many platforms on the market at present, and different platforms have different overdue interest rates. Taking Paipaidai as an example, overdue interest per period = per period The overdue principal is 0.7‰overdue days. After 90 days of overdue payment, the borrower's information will be exposed, and the lender can initiate legal proceedings or find a collection agency for collection.

Even if you apply for online loans multiple times, even if you are not overdue, your online black index score will be damaged and you will be judged to be on the online loan blacklist.

Once on the online loan blacklist, not only will the application for online loans be rejected, but also Huabei and Jiebei will have their quotas reduced, or even be shut down in serious cases.

In addition to protecting personal information, borrowers can learn about their online loan usage through Xiaoqixincha on WeChat, including comprehensive scores, application records and other details, as well as personal online loan information. Data status, if the big data is messed up, it must be corrected in time to avoid a major impact on personal credit reporting.

How to calculate overdue bank loans

Overdue penalty interest = overdue loan amount × [loan daily interest rate × (130~50)] × number of overdue days;

Loan interest = overdue penalty interest and paid interest;

Interest payment loan finance × loan daily interest rate × number of loan days (the number of loan days is the number of loan days before overdue);

Note: Borrower If the loan is overdue, the overdue penalty interest will generally be 30-50% higher than the original loan interest rate.

In this way, the loan interest rate during the performance of the loan contract will still be in accordance with the original agreement. If the interest rate is adjusted, interest will not be calculated in installments. For overdue loan interest rates, overdue interest will be calculated in segments based on the interest rates adjusted in different periods determined by the People's Bank of China. When overdue interest is collected, penalty interest will be calculated based on a certain proportion, or calculated and collected in stages according to the penalty interest rate determined by the People's Bank of China.

How to calculate overdue interest on loans?

How can you often walk by the river without getting your shoes wet? Today, when the loan phenomenon is so popular, even if you are extremely careful, you will still encounter problems during the loan process. Loans are overdue for various reasons. How to calculate overdue interest on loans? Next, let’s calculate this account for everyone.

As for how to calculate overdue interest on a loan, generally speaking, the amount that needs to be repaid after the loan is overdue mainly includes: overdue principal, receivable and uncollected interest, compound interest and penalty interest. The Central Bank stipulates that the loan interest rate is 30-50% plus the loan interest rate stated in the loan contract. The penalty interest rate for failure to use the loan for the purpose specified in the contract is 50-100% plus the interest rate stipulated in the contract. .

From this point of view, overdue interest on a loan is indeed a considerable expense. Not to mention the high cost of penalty interest, just calculating the overdue interest is a very troublesome matter. What's more important is that once you have a past due record, it will be difficult to get a loan here in the future, so it is best for everyone to make repayments on time.

So in addition to penalty interest if the loan is overdue, what other adverse consequences will it cause? Specifically, it is divided into the following categories:

1. A bad credit record will affect future loans and credit card applications;

2. Unable to enjoy loan discounts, or even cannot apply for them Loan;

3. Affect personal career.

For overdue loans, is the interest calculated based on the current period or the full interest?

Overdue interest will still accrue interest, generally called overdue interest, which is different from normal borrowing interest rates and interest calculation methods. The interest accrued during the borrowing period is calculated from the date of borrowing to the repayment date, and the daily interest rate is subject to the loan contract. Overdue interest is calculated from the day after the repayment date, and will not be charged until the repayment date. The daily interest rate is also subject to the contract.

If the loan platform has separately agreed on the overdue interest and stipulates that no additional interest will be charged after the overdue period, the overdue fees are mainly calculated based on the overdue interest rate × the number of overdue days; if the loan interest and overdue interest are calculated separately , the total overdue charges are the normal interest incurred during the overdue period and the overdue interest alone.

However, it should be noted that whether overdue interest is calculated separately or overdue fees are calculated based on both interests, the total interest rate standard cannot exceed 4 times the LPR interest rate for the same period, that is, 15.4 for a loan period of less than 5 years. The borrower may or may not pay the excess interest. The lending platform can ask the borrower for excess interest, but it is not protected.

Extended information:

How to calculate overdue loan interest

Loan penalty interest is calculated double based on the bank's benchmark interest rate for loans in the same period. The calculation rules for overdue loan interest are as follows:

Loan interest = (loan amount) interest rate (loan amount for unpaid interest) interest rate penalty interest.

For example: Customer A borrows 20,000 yuan from the bank. The loan period is one month. It is calculated based on the latest loan interest rate of 6.15 divided by 12 (monthly interest rate). If, after one year, A fails to repay the loan in time, causing the loan to be overdue for 3 days, then he will need to pay overdue loan interest:

20000(6.15÷12)[20000(6.15÷12)20000 ](6.15÷12)÷303 penalty interest.

Through the above explanation, we can know that if the loan is overdue, it must be made up in time. Otherwise, the interest will increase and the personal repayment pressure will increase. This is not worth the loss.

How to calculate the normal interest and overdue interest on a loan, find the formula, as shown in the table below

The calculation formula for overdue loan interest:

Normal interest == principal interest rate years

Overdue interest rate == normal interest rate (a floating point above 1, for example, if you add 30 to the overdue fee, you will add 30)

Overdue interest == Overdue interest on the principal The actual number of days overdue

The standards for calculating and charging overdue loan interest for financial institutions stipulated by the People's Bank of China:

1. Regarding the issue of interest calculation and settlement of RMB loans. The interest calculation and settlement methods for various RMB loans (excluding personal housing loans) shall be determined through negotiation between the borrower and the borrower.

2. Regarding the adjustment of the loan interest rate during the contract period. The interest rates for medium- and long-term RMB loans have been changed from fixed one year to determined by both borrowers and lenders based on commercial principles. They can be adjusted monthly, quarterly, or annually during the contract period, or fixed interest rates can be used.

The interest rates for loans with maturities of more than 5 years are determined independently by financial institutions with reference to the interest rates for loans with maturities of more than 5 years announced by the People's Bank of China.

3. Regarding the issue of penalty interest rates. The penalty interest rate for overdue loans (loans where the borrower fails to repay on the date stipulated in the contract) will be changed from the current interest rate of 2.1% per day to an additional 30-50% of the loan interest rate stated in the loan contract;

If the borrower fails to use the loan for the purpose stipulated in the contract, the penalty interest rate will be changed from the current rate of 0.5% per day to an additional 50-100% on the loan interest rate stated in the loan contract. .

For loans that are overdue or not used for the purpose stipulated in the contract, interest will be charged at a penalty interest rate from the date of overdue or the loan is not used for the purpose stipulated in the contract until the principal and interest are repaid. For interest that cannot be paid on time, compound interest will be calculated based on the penalty interest rate.

4. This notice will apply to newly issued loans after January 1, 2004 (including January 1, 2004). Unexpired loans issued before January 1, 2004 will still be enforced according to the original loan contract. However, this notice may also be enforced upon consensus reached by both parties.

5. This notice shall be effective from January 1, 2004. If the previous regulations on RMB loan interest rates issued by the People's Bank of China are inconsistent with this notice, this notice shall prevail.

Extended information

Consequences of overdue repayment

1. Penalty interest

When signing a loan contract, there are generally penalties for overdue loans. According to some regulations, overdue fees will generally result in penalty interest. Different financial institutions have different amounts of penalty interest and interest generated. However, as an expense that should not be incurred, it is better not to incur it.

2. Credit stain

Don’t underestimate this. Once the loan is overdue, the bank will report the overdue record to the central bank's credit reporting system. Once the record is generated, a stain will be left on the personal credit report. This small stain will cause considerable resistance to your future loans and credit card applications. Borrowers must not lose big because of small things.

3. Unable to enjoy the preferential loan interest rate

When you go to the bank to apply for a loan, the loan interest rate fluctuates to varying degrees. High-quality customers can usually get the lowest loan interest rate, while those who have overdue loans Even if registered users get a loan application, it is basically impossible to enjoy interest rate discounts.