How to calculate overdue interest

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

1. Bank loans

Bank loans are recognized as a relatively reliable loan platform. If it is overdue, overdue interest will be charged. The calculation method is the overdue interest rate of the principal and the number of overdue days. Each bank has different regulations regarding overdue interest rates. According to the regulations of the Central Bank, the penalty interest rate is 30% to 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 liquidated damages charges at 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.

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How to calculate overdue interest

Currently, the calculation standard for overdue loan interest is the loan specified in the loan contract An additional 30%-50% will be charged on the interest rate. Article 585 of the "People's Republic of China and Civil Code" Regarding late payment, if the parties agree in the contract on the calculation standard for liquidated damages for late payment, the matter shall be handled in accordance with the contract. If the agreed liquidated damages are lower than the losses caused, the people or the arbitration institution may increase it according to the request of the parties; if the agreed liquidated damages are excessively higher than the losses caused, the people or the arbitration institution may appropriately reduce it according to the requests of the parties. If the parties agree on liquidated damages for delayed performance, the defaulting party shall also perform its debts after paying the liquidated damages.

How to calculate overdue interest on a loan

The interest on an overdue loan is calculated based on the penalty interest rate, and the penalty interest rates of each bank are different. Most banks stipulate that the penalty interest rate is The interest rate is about 30%-50% higher than the previous loan interest rate. The "Reply of the Supreme People's Court on the Standards for Calculating Liquidated Damages for Overdue Payments" stipulates: "If the parties to a contract have not agreed on the standards for liquidated damages for overdue payments, the people may refer to the standards for calculating and charging overdue loan interest for financial institutions stipulated by the People's Bank of China. Calculation of liquidated damages for overdue payments. When the People's Bank of China adjusts the standards for calculating and charging overdue loan interest by financial institutions, the people may adjust the calculation standards for liquidated damages for late payments accordingly.

At present, the penalty standard for late payment can be calculated at four ten thousandths per day.

How to calculate overdue payment interest

How to calculate overdue payment interest: 1. If the overdue payment interest is stipulated in the contract, the overdue payment interest shall be calculated in accordance with the contract. Both parties can agree in the contract on liquidated damages for overdue payment, or on the calculation method of interest on overdue payment. 2. If there is no agreement on overdue payment interest in the contract and the two parties cannot reach an agreement through negotiation, they can be defined by the people. People can calculate the penalty for late payment by referring to the standards set by banks for financial institutions to calculate and charge interest on overdue loans. The calculation period of overdue payment interest: 1. The starting point of the calculation period of overdue payment interest: (1) If the performance period is agreed upon, it shall start from the day after the expiration of the performance period. (2) If a time limit for performance has not been agreed upon, and if the obligee fails to perform the performance within the grace period after being urged by the obligee, the period of delay shall commence from the day after the expiry of the grace period. 2. The end of the calculation period for late payment interest (1) shall be the day when the party finally performs its payment obligations. (2) If the civil litigation procedure is passed and the compulsory execution procedure is entered, the performance date determined in the judgment shall be calculated. (3) If the debt is still not performed as of the date of performance determined by the judgment, double interest on the debt during the period of delayed performance shall be paid. When applying, please note: 1. Several determination methods: If the contract stipulates jurisdiction, the contract shall prevail. If the contract does not stipulate jurisdiction, or the stipulation is unclear, the jurisdiction shall be at the defendant's domicile or the place where the contract is performed. Among them: (1) If the subject matter of the dispute is the payment of currency, the location of the party receiving the currency shall be the place of performance of the contract; (2) If the real estate is delivered, the location of the real estate shall be the place of performance of the contract; (3) For other subjects, the location of the party performing the obligation shall be the place of performance of the contract. 2. Prepare evidence and materials for civil litigation. Documentary evidence: such as contracts, waybills, receipts, remittance records, and other written evidence related to the case. Witness testimony. Audio and video recordings, electronic data. Such as phone recordings, chat records, emails, etc. If the buyer and seller are unable to calculate the interest on overdue payment, they should actively file a review and determine the reasons. "Notice of the People's Bank of China on Issues Concerning RMB Loan Interest Rates" (Yinfa [2003] No. 251) Article 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 agreed in the contract) has been changed from the current rate of 2.1% per day to an additional 0.230%-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.

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, an overdue charge of 30% is an additional 30%)

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

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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) has been 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 rate of 0.5% per day to an additional 50% on the loan interest rate stated in the loan contract. %-100%.

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.