1. Interest rate of overdue payment: According to the laws of China, the interest rate of overdue payment penalty shall generally not exceed five ten thousandths of the loan interest rate;
2. Interest-bearing method: accumulated interest is calculated according to the overdue days, that is, the overdue amount is multiplied by the late fee interest rate every day;
3. Overdue days: the overdue days are counted from the day after the last repayment date until all the arrears are paid off;
4. specific calculation formula: overdue fine = overdue amount × overdue fine interest rate × overdue days.
summary: the calculation of overdue payment penalty is determined according to overdue amount, overdue interest rate and overdue days. The interest rate for late payment fees generally does not exceed .5 ‰ of the loan interest rate, and the interest-bearing method is calculated according to the cumulative number of overdue days. The specific calculation formula is overdue amount × late payment interest rate × overdue days.
Extended information: The calculation of overdue payment penalty can be different according to different loan agreements and contracts, and there may be special agreements or terms. In practice, financial institutions usually calculate late fees according to internal regulations and policies. In addition, we should pay attention to communicate with financial institutions before repayment, and try to avoid late payment fees caused by overdue repayment.
supplementary information: suppose the overdue amount is 1 yuan, the loan interest rate is 1% annualized, and the late payment interest rate is five ten thousandths. Assuming that the number of overdue days is 5 days, the calculation of late payment fee is as follows:
late payment fee = 1 yuan × 5 ‰× 5 days = 2.5 yuan.