the current repayment amount is the amount to be repaid at least every month after installment payment. The current balance refers to your remaining available amount, and the total amount payable in this period refers to the total amount payable in this bill.
1. installment repayment
installment repayment means that there will be multiple repayments, and the repaid principal and interest will be allocated to each installment.
2. How to repay by installments
1. Credit card installment refers to the process that when a cardholder uses a credit card to make a large amount of consumption, the bank pays the consumer funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and then the cardholder repays the money to the bank by installments. According to the cardholder's application, the bank will deduct the consumption funds by stages through the cardholder's credit card account, and the cardholder will repay them according to the monthly amount.
2. Most domestic banks have credit card installment business. Installment payment is generally divided into shopping mall (POS) installment, "mail order installment" and bill installment according to different occasions.
how to calculate the actual loan interest rate for installment loans? For example, a credit card loan of 1, is repaid in 12 installments, and the handling fee for each installment is .7%. What is the actual interest rate?
our intuitive calculation is .7%×12=8.4%, but this interest rate is nominal, not the actual loan interest rate. After all, the repayment fee for each installment is the same, and it will not be reduced due to the reduction of principal. That is to say, the interest (handling fee) generated by the repayment of part of the principal in installments will be paid back in full, and the actual loan interest rate is much higher than the nominal interest rate. The installment of other amounts and terms can be calculated in the same way, and the values obtained are all monthly interest rates, and the annual interest rate can only be multiplied by 12.
installment repayment of a bank is a installment repayment business launched to avoid default interest according to the total consumption limit when customers are unable to repay the overdraft amount of their credit cards at one time.
Compared with installment payment, installment payment is different in application procedures and application scope. For example, Xiao Li wants to buy a mobile phone by installment, so he should go to a store that cooperates with a credit card. The installment repayment business does not need to specify the place and category of consumption. If customers realize that they can't repay in full on schedule after swiping their cards, they can call to apply. However, it should be noted that the handling fee for installment repayment is higher, which is generally higher than the commercial loan interest rate in the same period.