How to calculate the interest of China Merchants Bank e-loan? Regarding the interest of CMB e-loan, in fact, the charging method will be different depending on the repayment method you choose. CMB e-loan mainly provides two methods of repayment at any time and installment repayment. The specific charging situation is as follows:
Repay at any time: After the application is successful, you will not enjoy the interest-free repayment period. Regardless of whether or how much you use, interest will be calculated from the date of application. The daily interest rate will not exceed the monthly bill and compound interest will be charged. Additional handling fees apply.
Instalment repayment: After the application is successful, you need to pay a certain handling fee, which is collected in installments. The handling fee for each installment = the total amount of the installment × the handling rate. The monthly rate shall not exceed the cardholder’s installment payment. The repayment amount of each period and the current handling fee will be included in the credit card bill for that period, and no additional interest will be charged.
Is China Merchants Bank’s e-loan cost-effective? Judging from the above interest charges, the daily interest rate of e-Zhao Loan's anytime repayment is calculated as 30 days a month, and the monthly interest rate is the cumulative compound interest on a monthly basis. For 12 months in a year, the annualized rate of the anytime repayment project in one year is The interest rate is basically 20. If accumulated over many years, the annualized interest rate will exceed 20. Here is the answer to the question "Is China Merchants Bank's e-loan cost-effective?" In general, compound-interest loan methods like China Merchants Bank’s e-loan are not suitable for long-term loans, but are more suitable for short-term emergencies. If the loan lasts for more than one year, it is not cost-effective.