For China Merchants Bank, the minimum monthly repayment amount is about 10% of the monthly debt amount, so if you owe 15,000 on a China Merchants Credit Card, the monthly interest is 15,000*0.0005*30 days=225 Yuan. If the minimum repayment is paid to the end, the interest will be 15000*0.0005*300 days = about 2250 yuan.
1. There are two common types of loans:
(1) Commercial loans
Equal principal and interest calculation formula: monthly repayment of RMB 2,356.78;
Equated principal calculation formula: the first month’s repayment is RMB 2,891.67, and will be reduced by approximately RMB 6.8 every month thereafter.
(2) Provident Fund Loan
Equal installments of principal and interest: monthly repayment of RMB 2,108.01;
Equal installments of principal: first month repayment of RMB 2,479.17, thereafter The monthly increase is approximately RMB 4.5.
1. China Merchants Bank (CMB), whose full name is China Merchants Bank Financial Services Company, is China’s first joint-stock commercial bank wholly owned by a legal entity. In addition, it was also the first pilot bank to promote banking reforms. Since its listing, China Merchants Bank has been included in Fortune magazine's list of the world's top 500 companies for seven consecutive years. China Merchants Bank has always planned to become China's leading retail bank, and has already launched a bank card integration company, which has become an online payment tool widely used by many companies. It has also promoted the development of Internet finance and my country's e-commerce.
2. Loan process: loan application - pre-loan investigation - loan approval - mortgage registration - loan issuance. Taking the central bank as an example, the central bank's annual loan interest rate is 4.35, the loan is 400,000 yuan, and the loan interest is 17,400 yuan. There are generally many ways to repay bank loans. You can apply for the repayment method of interest first and principal later (that is, repay interest on a quarterly/annual basis), or you can wait until the loan matures to make a one-time repayment.
3. Loan specific process:
(1) Apply for a loan. Customers should learn about the bank's credit products in advance and see if any are suitable for them. After understanding clearly, they can call the bank's customer service for consultation or on-site consultation. Go to the bank to fill out a loan application form and bring relevant documents such as ID card, household register, residence permit, work permit, marriage certificate, etc.
(2) Pre-loan investigation. The bank is qualified to conduct a preliminary review of the personal information of the loan applicant. If the applicant meets the conditions, he or she will proceed to the next step of the loan process.
(3) Loan approval. The approver determines whether the loan will be approved based on the loan applicant's repayment ability, personal credit record, guarantee mortgage, etc.
(4) Mortgage registration. If a loan applicant chooses a mortgage loan, he or she needs to go through relevant registration procedures after being approved.
(5) Grant loans. Loans can be issued to those who meet the bank loan conditions and have completed all procedures legally. Interest calculation formula: interest = principal * interest rate * deposit period. Therefore, the interest on a 400,000 loan is 400,000*4.35*1=17,400 yuan.