If the payment is in arrears, the interest rate can be calculated based on the standard of 130% to 150% of the People's Bank of China's benchmark interest rate for similar RMB loans for the same period, and the interest due can be claimed. The sales contract does not stipulate the liquidated damages for overdue payment or the calculation method of the liquidated damages. If the seller claims compensation for overdue payment losses on the grounds of the buyer's breach of contract, the People's Court may refer to the overdue penalty based on the People's Bank of China's benchmark interest rate for similar RMB loans for the same period. Interest rates are calculated based on the standard.

1. What is interest?

Interest is the fee for using currency within a certain period of time. It refers to the remuneration that currency holders (creditors) receive from borrowers (debtors) for lending currency or currency capital. Including interest on deposits, loans and various bonds. Under capitalism, the source of interest is the surplus value created by wage workers. The essence of interest is a special transformation form of surplus value and is a part of profit.

2. Is there any interest on liquidated damages in the sales contract?

There are two situations:

1. If liquidated damages have been agreed in the contract, they will not be Pay liquidated damages and pay interest on liquidated damages, because liquidated damages are the liability of the other party for breach of contract. Unless the other party fails to pay liquidated damages on time as agreed, interest on liquidated damages should be paid.

2. If there is no liquidated damages stipulated in the contract, but the other party is required to pay the interest on the money owed, this is okay. Calculated according to the loan interest rate for the same period stipulated by the People's Bank of China.

3. Is it legal to charge interest on bank loans to others?

It is illegal to charge interest on bank loans. Taking a loan from a bank and then lending it to others is not using the loan in accordance with the contract. If the bank finds out, it can impose penalty interest or require early repayment.

Legal basis: "Interpretation of the Supreme People's Court on Applicable Legal Issues in the Trial of Sales Contract Dispute Cases" Article 24 Changes to the payment period in the sales contract will not affect the parties' agreement on liquidated damages for late payment. , but the starting point of the liquidated damages should be changed accordingly. If the sales contract stipulates liquidated damages for late payment, and the buyer refuses to pay the liquidated damages on the grounds that the seller did not claim liquidated damages for late payment when accepting the price, the People's Court will not support it. The sales contract stipulates liquidated damages for overdue payment, but the statement of account, repayment agreement, etc. do not involve the liability for overdue payment. If the seller claims debt based on the statement of account, repayment agreement, etc. and requests the buyer to pay liquidated damages for overdue payment in accordance with the contract, the people's The court should support it, except where the principal and interest on overdue payment are clearly stated in the statement of account, repayment agreement, etc., or the content of the principal, interest, etc. in the sales contract has been changed.

The sales contract does not stipulate the liquidated damages for overdue payment or the calculation method of the liquidated damages. If the seller claims compensation for overdue payment losses on the grounds of the buyer's breach of contract, the People's Court may make similar RMB loans from the People's Bank of China for the same period