Sihai network

Is there any interest on prepayment in 2018

Is there any interest on prepayment in 2018

Sihai network: ant borrow is the consumer credit product provided by Alipay ant by ant micro loan. After the user applies for success, the default repayment period is 12 months, of course, you can also choose to pay in advance. So, do you have any interest on loan prepayment? If you don't lose money, let's learn about it.

Do you need interest for prepayment?

One of the major features of the loan is that it can be borrowed and paid back at any time. According to the design of this product, the original intention is to apply for a loan, and then repay the loan in installments, and then repay the money regularly according to the repayment plan every month. The advantage over credit card is that the repayment is made according to the same amount of principal, and the total interest is much less.

At present, the longest repayment period of the loan is 12 months, and the daily interest rate of the loan is 0.045%. The amount of user application can be transferred to the balance of Alipay, and it can be used to bind bank cards to cash as well as loans obtained from banks. 'ant borrowing' is calculated on a daily basis. The daily interest rate of the loan is 0.045%, and the annual interest rate is 16.425%.

Is it cost-effective for ants to borrow and repay in advance?

The expected annualized interest rate of ant loan day is 0.045%, and the longest repayment period is 12 months, which is still relatively short. However, it can be returned with the loan and can be repaid in advance. If it is not advanced, it will be deducted from 10:00 p.m. on the deduction day from time to time. If the deduction fails at 6:00 p.m., it will be overdue.

So remember to deposit the balance or prepay the day before the repayment date. Ant borrows interest by day, and prepayment charges interest for borrowed days.

Ants borrow, prepay, how to calculate the rest?

The remaining principal of ant Huabai = the total loan amount of ant Huabai - the repayment amount, and the remaining interest of ant Huabai = the remaining repayment amount & times; the expected annualized interest rate on the loan date & times; repayment time.

In this way, it seems that it is not cost-effective for ants to borrow money in advance. It is suggested that it is better to make repayment at maturity.