Consequences of prepayment of Xiaomi loan

Borrowed a loan of 1200 millet and paid it back in six months. I want to pay in advance. Is interest all interest?

It is not all interest that needs to be repaid.

For example, if your daily interest rate is five ten thousandths and your loan is 65,438+00,000 yuan, then the daily interest rate is 5 yuan. Repay in advance after 3 days, and pay off in one lump sum. Only calculate your interest for 3 days (15 yuan), and you only need to pay 100 15 yuan.

If it is partially paid off, the interest will continue to be calculated at the interest rate.

Xiaomi loan interest will be deducted automatically on the repayment date of each month. Daily interest rate calculation formula = outstanding principal * daily interest rate (the daily interest rate of Xiaomi loan will be comprehensively evaluated according to the account and personal credit situation, please refer to the display on your page).

If you have overdue principal or interest, the overdue interest rate of overdue principal or interest is 65438+ 0.5 times the normal loan interest rate.

Extended data:

Loan interest:

Loan interest refers to the reward that the lender gets from the borrower for issuing monetary funds, and it is also the price that the borrower must pay for using the funds. ? Bank loan interest rate refers to the ratio of interest amount to principal amount during the loan period. Determination of interest rate of loan contract with banks and other financial institutions as lenders.

Both parties can only negotiate within the upper and lower limits of interest rates stipulated by the People's Bank of China. If the loan interest rate is high, the repayment amount of the borrower will increase after the loan term, otherwise it will decrease. There are three factors that determine loan interest: loan amount, loan term and loan interest rate.

Calculation method of loan interest:

(1) The interest rate conversion formula for RMB business is (note: common for deposits and loans):

1. daily interest rate (0/000)= annual interest rate (%)÷360= monthly interest rate (‰)÷30.

2. Monthly interest rate (‰) = annual interest rate (%)÷ 12

(two) banks can use the product interest method and the transaction interest method to calculate interest.

1. Accumulate the account balance daily according to the actual number of days, and multiply the accumulated product by the daily interest rate to calculate the interest. The interest-bearing formula is:

Interest = cumulative interest-bearing product × daily interest rate, where cumulative interest-bearing product = total daily balance.

2. Transaction-by-transaction interest calculation method calculates interest one by one according to the preset interest calculation formula: interest = principal × interest rate × loan term, with three details:

If the interest-bearing period is a whole year (month), the interest-bearing formula is:

① Interest = principal × year (month )× year (month) interest rate

If the interest-bearing period is a whole year (month) and days, the interest-bearing formula is:

② Interest = principal × annual (monthly) × annual (monthly) interest rate+principal × odd days × daily interest rate.

At the same time, banks can choose to convert all interest-bearing periods into actual days to calculate interest, that is, 365 days per year (366 days in leap years), and each month is the actual number of days in the Gregorian calendar of the current month. The interest-bearing formula is as follows:

③ Interest = principal × actual days × daily interest rate

These three formulas are essentially the same, but because the interest rate conversion is only 360 days a year, when calculating the actual daily interest rate, it will be calculated as 365 days a year, and the result will be slightly biased.

Which formula is used specifically, the central bank gives financial institutions the right to choose independently. Therefore, the parties and financial institutions can agree on this in the contract.

(3) Compound interest: Compound interest means adding interest at a certain interest rate. According to the regulations of the central bank, if the borrower fails to repay the interest at the time agreed in the contract, it will be charged with compound interest.

(4) Penalty interest: If the lender fails to repay the bank loan within the prescribed time limit, the penalty interest paid by the bank to the defaulter according to the contract signed with the parties is called bank penalty interest.

(V) loans overdue liquidated damages: penalties for the defaulting party with the same nature as penalty interest.

(six) the formulation and filing of interest calculation methods

The interest-bearing settlement rules and methods for deposit and loan business formulated by national commercial banks as legal persons shall be reported to the head office of the People's Bank of China for the record, and the customers shall be informed; Regional commercial banks and urban credit cooperatives should be reported to the branches of the People's Bank of China and the central branch of the provincial capital for the record, and inform customers;

County rural credit cooperatives as legal persons may, according to the actual situation of the county rural credit cooperatives, formulate the rules for interest calculation and settlement and the interest-bearing measures for deposit and loan business, and report them to the branch of the People's Bank of China and the central branch of the provincial capital for the record, and the rural credit cooperatives as legal persons shall notify the customers.

Notice of the People's Bank of China and the People's Bank of China on Relevant Issues Concerning the Interest Rate of RMB Loans

Will Xiaomi's loan be deducted in the month of prepayment?

There will be no deduction in the month of prepayment.

Xiaomi loan interest will be deducted automatically on the repayment date of each month. Daily interest rate calculation formula = outstanding principal * daily interest rate (the daily interest rate of Xiaomi loan will be comprehensively evaluated according to the account and personal credit situation, please refer to the display on your page). If you have overdue principal or interest, the overdue interest rate of overdue principal or interest is 65438+ 0.5 times the normal loan interest rate.

Xiaomi loan repayment method:

Equal repayment every month-that is, the loan with the same amount (including principal and interest) is repaid every month during the repayment period, and there is no penalty for prepayment.

Equal monthly payment-repayment on schedule, that is, within the repayment period, the same amount of loans (including principal and interest) will be repaid every month. However, it should be noted that if this repayment method is selected, a penalty of 3% of the principal will be charged for prepayment.

Pay interest first, that is, pay interest every month during the repayment period, and return the principal in the last installment. It should be noted that the time of the first loan may be less than or more than one month, and the repayment amount of the first loan may be inconsistent with the number of subsequent loans. Therefore, before the repayment date indicated in the App, sufficient amount needs to be reserved in the bound loan bank card, and Xiaomi loan will be automatically deducted on the repayment date.

Can Xiaomi loan be repaid in advance? How to return it?

Can Xiaomi loan be repaid in advance? Xiaomi loan is a high-amount unsecured loan product officially produced by Xiaomi. Some netizens have sufficient funds after the loan is completed and want to return the arrears in advance. So how to repay Xiaomi loan in advance?

Early repayment of Xiaomi loan is an intimate function provided by Xiaomi for borrowers, which can be repaid in advance through Xiaomi loan APP, Xiaomi wallet and Xiaomi financial APP.

1 Log in to Xiaomi Wallet APP and Xiaomi Finance APP, enter the loan home page → repayment plan → prepayment → select the loan items to be settled, and submit after confirming the total repayment amount.

2 Log in to Xiaomi Loan APP, loan home page → loan repayment record → select loan items to be settled → prepay, and submit after confirming the total repayment amount.

The prepayment fee of Xiaomi loan will be charged according to different repayment methods. At present, there are two repayment methods: repayment by loan and repayment on schedule.

Borrowing and repayment: collecting principal and interest from the date of borrowing to the date of prepayment;

Repayment on schedule: the principal and interest from the loan date to the repayment date are charged for prepayment, and the handling fee of 3% of the prepayment principal is charged;

In summary, Xiaomi Loan can be repaid in advance through the prepayment function of Xiaomi Loan APP, Xiaomi Wallet APP and Xiaomi Financial APP. It is suggested that it is best not to prepay, and timely repayment is helpful for credit evaluation.

Does Xiaomi loan charge interest for prepayment?

There are two repayment methods for Xiaomi loan, one is to repay with the loan, and the other is to repay on schedule. Different repayment methods have different provisions on early repayment.

Borrow and return.

For friends who choose the loan repayment method, when repaying in advance, they only need to pay the principal and interest from the loan date to the repayment date. In other words, the borrower does not need to bear any prepayment fees.

Repay on time

For the friends who choose the repayment method on schedule, when handling the prepayment, in addition to calculating the principal and interest of the repayment date from the borrowing date, they also need to pay 3% of the prepayment principal as a handling fee.

Additional remarks

Generally speaking, prepayment of Xiaomi loan will not affect personal credit. However, if the number of prepayments is too frequent, it will have some negative effects on credit. Therefore, friends who borrow for a short time should choose this repayment method.

strong function

1, Xiaomi Finance

Xiaomi's wealth management products are mainly concentrated in two categories: live treasure and fixed treasure. Docking financial products include funds, universal insurance, investment-linked insurance, brokers and so on. Flexible investment and stable income.

2. Xiaomi Insurance

Xiaomi Insurance is an insurance product of Xiaomi Company. At present, comprehensive accident insurance, bank card security insurance, filial piety cancer insurance, Xiaomi critical illness insurance, Xiaomi children's insurance, family fraud insurance, bank card security insurance and other insurance types have been launched.

3. Xiaomi loan

(1) "Xiaomi loan" is a key step towards personal consumption finance, and it is also the beginning of creating a new model of credit reporting from behavior to finance.

(2) The so-called "from behavior to finance", that is, "based on MIUI system, under the authorization of users, accumulate their online behaviors, and evaluate users' credit and repayment ability accordingly. For example, online data shows that a user often exercises and maintains good work and rest habits, which shows that the user is in good health to some extent.

(3) Then the price of purchasing commercial health insurance will be lower; In the same way, a user often buys online, which shows to some extent that the user's spending power is relatively strong, so the loan amount he gets will be relatively high. It can be said that similar continuous daily data is not easy to be falsified. "

(4) At present, Xiaomi loan is only for some invited users. In the future, the invitation system and application system will be linked to further open to Xiaomi users. At the same time, for users who have applied for cash credit, Xiaomi Finance provides "installment shopping" products and services, and users can choose the number of installments according to their own conditions to ease the pressure on users to shop on Xiaomi.