Five Tips For Personal Loan Saving Interest

One of the best tricks: "Shop around" and choose banks carefully. Each bank will adjust the loan interest rate according to its own actual situation and the loan interest rate range specified by the state. For example, some banks still implement the national benchmark interest rate, while others implement varying degrees of upward floating on the basis of the national benchmark interest rate. In this regard, when there is a demand for loans, we should "shop around". The same loan is 100000 yuan, and the loan term is one year. One is to implement the benchmark interest rate, and the other is to implement the interest rate floating upward by 20%. If the latter is selected, it will pay more than 1000 yuan of interest per year. Top 2: Reasonable plan and correct deadline. Similarly, for loans, the longer the option period, the higher the interest rate will be. For example, the current short-term loan interest rate is divided into two grades: half a year and one year, and it is stipulated that the half year grade interest rate shall be implemented within half a year of the loan term, and the one-year grade interest rate shall be implemented if the loan term exceeds half a year but is less than one year. Therefore, when the loan term just exceeds the time point of one interest rate grade and the time point is longer than the time point of the next interest rate grade, it is also a loan, which will bear more loan interest expenses. Therefore, when the loan term needs to be determined, the fund demander must make an accurate plan and try to select the right term. Top 3: Find out the price difference and optimize the method. At present, the banking sector's loan operation mode mainly includes credit, guarantee, mortgage and pledge. Because these loans are made in different ways, banks will also have different interest rate hikes when implementing loan interest rates. For the same loans with the same application period and the same amount, if they choose the wrong loan form, they may bear more loan interest expenses and let themselves pay more money for nothing. Therefore, it is very important for fund demanders to pay attention to and clarify the interest rate spread under different loan modes when borrowing from banks. Top 4: The loan agreement shall be signed carefully. There are two common forms of loans: Lien deposit balance loan. When a fund demander obtains a loan from a bank, the bank requires it to retain part of the loan principal and deposit it in the bank account to restrict the repayment of the loan principal and interest on schedule. However, in terms of fund demanders, since the loan principal is discounted without reducing the loan interest, the loan interest rate actually undertaken by the fund demander is significantly higher than the loan interest rate signed in the contract. Withholding interest loans. In order to ensure that the loan interest can be repaid on time, some banks withhold all the loan interest from the principal of the lender when the loan is issued. Because this way will make the loan funds available to the fund demander relatively reduce, accordingly, the actual borrowing interest rate undertaken by the fund demander has been far beyond the range of the agreed interest rate signed by the fund demander, which has objectively increased the financing cost of the fund demander, resulting in overpayment of interest. Therefore, the fund demander must sign the agreement carefully when lending. Top 5: Repayment according to the agreement without violating the principle. If the fund demander wants to reduce the loan interest expenditure, he/she should ensure the seriousness of the loan contract and repay the loan principal and interest as scheduled. Each loan should be recorded in detail. The specific date and repayment period of the loan should be kept in mind, so that when the principal and interest need to be repaid, funds can be raised in time in advance, and when the repayment is needed, the repayment can be made quickly to avoid default, so as to avoid damaging the reputation and being charged with penalty interest by the bank, thus creating an undue serious "reputation" And "interest".