Default interest calculation formula

Default interest calculation formula

The default interest calculation formula has changed to a new calculation method. But the Bank of Thailand has amended the formula for calculating default interest in a new way. Resulting in saving interest from tens of thousands to tens Today, we will tell you the formula for calculating default interest in a new way.

What does the old formula look like?

The old default interest calculation formula is as follows:

1) Default interest will be calculated from the outstanding principal.

2) If in the case of continual payments, but in default Will be calculated by multiplying the default interest rate with the remaining principal of the defaulted installment until the last installment, for example, submitting 15 installments and then defaulting on the 16th installment, the interest rate will be calculated from the 16th installment to the last installment. It can almost be said that the interest rate is as much as one that has it all.

What does the new formula look like?

The new default interest calculation formula is as follows:

1) Default interest will be calculated only on the principal of the defaulted installment.

2) If in the case of continual payments, but in default then multiply the defaulted interest with the remaining balance only for the defaulted period, for example, submitting 15 installments and then defaulting on the 16th installment, the interest rate will only be calculated on the 16th installment, the interest that must be paid will be much less

not only change the calculation of default interest There is also a grace period. By setting it at 3 - 5 days before and after this, it will be counted as a default. Not only this, there is also a new default interest rate from 15 percent to 1 - 3 percent of the contract interest rate as well.

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