In 2024, the loan market** interest rate (LPR) will be lowered for the first time. On February 20, the People's Bank of China authorized the National Interbank Lending Center to announce that the loan market ** interest rate (LPR) on February 20, 2024 is: 1-year LPR is 345%, and LPR for more than 5 years is 395%。The above LPR is valid until the next LPR is issuedAmong them, the LPR with a maturity of more than 5 years was reduced by 25 basis points compared with the last time.
At present, LPR has become the main reference benchmark for loan interest rate pricing: the interest rate pricing of corporate working capital loans issued by financial institutions generally refers to the one-year LPR, and the pricing of medium and long-term corporate loans and personal housing loans mainly refers to the LPR with a maturity of more than 5 years.
How much money can be saved for lenders by this LPR adjustment with a maturity of more than 5 years? Based on a loan of 1 million and equal principal and interest for 30 years, 420% down to 395%, the total interest savings are about 5220,000 yuan, the monthly payment is about 145 yuan less. The reporter combed and found that since the LPR reform in August 2019, the LPR with a term of more than 5 years has dropped 8 times, from 485% to 395%, a total decrease of 90 basis points; The 1-year LPR fell 10 times, from 431% to 345%, down 86 basis points. If the loan is still calculated for 30 years with a loan of 1 million and equal principal and interest, it will be calculated by 485% down to 395% and total interest savings of about 19140,000 yuan, the monthly payment is about 531 less55 yuan. 
*: Jiangxi released a comprehensive CCTV finance and economics, China-Singapore Jingwei.