Ceiling rate of private lending cut
Print Edition
China鈥檚 Supreme People鈥榮 Court said yesterday that it will slash the ceiling of the private lending rate protected by law, a move to crackdown on usurious loans and lower the costs of struggling small businesses.
The ceiling will be capped at four times that of the loan prime rate, said He Xiaorong, a member of the Supreme Court鈥檚 judicial committee, at an online new conference, meaning the upper limit of one-year private loan would be capped at about 15.4 percent based on the current loan prime rate.
Before the amendment, China鈥檚 courts would protect an individual or business in private loan disputes with interest rates below 24 percent. Private loan interest rates above 36 percent are considered as illegal loans.
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