The loan premium of Sunshine Insurance is legal if it is the legal interest rate. According to the law, if the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds four times the market quoted interest rate of one-year loan when the contract is established.
Legal basis
Article 25 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases
If the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds four times the market quoted interest rate of one-year loan when the contract is established.
The one-year loan market quoted interest rate mentioned in the preceding paragraph refers to the one-year loan market quoted interest rate issued monthly by the National Interbank Funding Center authorized by the People's Bank of China from August 20, 2019.