RBI: In the bi-monthly monetary review, RBI Governor Shaktikanta Das raised the policy interest rate repo rate by 0.50 per cent. As a result, loans are now more expensive in India, and the economy would get less financial flow. The cost of living will decline. As a result, the repo rate increased to 5.4%. The loan’s monthly instalment will rise as a result. The Monetary Policy Committee (MPC) has also made the decision to concentrate on reversing the easy policy stance at the same time.
The Monetary Policy Committee (MPC) unanimously voted to raise the repo rate from 0.5 per cent to 5.4 per cent, according to RBI Governor Shaktikanta Das, who was providing information on the decision made at the three-day meeting. He claimed that excessive inflation is a problem for the Indian economy and that it must be controlled.
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How RBI hikes repo rate will affect your EMI, Impact On Common Man
The cost of this increase in the repo rate will be passed on to customers by banks. Your loan instalment will get raised as a result. Along with the house loan, the vehicle loan and personal loan monthly payments will also rise. Your instalment would rise from Rs 24,168 to Rs 25,093 if your house loan is for Rs 30 lakh and the term is 20 years. Tell us what the difference in the EMI would be if the loan’s interest rate rose from 7.5 per cent to 8 per cent. (Read more:- Shiba Inu Coin)
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