RBI MPC has cut the repo rate after 56 months. According to RBI Governor Sanjay Malhotra, the repo rate has been cut by 0.25 per cent. After which the repo rate has come down to 6.25 percent. This cut in repo rate will give great relief to the common people.
Reduced after 5 years
The Reserve Bank of India has given great relief to the middle class by cutting the repo rate. This deduction in repo rate is 25 basis points, due to which the current repo rate has now increased to 6.25 percent. The repo rate has been cut after five years. Earlier, the Reserve Bank of India (RBI) cut the repo rate in May 2020. However, it was gradually increased to 6.5 percent. The repo rate was last increased in February 2023.
Global economy is facing challenges- RBI governor
The RBI Governor said that economic development was discussed in the meeting. We have decided in the meeting that the repo rate is being reduced. Now the repo rate is being reduced from 6.50 to 6.25. After the repo rate cut, your loan EMI will now be reduced. The RBI Governor said that the global economy is facing challenges. Inflation is also increasing globally. The Federal Reserve Bank is also cutting interest rates. Geophysical stress is also increasing. Due to which the economy of the entire world is being affected. The Indian rupee is under pressure at this time. The Reserve Bank has many major challenges.
What will be the effect of your home loan on EMI?
If someone has taken a loan of Rs 50 lakh at an interest rate of 8.5 percent for 20 years and if the RBI announces a reduction of 0.25 percent, its EMI will be reduced, because at an old interest rate of 8.5 percent, EMI 43,391 The rupee should have been, and after a decrease in the interest rate, the new interest rate of 8.25 percent will be Rs 42,603, which will save Rs 788 per month and Rs 9,456 per year. If you have taken a car loan of Rs 5 lakh at an interest rate of 12 per cent, then you will have to pay Rs 11,282 on the old EMI, if there is a shortage, then the new EMI of the car loan will be Rs 11,149. This will save Rs 133 per month and Rs 1596 per year.
