RBI’s decision on repo rate, loan EMI relief will have to wait RBI’s repo rate decision, loan EMI relief will have to wait
The Reserve Bank last hiked the repo rate in February 2023. After this increase, the repo rate was reduced to 6.5 percent. Let us tell you that banks decide the loan interest rate based on the repo rate.
RBI MPC Decision:
The Reserve Bank has kept the repo rate unchanged at 6.5%.
The reverse repo rate will also remain unchanged at 3.35%.
Consequences of this decision:
There is no possibility of an immediate reduction in loan interest rates.
Customers will continue to pay higher interest on home loans, car loans and other loans.
You will get a loan of Rs 5 lakh from ICICI Bank in just 5 minutes
Reasons for keeping repo rate unchanged:
Global Uncertainty
Need to Curb Inflation
Accelerate Economic Growth
What next?
A change in the repo rate will have to wait for the next MPC meeting.
RBI will take decision based on inflation and economy.
Advice for borrowers:
People waiting for interest rate cuts should exercise caution while making financial plans.
A budget should be made keeping in mind the possibility of interest rate changes.