RBI slashes repo rate by 25 bps; your home, vehicle loan EMIs may come down

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 · Many experts say RBI has to ensure that the banks transmit lower rates to customers. The Reserve Bank of India (RBI) slashed interest rates (repo) by 35 basis points (bps) on Wednesday. The repo rate now stands at 5.4 per cent, after four consecutive rate cuts in.

The Reserve Bank of India (RBI) today announced a hike in its short-term lending rate to banks by 0.25 per cent to 8 per cent in the face of rising inflation. Due to hike in repo rate consumer, home, auto and other loans can become costlier.

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 · I have taken home loan from ICICI bank of 33 lac on 31/7/2015 @ 9.90 interest rate. Currently my home loan interest rate is 9.55 and my remaining home loan is around 30 lac. I have inquired to switch over to MCLR scheme with interest rate @ 9.45. The manager told me to pay 18,000/- rupees with deduction of 3 EMIs.

Borrowers under the MCLR system benefit from a cut in the REPO rate. But the interest rates can increase if the RBI increases the REPO rate. Generally, the cost of conversion is anywhere between 0.5-0.6% of your loan amount. Does your loan turn out to be cheaper in the MCLR regime after you pay for the conversion? Then it makes sense to go ahead.

BoI, Syndicate Bank, Allahabad Bank cut MCLRs by up to 25 basis points. State-owned lenders Bank of India, Syndicate Bank and Allahabad Bank on Friday reduced their marginal cost of funds-based lending rates (MCLRs), days after a 35 basis-point (bps) cut in the repo rate by the Reserve Bank of India (RBI) at its August policy.

The six-member monetary policy committee (mpc), headed by RBI Governor Shaktikanta Das, voted to reduce the repo rate by 25 basis points. home loans, car loans are likely to get a cheaper deal soon.

Come October, the Reserve Bank of India is likely to cut repo rate by at least 25 basis points, say economists. Additionally, with RBI focusing. you may see a dip, though probably marginal, in your.