RBI Governor Sanjay Malhotra
The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points for the second consecutive time. With this, the repo rate has come down to 6%. This deduction will reduce the EMI of home-car loan. RBI Governor Sanjay Malhotra on Wednesday announced a gift of cheap loans, announcing the first bilateral monetary policy of the current financial year. The RBI Monetary Policy Committee (MPC), headed by Governor Malhotra, started a three -day meeting on Monday to review monetary policy. Earlier in February, MPC had reduced the repo rate from 0.25 percent to 6.25 percent. This was the first cut after May, 2020 and the first amendment after two and a half years. Let us know how much EMI of your loan will decrease after this cut.
How much will your home loan EMI decrease
Home Lean amount Tenure Current Interest Rate New Interest Rate Current EMI new EMI new EMI 8.25% 8% 8% 42,603 rupees 41,822 rupees 40 lakh 20 year 8.25% 8% 8% 34,083 rupees 33,458 rupees
Inflation decreased
RBI Governor Sanjay Malhotra, while presenting a monetary policy, said that inflation declined which is a good thing. All members of MPC admitted that inflation below the target. The governor said that further conditions will decide the rate deduction. If needed, the repo rate will be cut further. The RBI has changed the policy from neutral to incompatible.
More tariff damage to export
RBI Governor Sanjay Malhotra said that the situation in the world is not good. RBI is eyeing this. He further said that more tariffs will damage export. The Indian economy is moving well amid global turmoil. The manufacturing sector is doing well. The position of banks is good. However, the RBI reduced the growth rate of the Indian economy from 6.7% to 6.5% in the current financial year.
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