New EMI after RBI Announcement..? So much for a lakh ..?!

RBI raises the repo rate for the second time since May. If this interest rate is not raised, not only the price but also the value of the rupee will touch the abyss. Following the two-day monetary policy meeting, Shaktikanta Das today announced that the repo rate, which sets the interest rate on bank loans, has been raised by 0.50 percent which is 4.90 percent.
Do you know how much the EMI price of one's loan will go up with this ..?Home Loan:
30 lakh rupees at 7 percent interest on your home loan will increase your EMI from 23,259 rupees to 24,907 rupees if you calculate the new interest based on the original, 20-year tenure. With the current interest rate, the monthly EMI will increase by Rs 1648. To put it more simply, 55 rupees per lakh rupees will increase.Vehicle Loan(Car & bike loan):
 Like a home loan, a vehicle loan at 10-10.9 percent interest for 8 years with a loan of Rs 8 lakh, the monthly EMI amount will increase from Rs 13,281 to Rs 13,656 on a new interest basis. This will increase your monthly EMI by 375 rupees.
Personal Loan :
Personal loan buyers who have a loan of Rs 5 lakh for 5 years at 14-14.9 percent interest will have their monthly EMI amount increased from Rs 11,634 to Rs 11,869 on a new interest basis. This will increase your monthly EMI by 235 rupees. Even if the RBI raises the repo rate, it is up to the banks to decide how much to raise. In particular, the rise in interest rates on bank deposit funds, on which billions of people depend, is in the hands of banks.
Following the repo rate hike in May, many banks raised interest rates on deposits to 0.35 percent, the lowest possible level for depositors.Banks will soon announce the interest rate for new borrowers, which will be calculated accordingly. Otherwise, the interest rate on the loan will be changed based on the floating interest rate.
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repo rate increased

Sowmiya Sriram

08/06/2022 04:49 PM