RBI cuts interest rates to 9-yr low, lower home, auto loan likely

NEW DELHI: In the first monetary policy review under RBI Governor Urjit Patel, the interest rate was today cut by 0.25 per cent to six-year low of 6.25 per cent in a unanimous decision by the

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The government, on August 23, 2019, announced a slew of measures, including the banks’ decision to cut interest rates, a move that would lead to lower EMIs for home, auto and other loans; upfront infusion of Rs 70,000 crores to public sector banks, in efforts to boost economic growth from a five-year low; the rollback of enhanced super-rich tax on foreign and domestic equity investors.

In simple terms ( with other factors constant), a repo rate cut by RBI will mean MCLR of bank falling which in turn leads to low home loan interest rate and vice versa. Since April 2016, all loans sanctioned by banks including car loans and home loans are linked to the bank’s MCLR.

MUMBAI, June 6: In a move that may lead to lower home, auto and other loan EMIs, the RBI thursday cut interest rates for the third time this year by 25 basis points to their lowest level in nine years and signalled more easing as it looked to support an economy growing at the slowest pace since the BJP first came to power in 2014.

This rate cut should bring in good news for home loan and mortgage loan borrowers, as the banks are expected to reduce their MCLRs, which should result in lower interest rates both for new and existing borrowers. rbi repo rate Cut. The likely scenarios when repo rate is reduced: When the central bank wants to signal lower interest rates in the.

Thus, if you are looking to borrow a personal loan, you could benefit from a reduced interest rate due to the Reserve Bank of India’s recent rate cut. Example , if the repo rate is 5% and the loan amount that the bank has availed from the RBI is Rs. 1000, then the interest paid out by the bank on the same would be Rs.

 · If you are an existing home loan customer of SBI, the latest cut of 10 basis points in MCLR may not lower your home loans interest rate or EMIs immediately. The RBI recently directed all banks to.

Car loans are currently available at an average of 11 per cent interest and while we wait to find out by how much this rate is likely to go down by, the auto industry is definitely looking forward.