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Reserve Bank of India raises repo rate Loan EMI for borrowers set to rise Know how much rise counts here – Business News India

The era of cheap loans is over. The central bank increased the repo rate by 0.40%. After this increase, the new repo rate is 4.40%. This will have a direct impact on customers who are planning to take out a loan to buy a house or a car. At the same time, the burden of equal monthly installments on customers who have already taken the loan will also increase. The question now is, how much will the EMI burden increase due to the higher repurchase rate. Let’s understand this too.

What is the account: Suppose you take out a loan of Rs 30 lakh for 20 years. Currently, if you pay interest at a rate of 6.8 percent, your EMI is Rs 22,900. Now that the new decision of the Reserve Bank of India is implemented, the rate of interest is expected to be 7.2 per cent. In such a case, EMI of Rs 23,620 per month has to be paid.

In this context, the EMI of a customer who takes a loan of Rs 30 lakh for 20 years will increase by Rs 720. Let us tell you that this calculation was made according to our paid clients. If you change the amount and duration, there will be a difference in the equal monthly installments as well.

Related news

read this-The Reserve Bank of India (RBI) has given a huge 0.40 per cent shock to the repurchase rate, and the value of your loan monthly installment will increase

0.40% increase: Let us inform that on Wednesday, Central Bank Governor Shaktikanta Das announced a 0.40 percent increase in the repo rate in a surprise press conference. The repurchase rate has been increased to 4.40 percent. The Reserve Bank of India made no change in the major policy rate repo for the eleventh time in a row at the first monetary review meeting of the current financial year.

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