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RBI rate cut, Loans to turn cheaper
Here is good news for all those who want to avail of loans for buying new houses, cars and consumer goods. With Reserve Bank of India reducing the short term lending (repo) rates by 25 basis points to 7.5 per cent on Wednesday, interest rates on all loans are likely to come down considerably.
Mumbai: Here is good news for all those who want to avail of loans for buying new houses, cars and consumer goods. With Reserve Bank of India reducing the short term lending (repo) rates by 25 basis points to 7.5 per cent on Wednesday, interest rates on all loans are likely to come down considerably. Consequently, there will be a significant drop in EMI (equated monthly installments that people will have to pay on their loans.
As experts are expecting further 50 bps point fall in repo rates during the course of 2015, the loans will turn cheaper in the coming months. Minister of State for Finance Jayant Sinha, while welcoming the RBI’s decision, said the rate should bring down the EMIs significantly and there was enough room for further easing of rates in coming months. “What is going to happen to rate cycle moving forward is going to be driven by data and RBI has signalled this clearly,” he said.
SBI, country's largest lender, promised that it would take an appropriate call on its lending rates in the wake of RBI rate cut. “Our bank will take an appropriate call of a cut in base rate by looking at all evolving circumstances,” SBI chairperson Arundhati Bhattacharya said.
