RBI raised the interest rate again! home and car loan interest will increase!
The meeting of the Monetary Policy Committee chaired by RBI governor Shaktikanta Das began last wednesday (August 3). The three-day meeting concluded today. At this meeting, all six members voted unanimously in favor of the interest rate hike.
The repo rate has increased by 0.5 percent from 4.90 percent earlier. As a result, the loan interest rate provided by RBI to banks has increased to 5.40 percent.
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Due to the increase in repo interest rate again, the interest rate on home and auto loans has increased.
RBI governor Shaktikanta Das said that the reason for the increase in repo interest rate is high inflation. The RBI has hiked interest rates twice since May to curb inflation. The RBI has hiked interest rates by up to 50 basis points as retail consumer inflation in june stands at 7 percent.
The repo rate has increased by 0.5 percent from 4.90 percent earlier. As a result, the loan interest rate provided by RBI to banks has increased to 5.40 percent. Due to the increase in repo interest rate again, the interest rate on home and auto loans has increased.
