EMI Hike: home, car, and personal loans will increase!?

The repo rate in india is currently the highest since august 1, 2018. Today, bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india governor Shaktikanta Das announced a hike in the repo rate by 25 basis points. It resonates more among the middle class. This is because the increase in interest rates for borrowers who pay monthly installments (EMI) will put an additional burden on people. Today, the RBI governor has announced an increase in the repo rate by 0.25 percent. The interest rate has been hiked for the 6th time this fiscal year. Earlier, on the recommendation of the MBC, the RBI hiked the repo rate by 0.4 percent on May 4, 0.5 percent on june 8, 0.5 percent on august 5, and 0.5 percent on september 30, 2022. Last May, the central bank suddenly hiked interest rates by 0.40 percent.

Repo rate:
Banks provide loans to customers based on this. Repo rate hike for the sixth time this fiscal. After today's hike, the repo rate has increased to 6.50 percent. Notably, 4 of the 6 members of the Monetary Policy Committee were in favor of increasing the repo rate. Today (Wednesday, february 8, 2023), the RBI governor escalated the decision of the six-member rate-setting committee.
Salient Features of New Monetary Policy:
By 25 basis points, the RBI hiked the repo rate.

Inflation is 4 percent.

Real GDP growth in FY24 was 6.4 percent.

Inflation is estimated at 5.3% in FY24, while real GDP growth is projected at 6.4%.

EMIs of home loans, car loans, and the personal loan will increase.
RBI governor Announcements:

We believe the MPC will remain vigilant and data-driven in FY2024. UPI facility available to foreigners visiting India:
The repo rate is the highest since august 1, 2018

RBI plans to introduce rules for transparency in loan penalty charges

RBI will set up currency dispensing machines in 12 cities as a pilot project

There are signs the FBI is making progress.
RBI issues guidelines for deposits.
Monetary policy transmission is stronger than ever.
The GDP growth forecast for the second quarter of the fiscal year has been raised to 6.2 percent from 5.9 percent.
The timings for the stock market are 9 AM to 5 PM
CAD is expected to account for 3.3% of GDP in the first half of the fiscal year
The GDP growth forecast for Q1 FY24 has been raised to 7.8 percent from 7.1 percent
The economy is expected to remain strong.
GDP growth is likely at 7.8% in Q1 FY24.
Real GDP growth is likely at 6.4 percent in FY24.

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