Utility News: Home, car and personal loans will be costlier due to this move of RBI! Learn

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A move by the Reserve Bank of India (RBI) has now increased the chances of getting a setback for customers with home loans, car loans and personal loans. RBI Governor Shaktikanta Das has announced an increase of 40 basis points in the repo rate today. 

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According to reports, Reserve Bank of India Governor  Shaktikanta Das has now informed that the monetary policy committee of the central bank has unanimously voted to increase the repo rate by 40 bps. Due to this, now this rate has become 4.4 percent. With this move of RBI, the EMI of customers with home loan, car loan and personal loan is expected to increase.

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Repo rate is the rate at which loans are given by RBI to commercial banks and other banks. Now the increase in the repo rate means that banks will be given loans at a higher rate by the Reserve Bank of India. For this reason, now loans given by banks to people can also become expensive now.