Thursday, June 6, 2019

Know how low now the repo rate cuts will be your loan's EMI

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New Delhi: The Reserve Bank cut its main policy interest rate repo by 0.25 percent on Thursday as well as softening the policy approach from 'neutral' to moderate economic growth rates. This is the third consecutive year this year when the central bank has cut its policy rate to provide cheap money to banks.

Together, these three occasions have reduced the repo rate by a total of 0.75 per cent. The repo rate is the rate at which the central bank lends money to commercial banks for one day for their immediate needs.

The central bank has reduced the pre-budget estimates of 7.2 percent of GDP for the current fiscal to 7 percent. The reason for decrease in the growth rate is a decrease in weak global scenario and private consumption. With this reduction in repo rate, it has come down to 5.7 percent.

20 Years Home Loan EMI

First (9.55%) now (9.3%)

20 million 18708 18382
30 million 28062 27573
50 million 46770 45955

5-year auto loan EMI

First (9.3%) now (9.05%)
5 lakhs - 10452 10391
10 million - 20904 20783
15 million - 31356 31174

3 year personal loan EMI

First (12.50%) now (12.25%)
2 million 6690 6667
3 lakh 10036 10000
5 million 16726 16667

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