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RBI policy: If you have taken a loan then be ready to face the shocks, EMI of other loans including home, car will increase so much

Photo:FILE

RBI Policy

Highlights

  • RBI may increase interest rates by another 0.35 percent to 0.40 percent
  • HDFC also increased its MCLR by 0.35 per cent ahead of the monetary policy announcement
  • WPI inflation remains in double digits for 13 months

RBI policy:The Monetary Policy Committee of the Reserve Bank of India (RBI) will give information about the hike in interest rates on Wednesday. It is believed that in view of the skyrocketing inflation, the RBI may once again increase the interest rates by 0.35 percent to 0.40 percent. At the same time, by August, the key policy rates may increase by up to 75 basis points. That is, taking a loan from the bank will be expensive. The impact of this will be on the EMI of the loan. Come, let us know how much interest rates can increase in the next three months on other loans including home, car.

How much increase in interest rates is possible

Loan EMI

Image Source : FILE

Loan EMI

Taking loan from three banks became expensive

RBI’s Monetary Policy Committee will give information about the results on Wednesday, but even before that three banks have increased interest rates from Tuesday. Canara Bank, HDFC Bank and Karur Vysya Bank have increased interest rates. Canara Bank has increased the MCLR by 0.05 percent. At the same time, Karur Vysya Bank has increased the benchmark prime lending rates (BPLR) by 0.40 percent. HDFC has also increased its MCLR by 0.35 percent. That is, taking loans from these banks has become expensive.

Inflation spoiled RBI’s game

Market experts believe that the Reserve Bank may increase the repo rate by more than 0.40 per cent on Wednesday after inflation hit an eight-year high in April. RBI’s satisfactory level for inflation is 6 percent but now it has reached around 8 percent. This increase in inflation is being attributed to the increase in the prices of commodities and fuel. Inflation based on WPI has remained in double digits for 13 months and reached a record 15.08 per cent in April 2022. In such a situation, the options with the central bank to increase the interest rate are very limited.

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