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Then the interest rate increased, the loan will be expensive

Mumbai In order to control the rising inflation, the Reserve Bank of India, RBI has once again increased the interest rate. After the meeting of the Monetary Review Committee of the Reserve Bank, on Friday morning, Reserve Bank Governor Shaktikanta Das announced a half percent increase in the repo rate by holding a press conference. After the hike on Friday, the repo rate has increased from 5.40 per cent to 5.90 per cent. This will have a direct impact on the installments of housing and vehicle loans. Now you have to pay more installment.

The meeting of the Monetary Policy Review Committee was going on since September 28 to decide on interest rates. After the three-day meeting, Shaktikanta Das announced to increase the interest rates in the press conference. Earlier in the meeting held in August, interest rates were increased from 4.90 per cent to 5.40 per cent. This meeting takes place every two months. But recently the RBI had decided to increase the repo rate even after convening an emergency meeting.

The first meeting of the current financial year was held in April. Then the Reserve Bank kept the repo rate stable at 4 per cent. But the very next month, the RBI called an emergency meeting on May 2 and 3 and increased the repo rate by 0.40 percent to 4.40 percent. This change was made in the repo rate after 22 May 2020. After this, in the June meeting, the repo rate was increased by 0.50 percent. Due to this the repo rate increased from 4.40 to 4.90 percent. Then in August it was increased by 0.50 per cent, taking it to 5.40 per cent. Now the interest rate has gone up to 5.90 percent.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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