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Interest rates on Housing/vehicle loans are up! Repo rate up by 0.25%!
Posted on: 08/Feb/2023 12:11:32 PM
The Governor of the Reserve Bank of India, Chandrakantha Das has announced an increase in the bank REPO interest rates by 0.25%!
With this, the interest rate for the bank`s short-term loans will increase from the current 6.25% to 6.50%! PLEASE NOTE THAT THIS IS WITH IMMEDIATE EFFECT!
The Reserve Bank of India (RBI) has undertaken this measure as a step to check and prevent the increasing scenario of inflation in the country,
Further, the Governor of the Reserve Bank of India Chandrakantha Das has informed us that the economic growth of the country in the current financial year will be 7%! The inflation will be 5.6%. As there is a depression in the World Economic growth, India, too. May be affected by this!
After the increase in the REPO Interest Rate, there are strong prospects for the interest rate for housing and vehicle loans to go up!
REPO Interest rate is the interest rate offered by the Reserve Bank of India for the loans given by RBI to other banks!
It is noteworthy here that since May 2022, the REPO interest rate has been revised 6 times for a total increase of 2.5%!
