RBI has reduced the repo rate by 0.25% to 5.25%. This decision was announced by RBI Governor Sanjay Malhotra on December 5 after the meeting of the Monetary Policy Committee (MPC) held from December 3 to 5.
If you are repaying a home loan, car loan or personal loan, then there is great news for you. In the coming days, your EMI will be lighter and taking a new loan will also become easier than before. RBI has reduced the repo rate by 0.25% to 5.25%. This decision was announced by RBI Governor Sanjay Malhotra on December 5 after the meeting of the Monetary Policy Committee (MPC) held from December 3 to 5.
What will change for you if the repo rate is reduced?
Repo rate is the rate at which RBI gives loans to banks. When this rate decreases, banks get money cheaply… and banks also start giving cheap loans to customers. That means your EMI gets direct benefit.