New Delhi: The Reserve Bank of India on Thursday reduced its repo rate – a rate at which it lends to a bank – by 25 basis points to 6 per cent from 6.25 per cent earlier. This is the second subsequent rate cut by the Central Bank under the new RBI Governor Shaktikanta Das and the development is surely good news for banks and its end customers. The recent rate cut will reduce the deals for customers seeking home loans, car loans, etc and also the EMI on some of existing loans might come down. Every time the RBI lowers the repo rate, banks preferably decide to pass on the benefits to its customers and that is why the recent rate cut is likely to benefit customers with a lower EMI on their existing and future loans. What is a Repo Rate? Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. When the cost of borrowing goes down for banks, they are able to… Read full this story
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Good news for home loan borrowers! EMIs set to fall post RBI repo rate cut; check how much can you save have 304 words, post on news.abplive.com at April 4, 2019. This is cached page on Goose Art. If you want remove this page, please contact us.