RBI has increased the repo rate on Wednesday, now if your car loan is running then its EMI is likely to increase. In such a situation, it is natural that there will be a burden on your pocket. Let us know what will be the calculation of your EMI now.
highlights
RBI has increased the repo rate by 0.25 percent.
Now the new repo rate has become 6.50 percent.
Its direct impact will now be on the EMI of your car loan.
New Delhi. The Reserve Bank has announced an increase in the repo rate on Wednesday. RBI Governor Shaktikanta Das has announced an increase in the repo rate by 0.25 percent along with the announcement of the monetary policy. Now the repo rate has increased to 6.50 percent. Now it is enough to tell what you must have read in every news channel and newspaper in the morning. But it is also very important to know what effect this repo rate increase is going to have on you. Especially if you have taken a new car on loan, will your installment amount increase, how much profit or loss will you get and what will happen in the future.
Talking about car loan, if you have taken a loan of 5 years, then due to increase in the rate of interest, your EMI will also increase. After the increase in the repo rate of RBI, now the banks will also increase the interest rates. This will directly affect your monthly installment. This can be understood from an easy calculation. So let us know by how much your EMI will increase.
If you have taken a car loan at an interest rate of 8.55 percent, then it will now increase by 0.25 percent. So the interest rate will increase to 8.80 percent. Now if you have taken this loan of 5 lakh rupees and its tenure is 5 years, then what will be the new calculation, understand in easy language….
Loan Tenure: 5 years
Loan Amount: Rs 5 lakh
Interest Rate Existing: 8.55 per cent
Increase: 0.25 per cent
Interest Rate Potential: 8.80 per cent
EMI: Rs 10270
New EMI: Rs 10,33 1 Increase Rs 61
per month
while RBI Governor Shaktikanta says that there are some good signs in the economy for the coming time. Interest rates can be kept constant in monetary policy. If this happens and there is growth in the coming two quarters, then the interest rate can be reduced. He says that there is a target to bring the inflation rate to 5.3 per cent in the financial year 2023-24, if this happens, the interest rates will also come down and the EMI of the loan will also come down.
