RBI has made a big announcement, loan EMI may be reduced

Good news has come today for the consumers who take home and auto loans from banks. The news is that the Reserve Bank of India has once again cut the repo rate. With this, the EMI of home and auto loans can be reduced by the banks in the coming time. According to the news, the repo rate has been cut by 50 basis points by deciding the meeting of the monetary policy committee of the Reserve Bank of India i.e. RBI. RBI Governor Sanjay Malhotra has announced this.

The repo rate will be 5.50 percent.

According to the news, Malhotra announced that this decision has been taken by the majority. After the announcement made by RBI, the repo rate will be 5.50 percent. Now there is hope of reduction in loan EMI. After the reduction in repo rate, the interest rate of the loan can be reduced by the banks.

EMI on a loan of Rs 50 lakh can be reduced by Rs 1785

If you take a home loan of Rs 50 lakh from a bank for 30 years, then the monthly EMI at an interest rate of 9 percent is Rs 40,231. Now after the RBI's repo rate cut by 50 basis points, it can come down to Rs 38,446. In this way, people's monthly EMI can be reduced by Rs 1785. People taking other loans are also expected to get relief from this step of RBI.