RBI Monetary Policy 2023: All loans including home, auto are expensive! Interest increased by 0.25 percent, how much EMI will come from next month
This time the interest rates are being increased by only 0.25 percent.
Now the repo rate has increased to 6.50 percent.
From May 2022, the repo rate has been increased by 2.50 percent.
New Delhi. Reserve Bank Governor Shaktikanta Das on Wednesday increased the repo rate for the sixth consecutive time. After the Monetary Policy Meeting, he said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate is being increased by only 0.25 percent.
The governor told that inflation will trouble in the next financial year as well and to keep it within range, it is necessary to increase the repo rate. However, this time the interest rates are being increased by only 0.25 percent and now the repo rate has increased to 6.50 percent. The repo rate has been increased by 2.50 per cent since May 2022 and interest rates were increased 6 times during this period. This will have a direct impact on all types of loans including home, auto, personal and its interest rates will also increase. After the latest decisions of the Reserve Bank, how much will be the effect on the EMI, it is understood through a simple calculation.
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How much impact on home loan
After increasing the repo rate by 0.25 percent, banks will also increase the interest rates of loans linked to external benchmarks by the same amount. This means that your home loan will also become costlier by 25 basis points. The country’s largest public sector bank SBI is currently offering home loans at an initial interest rate of 8.90 per cent. After the latest increase, the interest on home loan of the bank will increase to 9.15 percent.
Now suppose that you have taken a loan of Rs 30 lakh from SBI for 20 years at an interest rate of 8.90 per cent. At this rate of interest, till now you are paying EMI of Rs 26,799 every month. In this way, you will pay a total of Rs 34,31,794 as interest in the entire tenure. If your interest increases to 9.15 percent, then the EMI will also increase to Rs 27,282 from the next month. In this way, the burden of Rs 483 will increase on you every month and you will have to pay Rs 5,796 more in a year. Not only this, you will now have to pay Rs 35,47,648 as interest in the entire tenure, which means that the interest burden will also increase by Rs 1,15,854.
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How much effect on auto loan
SBI is currently offering auto loans at an initial interest rate of 8.90 per cent. If you have taken a loan of Rs 10 lakh for 5 years at the same interest rate, then now the EMI will be Rs 20,276 every month. If there is an increase of 0.25 percent, then the effective interest rate will be 9.15 percent. On this, an EMI of Rs 20,831 will be made from the next month. That means the burden of Rs 555 will increase on you every month. If you see this throughout the year, you will have to pay Rs 6,660 more.
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Tags: business news in hindi, Home loan EMI, Interest rate of banks, RBI Governor, rbi policy, Shaktikanta Das
FIRST PUBLISHED : February 08, 2023, 11:41 AM