RBI New Repo Rate 2023: Know how much your home loan EMI will increase
The Reserve Bank of India has given yet another inflation blow to the general public. RBI has increased the repo rate by 25 basis points after the monetary review meeting today. Repo rate increased from 6.25 percent to 6.50 percent. The repo rate has been increased for the sixth time in a row. After this increase, the repo rate has reached 6.5 percent. Today is the last day of the Reserve Bank of India’s Monetary Review Meeting (RBI MPC). The Governor of Reserve Bank of India shared the details of the monetary review meeting.
Loan will be more expensive, EMI will increase
RBI has increased the repo rate from 6.25 percent to 6.50 percent. With this decision of the central bank, the loan from the banks will become expensive. EMI of home loan, car loan, personal loan will increase. From the year 2022 till now, the repo rate has increased from 4 per cent to 6.50 per cent. RBI said that tough decisions will have to be taken to control inflation. He said that the inflation rate in the fourth quarter of the financial year could be 5.6 percent. At the same time, the CPI is estimated to be 5 percent in the first quarter of the financial year 2023-24. RBI has estimated the GDP growth for the financial year 2023-24 to be 6.4 percent.
Good news for FD people too
Due to the increase in the repo rate of RBI, where the loan will become expensive. If the EMI burden will increase, on the other hand, there will be good news for the people who have fixed deposits. Where the bank will make the loan costlier, then on the other hand, the interest rates on FD will also be increased. Let us tell you that from the year 2022 till now the repo rate has increased 5 times. This has been done again for the sixth time. Significantly, in view of rising inflation, it is already being estimated that RBI may increase the repo rate by 25 basis points. The results have come out as expected. In the last year, the repo rate was increased 5 times in a row. Last year in December 2022, it was increased by 0.35 percent. It was increased to 6.24 per cent. PLC/GT