? Cool Title, but what’s the news?
RBI keeps repo rate unchanged, but no guarantee of relief for loan takers; Home, car loan rates may still go up!? Okay, but what does it mean?
The RBI in a surprise move kept its key policy rate unchanged at 6.50% in its monetary policy review on Friday. Still all types of loans are set to cost more as a majority of banks and HFCs have already hiked their rates. Contrary to expectations that the Reserve Bank of India will again hike the repo rate in its October policy meet, the apex bank in a surprise move kept its key policy rate unchanged at 6.50% in its monetary policy review on Friday.? Why should I care?
However, despite this, all types of loans – including home, car and personal loans – are set to cost more as a majority of banks and housing finance companies – including HDFC and SBI – have already increased their deposit rates apart from going in for a hike in their lending rates, anticipating a further hike in the policy rate. Even if the lending rates are not hiked immediately by other banks, they are sure to further go up sooner or later, going by the past experience. Source: Financial Express
