RBI hiked interest rate by 0.5% 

RBI raises key lending rate (Repo Rate) to 3-year high.

The Reserve Bank of India raised the Repo rate by 50bps (basis points) to 5.90%.

This is the fourth increase since May 2022.

With effect of raise in repo rate, loans to get costlier and increase in EMIs.

Existing borrowers will have to pay more for loans on their home, car, personal, and education on floating rates due to the increase in the repo rate.

New borrowers get loans costlier than last week.

Financial experts say that people should put off taking out new loans and pay off old ones early to make up for recent and expected rate hikes.

Repo Rate: 5.90%  Standing Deposit Facility Rate: 5.65% Marginal Standing Facility Rate : 6.15% Bank Rate: 6.15% Fixed Reverse Repo Rate: 3.35%

Present Rates

For More visit

Image Credits: unsplash.com wikipedia