Know how low now the repo rate cuts will be your loan's EMI
New Delhi: The Reserve Bank cut its main policy interest rate repo by 0.25 percent on Thursday as well as softening the policy approach from 'neutral' to moderate economic growth rates. This is the third consecutive year this year when the central bank has cut its policy rate to provide cheap money to banks. Together, these three occasions have reduced the repo rate by a total of 0.75 per cent. The repo rate is the rate at which the central bank lends money to commercial banks for one day for their immediate needs. The central bank has reduced the pre-budget estimates of 7.2 percent of GDP for the current fiscal to 7 percent. The reason for decrease in the growth rate is a decrease in weak global scenario and private consumption. With this reduction in repo rate, it has come down to 5.7 percent. 20 Years Home Loan EMI First (9.55%) now (9.3%) 20 million 18708 18382 30 million 28062 27573 50 million 46770 45955 5-year auto loan EMI First (9.3%) now (9.05%) 5 lakhs - 10452 10391