With RBI slashing repo rate by 50 basis points, borrowers will heave a big sigh of relief as EMIs, especially for home buyers, will come down
RBI slashes repo rate, EMIs to come down: The Reserve Bank of India (RBI) Friday slashed the repo rate by 50 basis points to 5.5% bringing a big cheer to borrowers as EMIs are likely to come down substantially.
With today’s cut, a cumulative 100 basis points slash in repo rate has been effected by RBI since February this year.
The decision was taken at the bi-monthly Monetary Policy Committee (MPC) meeting headed by RBI Governor Sanjay Malhotra.
This move is expected to substantially lower EMIs for long-term loans, especially home buyers.
The RBI also projected retail inflation for the current financial year to be at 3.7% against the 4% it had projected in April.
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