Consumer News In Hindi: After reducing the repo rate of RBI, there will be savings of Rs 960 in monthly installment, the effect will be seen in next month's EMI. After reducing the repo rate of RBI, there will be savings of Rs 960 in monthly installment, the effect will be seen in next month's EMI

Consumer News In Hindi: After reducing the repo rate of RBI, there will be savings of Rs 960 in monthly installment, the effect will be seen in next month's EMI. After reducing the repo rate of RBI, there will be savings of Rs 960 in monthly installment, the effect will be seen in next month's EMI

  • Retail loans include home loans, car loans, education loans, etc.
  • Savings of this type of loan will be Rs 11,520 annually

Dainik Bhaskar

May 22, 2020, 12:44 PM IST

Mumbai. Customers taking all types of loans are relieved after the Reserve Bank of India (RBI) cut the repo rate by 40 bps on Friday. If someone has taken a 20-year loan of Rs 40 lakh, then his monthly installment will be reduced by Rs 960. That is, the RBI's decision will save Rs 11,520 annually.

You will get benefit only after joining EBLR

For example, if a customer has taken a loan of 40 lakh rupees. He will get a monthly savings of Rs 960 based on this 40 bps. If his EMI is 40 thousand rupees, then from June, he will have to pay Rs 39,040. However, this benefit will be available in banks when the customer is connected to EBLR and at the same time his CIBIL score will be better. For example, Union Bank customer will get this benefit on this basis. This decision will provide more relief to those who have their own employment or who are salary professionals.

75 bps cut in March to Rs 1,533

All customers of retail loans will benefit from this deduction. It has all those loans like housing loan, car loan, education loan, which come in retail loan. Explain that retail loan is the biggest benefit deal for banks. Earlier in March, RBI cut 75 bps. At that time, if someone has taken a loan of Rs 35 lakh for 15 years, then he will get a monthly EMI benefit of Rs 1,533. That is, there will be a profit of Rs 18,396 annually.

EBLR was implemented in October 2019

Let us know that from October 2019 all types of retail loans have been linked to external benchmark landing rate (EBLR). If a customer does not decide, he will not get this benefit. Explain that after the RBI decision, now the repo rate has been increased to 4 percent. Repo rate is the rate at which banks take money from RBI. At the same time, reverse repo has also been cut. Reverse repo is the rate at which banks hold money with the RBI. In this way, after the RBI decision, along with FD and saving, the loan interest rates will also be cut.

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