RBI cuts repo rate, banks to lower loan interest rates
pre-market1 source ↓written by the desknot a recommendation
- 5.25%
- rates now between
- 7% and 8%
The Reserve Bank of India has reduced the repo rate by 0.25% to 5.25%, prompting banks to lower their loan interest rates. Major banks like HDFC, PNB, and Axis Bank have already begun passing on these benefits, with rates now between 7% and 8%. This move is expected to reduce loan EMIs significantly for borrowers.
The RBI's directive aims to ensure that all banks comply, enhancing affordability for loan holders and potentially boosting consumer spending.
Not investment advice. For informational purposes only.