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As repo rate is hiked, why will EMIs go up

EMIs are set to go up with repo rate being hiked
The Reserve Bank of India (RBI) has increased the repo rate by 40 basis points due to high inflation levels
With the repo rate being hiked, the rate at which the banks borrow from the RBI for loans for its customers will become higher
This means the EMIs would go up by Rs 720
If your loan amount is Rs 30,00,000 and the tenure is 20 years, then it would increase from the existing 6.8 per cent to 7.2 per cent
The EMI for your 20 year loan of Rs 30,00,000 will increase from 22,900 to 23,620
If you are planning on taking a loan then it should be done soon as the increase in loan rates would begin very soon
If you are an existing borrower, then this hike will not impact you and you can continue paying the existing EMIs