RBI cuts interest rates to 9-yr low, lower home, auto loan likely

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The reduction in interest rate will help boost credit growth, helping arrest the slowdown in the economy. Mumbai: In a move that may lead to lower home, auto and other loan EMIs, the RBI on Thursday.

Loans have become cheaper after the Reserve Bank of India(RBI), in a surprise move, on Tuesday cut interest rate by basis points from 7.25 per cent to 6.75 per cent with immediate effect.

This is the second time on the trot that the central bank has cut rates to support growth. The RBI also announced. February 2019 from a low of 2 per cent in January. However, the upturn has turned.

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Car loans are currently available at an average of 11 per cent interest and while we wait to find out by how much this rate is likely to go down by, the auto industry is definitely looking forward.

RBI cuts interest rates to 9 yr low, expects banks to quickly lower home, auto loan EMIs.

The government, on August 23, 2019, announced a slew of measures, including the banks’ decision to cut interest rates, a move that would lead to lower EMIs for home, auto and other loans; upfront infusion of Rs 70,000 crores to public sector banks, in efforts to boost economic growth from a five-year low; the rollback of enhanced super-rich tax on foreign and domestic equity investors.

"This is against the backdrop of global interest. to drift lower, he said. Kotak Institutional Equities said the RBI continued with the rate cut cycle but in a surprise change to the.

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MUMBAI, June 6: In a move that may lead to lower home, auto and other loan EMIs, the RBI Thursday cut interest rates for the third time this year by 25 basis points to their lowest level in nine years and signalled more easing as it looked to support an economy growing at the slowest pace since the BJP first came to power in 2014.

AGENCY Mumbai: Home, auto and other loans may cost less as the Reserve Bank on Thursday cut interest rates for the third time this year to their lowest level in nine years and signalled more easing in a bid to support an economy growing at the slowest pace since the BJP first came to power in 2014.