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The rate hike of 25 bps today will make EMIs expensive by approx 2-4% Says V Swaminathan, Andromeda Sales and Apnapaisa.com
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Below Quote on RBI Monetary Policy Announcement By Mr. V Swaminathan, Executive Chairman, Andromeda Sales and Apnapaisa.com, India's largest loan distributors
Repo rate is directly linked to loan rates offered by lenders so an increase in the repo will increase the borrowing cost and vice-versa. The rate hike of 25 bps today will make EMIs expensive by approx 2-4%. Borrowers will either have to shell out extra money to repay their loans or will have to extend their tenure.
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