Expensive debt hit the common man.
Home loans, car loans and other loans became costlier due to the increase in the repo linked rate by banks. As the loan becomes expensive, the EMI of the customers will increase.
The burden of debt has increased on the shoulders of the common man suffering from rising prices of petrol-diesel, food items, cooking gas and FMCG products. reserve Bank of India (RBIAfter the decision to increase the repo rate, private and public sector banks have made their interest rates expensive with immediate effect. ICICI Bank, Bank of Baroda and IDBI Bank (IDBI Bank) has increased its external benchmark lending rates. Due to increase in interest rates by banks, all types of loans including home loans, auto loans became expensive. Loan EMI on common people (EMI) load increased.
Let us tell you that RBI Governor Shaktikanta Das called an emergency meeting of the central bank’s MPC on May 2 and 3, in which all the members decided to hike policy rates. The RBI governor on Wednesday announced an increase of 40 basis points in the repo rate.
Bank of Baroda increased loan rates
Bank of Baroda (BoB) has increased the repo-rate linked lending rate (RRLR) by 40 basis points. After this hike, BoB’s RRLR increased to 6.9 per cent. The new rates have come into effect from May 5, 2022. The relevant Baroda Repo Linked Lending Rate BRLLR for retail loans is 6.90 per cent.
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