The Reserve Bank of India has cut the repo rate by giving great relief to the middle class. The repo rate has been cut by 25 basis points, due to which the current repo rate has now been 6.25 percent. RBI Governor Sanjay Malhotra announced that this decision has been taken in view of the economy and global situation.
From February 2023, the repo rate was kept stable at 6.5 percent. Now in the MPC meeting, it has been decided to reduce the interest rate unanimously. After the announcement of interest rate cut, the common man is expected to get relief in home loan, car loan, personal loan EMI. If your bank also cuts after cuts in RBI’s repo rate, then your EMI will decrease. If you have taken a loan of 50 lakh rupees, then let’s know how many rupees you can save?
How many will survive on a loan of 50 lakhs?
If someone has taken a home loan of Rs 50 lakh for 20 years at 8.50 percent interest, then he will have to pay Rs 43,391 every month. After reducing the bank’s 25 basis point interest rate, this monthly EMI will be Rs 42,603. That is, 788 rupees will be saved every month.
How to save 4.35 lakh rupees?
Suppose you have taken a loan for 20 years, out of which you have filled the loan for 1 year and now 19 years left, that is, you will have to give EMI for 228 months.
Loan Amount – Rs 50 lakhs
Loan interest rate – 8.25 percent
EMI – Rs 42,603
Old EMI at 8.5 percent interest – Rs 43,391
Monthly will survive – Rs 788
Savings in 228 months – 179,664 will be Rs.
How much money will be saved on 20 lakh and 30 lakhs?
If someone has taken a home loan of 20 lakh rupees and the interest of the loan is 8.5 percent. While the tenor is for 20 years, the EMI will be paying Rs 17,356, but after a cut of 25 basis points or 0.25 per cent, the loan interest will be 8.25 percent. On this basis, he will have to give a monthly EMI only Rs 17,041 on a loan of 20 lakhs. That is, his 315 rupees will be saved every month.
On the other hand, if someone has taken a loan of 30 lakh rupees for 20 years at 8.50 percent interest rate, then he will have to pay Rs 26,035 every month. This monthly EMI will be Rs 25,562 when 25 basis points are reduced. According to this, 473 rupees will be saved every month.