Banks gave a shock to the customers, loan became expensive, your EMI will increase

To control inflation, the Reserve Bank has increased the repo rate four times since May this year. The Reserve Bank on Friday publicized a hike in the repo rate for the fourth time, increasing it by 50 basis points.

FARHEEN

Delhi, 03 October 2022 ( Updated 03, October, 2022 06:14 AM IST )

Bank of India has increased the RBLR to 8.75 percent. ICICI Bank has also increased its EBLR and it has increased to 9.60 percent. EBLR is the interest rate below which banks do not allow lending. With the increase in the loan rate, the EMI of those people who have taken a loan on EBLR or RLLR will increase.

To control inflation, the Reserve Bank has increased the repo rate four times since May this year. The Reserve Bank on Friday publicized a hike in the repo rate for the fourth time, increasing it by 50 basis points. After this hike by RBI, the repo rate reached 5.90 percent. The Repo rate is the rate at which RBI gives loans to banks.