EMI Change

The deposit and lending rates are directly proportional to the repo rate, and they generally go up if the benchmark rate is hiked

These include products like smartphones, wearables, large appliances, smart televisions, and washing machines

There could also be a third scenario where the interest cost is added to the product price and then the higher price is converted into EMIs

If you don't have a surplus, opt for higher EMI rather than longer tenor

Mortgage lender HDFC Ltd on Friday hiked its lending rate by 50 basis points hours after the Reserve Bank raised the benchmark interest rate to tame inflation. The move would increase EMIs for housing loans by the firm. "HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from October 1, 2022," the country's biggest housing finance company said in a statement. This is the seventh rate increase undertaken by HDFC in the last five months. Other financial institutions and banks are also expected to follow suit after the RBI on Friday raised the key interest rate by 50 basis points, the fourth straight increase since May. The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 per cent -- the highest since April 2019 -- with five out of the six members voting in favour of th

RBI's repo rate hike spells bad news for those who were looking to buy a home and also for those who are paying their EMIs

How will the RBI's repo rate hike impact your home loan?

The RBI hikes repo rate from 4 to 4.4 per cent on Wednesday. Home loans from banks are linked to the repo rate. So, what will be the impact on existing and new borrowers? And, how should they respond?

The facility opens a credit line of up to Rs 70,000 that eligible customers can pay back in 3, 6, 9 or 12 EMIs

Here's how borrowers are likely to gain from RBI's rate cut, subject to banks, non-banking financial companies passing on the benefits to customers

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Now with the scams tumbling out, the pressure on banks' balance sheets will only increase