Know how much your home and auto loan EMIs will reduce due to RBI rate cut
RBI has cut the interest rates of repo rate for the second consecutive time. Now the repo rate has come down from 6.25 percent to 6 percent. This means that the policy rate has been cut by 0.25 percent. Its benefit will be seen on car loan along with home loan. This benefit can be in thousands of rupees.
Car loan is available for 7 years. If you take a car loan of Rs 15 lakh from SBI, then the interest rates for 7 years will now come down from 9.20 percent to 8.85 percent.
In this way, the borrower can save up to 16 thousand rupees in 7 years on the entire loan.
Let us also tell you how much relief people will get on loan EMI on a 7-year loan of Rs 10 lakh, 15 lakh and 20 lakhs.
How much relief on a car loan of Rs 10 lakh
If you have taken a car loan of Rs 10 lakh. At present, according to 9.20 percent interest on a 7-year loan, your loan EMI will be Rs 16,191. Now when the interest rates have been cut by 25 basis points, the interest rates will come down to 8.95 percent.
After which your loan EMI will come down to Rs 16,064. This means that you will get a relief of Rs 127 every month on the car loan. This means that you will save Rs 10,668 on the entire loan.
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What will be the EMI on a car loan of 15 lakhs
Now if you increase the loan value to Rs 15 lakhs, then at present, at the rate of 9.20 percent interest on a 7-year loan, your loan EMI will be Rs 24,286. After a reduction of 25 basis points, the interest rate of SBI is estimated to be 8.95 percent.
In such a situation, your car loan EMI will come down to Rs 24,096. That is, common people will get a relief of Rs 190 on the EMI of this amount. This means that you will save Rs 15,960 on the entire loan.
How much EMI is reduced on a car loan of 20 lakhs
If you increase the value of the car loan to Rs 20 lakhs, that is, if someone is in the mood to buy a luxury car, then at present, at the rate of 9.20 percent interest on a 7-year loan, your loan EMI will be Rs 32,382.
Now that the 25-basis point cut has been made, the interest rates will come down to 8.95 per cent and your loan EMI will come down to Rs 32,127.
This means that you will get a benefit of Rs 255 on your car loan EMI every month. This means that those who buy a car in 7 years will get a benefit of Rs 21,420
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