RBI makes a significant decision for loan holders!| RBI Policy | Shaktikanta Das | Business News | Jagran Business
The policy of the RBI has been revealed. And the policy was consistent with expert predictions. Following the three-day MPC meeting, RBI Governor Shaktikanta Das indicated that the repo rate would not be changed. That is, those who have taken out a home loan, a car loan, a personal loan, or any other form of debt have received relief.
New rules for the floating rate loan
Along with this, the RBI governor made a significant statement regarding the floating rate loan. The governor stated that the RBI will issue new guidelines to reset variable rate loans soon. A floating rate loan is one whose interest rate is determined by the repo rate or the market interest rate. In basic terms, when the RBI raises the repo rate, the interest rate on a floating rate loan rises, and when the RBI lowers the repo rate, the loan interest rate falls. That is, there is a direct influence of the RBI's repo rate on Floating Rate Loan, and the difference falls on the average man's wallet.
