scorecardresearchYour loans and EMIs set to get dearer as RBI raises interest rates in an unscheduled policy meeting

Your loans and EMIs set to get dearer as RBI raises interest rates in an unscheduled policy meeting

Updated: 04 May 2022, 03:19 PM IST
TL;DR.
Some banks had already revised their marginal cost of funds-based lending interest rates (MCLR) on loans. This move by the Reserve Bank of India will force other banks to follow suit and raise interest rates on their new and existing loans.  
EMIs for home, auto, and other loan are slated to rise as a result of the RBI's hike. REUTERS/Francis Mascarenhas

EMIs for home, auto, and other loan are slated to rise as a result of the RBI's hike. REUTERS/Francis Mascarenhas