The happy news is that Home and personal loans may now be comparitively cheaper .The Reserve Bank India has cut repo rates by 25comparatively t0 6 per cent. The head of RBI, RBI governor Urjit Patel announced this happy decision on Wednesday. The cut on key interest rates is expected to bring down interest rates of other loans like personal, home and auto loan. In the same glide ,central bank lends which funds short-term money to banks, has been cut to 6 per cent from 6.25 per cent .
Thus the overall difference of 0.25 per cent. The main result of lower loan costs, necessary to accelerate a quick industrial turnaround time which in turn drives people to spend more.
The RBI Governor mention that the most threatening Inflation has fallen significantly in last three months .This is the impact o of GST and good monsoon. Growth forecast remains unchanged at 7.3 per cent for the current year.
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