Repo rate hike fallout: Loans become dearer

PTI

Updated At : 03:53 PM Jun 11, 2022 IST

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New Delhi, June 10

Auto, home and personal loans have become costlier with banks and other financial institutions increasing interest rates following the repo rate hike by RBI on Wednesday.

In its June 8 second bi-monthly monetary policy meeting review for FY23, RBI raised the benchmark repo rate by 50 basis points to 4.90% with immediate effect. It followed an off-cycle rate hike of 40 basis points in May to rein in the soaring inflation.

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