The country’s largest private bank HDFC Bank has announced to increase interest rates on fixed deposits. HDFC Bank has increased its interest rates by 50 bps after the decision of IBI.
HDFC Bank gave a big blow to the customers
HDFC Bank, the country’s largest private bank, has dealt a big blow to its customers after the Reserve Bank of India announced an increase in the repo rate by 50 basis points in the monetary policy. HDFC Bank has announced to increase the interest rates on fixed deposits. HDFC Bank has increased its interest rates by 50 bps after the decision of IBI and these increased interest rates will be applicable from Saturday, October 1. Due to which now customers will have to pay interest on the basis of increased rates and they will also have to pay more EMI.
Let us tell you that after this increase, taking all loans including home loan, car loan, personal loan from HDFC Bank will become expensive. Due to which customers will now have to pay more interest to take many types of loans. That is, customers will now have to loosen their pockets more. Let us tell you that before this, HDFC Bank had increased the lending rates by 0.35 percent on 7 June 2022. HDFC Bank took this step before the outcome of the Reserve Bank of India’s monetary review meeting. This was the second increase in interest rates by the bank in two months. HDFC Bank had increased the interest rates on loans by 0.60 percent in two times.
Let us tell you that today, on Friday, 30 September 2022, the Reserve Bank of India (RBI) has announced an increase of 50 basis points in the repo rate in the monetary policy today. The repo rate has now increased from 5.40 per cent to 5.90 per cent. An increase in the repo rate will make your loans like home loan, car loan etc. expensive. Your loan EMI will increase.
How much will the EMI burden increase?
Suppose if you have taken a home loan of Rs 20 lakh. The loan tenure is 20 years. So, now you have to pay an EMI of Rs 16,729 in a month at an interest rate of 8 per cent. Earlier, according to the interest rate of 7.5 percent, your monthly EMI was Rs 16,112. That is, in this way your monthly EMI of your home loan has increased by Rs 617. At the new interest rate, you will have to pay a total interest of Rs 20,14,912. Earlier the total interest was Rs 18,66,846. That is, you will have to pay an additional interest of Rs 1,48,066 in total.
At the same time, if you have taken a home loan of Rs 30 lakh with a tenure of 20 years, then after increasing the interest rate by half a percent, you will have to pay an EMI of Rs 25,093 every month. You will have to pay a total interest of Rs 30,22,367 for the entire period. Right now you have to pay a monthly EMI of Rs 24,168. At present, your total interest is Rs 28,00,273. After increasing the interest rate, your monthly EMI will increase by Rs 925. At the same time, in 20 years, you will have to pay an additional interest of Rs 2,22,094.
Take special care of these things
Let us tell you that the repo rate is the rate at which RBI gives loans to other banks. Due to the increase in the repo rate, the interest of the banks to take loans will increase, which they will also pass on to their customers. It is the decision of the bank that when and how much it will increase the EMI of its loan after increasing the repo rate.