LOANS ARE COSTLY NOW

INTEREST RATES HIKE FROM 1st June

1) Those who have home loan( with floating rate of interest) interest rates are going to increase from June month EMI onwards by 40 basis point( for eg: before 7% now 7.40%)

2) Rumoured news - RBI planning to increase repo rate in june month also, due to high inflation, So it will cause further increase in interest rates of loans. ( most likely by 25 bps).

3) Those who are planning to take personal loan - kindly note you will get at the increased interest rate.( i.e 7.40%).

4) Attention to those who already had vehicle insurance and those are planning to purchase vehicle - Insurance amount also increased from June month onwards considerably.

5) So buying vehicles by taking loan became costly 

Taking home loan became costly. It is advisable not to purchase/ taking loan or either postpone your decision to purchase/ taking loan is appreciable now.

6) Fixed deposit rates increased by some of the banks considerably.

Source material: https://mybs.in/2awDV7b

Hope it will be useful for you. Thanks