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Interest Rate Hike: Impact of interest rate hike on borrowers: 5 things to know
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1.Borrowers are negatively impacted when there is a hike in the repo rate.
2.Existing borrowers with fl oating rate loans will have to pay higher EMIs.
3.Existing borrowers may have an option of keeping the EMI amount the same but extend the repayment tenure where possible.
4.Existing borrowers may sometimes even have an option to prepay the loan without charges.
5.New borrowers, whether fixed or floating, will have to pay higher EMIs for their loans.
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2.Existing borrowers with fl oating rate loans will have to pay higher EMIs.
3.Existing borrowers may have an option of keeping the EMI amount the same but extend the repayment tenure where possible.
4.Existing borrowers may sometimes even have an option to prepay the loan without charges.
5.New borrowers, whether fixed or floating, will have to pay higher EMIs for their loans.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.