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RBI Credit Policy: What rate cut means for you

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If the new RBI Governor acts as promised, lending rates may fall faster in coming months.

  • So should you wait for further reduction in rates by your lender or take steps to reduce your rates by shifting to another lender? You need to calculate your exact borrowing cost. Let us use the home loan as example.

If your home loan cost is already low (below 9.5%), it may not make sense to shift to another lender to reduce the costs further by 5-10 bps.

  • However, there are others who are stuck with high borrowing cost. “
  • There are several borrowers who are still holding on to housing loans with interest ranging between 10% and 11%, so they need to shift immediately to some low cost loan 

For depositorsBanks have been slow in reducing deposit rates too. The government not reducing rates of small savings schemes in accordance with market rates being one of the reasons.

  • Since bank deposits face competition from small savings instruments.[Source: http://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-credit-policy-what-rate-cut-means-for-you/articleshow/54751253.cms]

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