Money Guru: How To Reduce EMI Of Home Loan, Car Loan? Experts Explained | Watch This Video

RBI raised the repo rate by 50 basis points. With this the repo rate has increased from 4.90% to 5.40%. In all, the RBI has raised benchmark lending rate by 1.40% points since May this year. Now all types of loans will be expensive. EMI will be increased on home loan, car loan. On increasing the EMI, the existing savings will be less. On increasing the loan rate of the bank, the bank will increase the tenure. Make a plan to improve the budget, reduce expenses, make a list of necessary expenses. Keep repaying the loan when you get the lump sum amount. Increase EMI if you can pay EMI with extra savings: Pankaj Mathpal, MD, Optima Money Managers and Jitendra Solanki, SEBI Registered Investment Adviser.