While banks typically follow the RBI's guidelines closely and adjust their lending rates in line with changes in the repo rate, HFCs typically have more flexibility in setting their interest rates.
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Further, credit card receivables of scheduled commercial banks, which used to attract a risk weight of 125%, have been hiked to 150% while NBFCs’ risk weights have been raised by 25% to 125%.
Personal Loan Interest Rates: All lenders regulated by the RBI are required to hold capital in a certain proportion of the loan amount they lend. The riskier the loan, higher the capital a lender has to maintain. As a direct consequence of the RBI raising the risk weightage, lenders now have to maintain higher capital reserves for the riskier category. What changes for the lenders? Read on to know how much more you will have to pay for your next personal loan.
When buying a property, it’s best to pay 30-40 percent or even more of the property cost as a down payment. An increase in interest rate can derail your finances if your EMI is already equivalent to your monthly savings.