All the customers waiting for the cut down in rates this Diwali will be disappointed. Banks have reported that there will be no cut down in rates this festive season. Only offers being provided by the banks will be waiving off the processing fee and increasing the loan tenures.
Since RBI has maintained the same rates due to inflation therefore, the banks are unlikely to reduce the rates. In addition to this due to RBI holding the Rates the home and auto loans EMIs are unlikely to drop anytime.
The RBI has maintained the repo rate at 8%. Bankers stated that Interest rates, will stay where there are. Besides discounts and offerings there is nothing much for the customers in case of the interest rates.