WARNING from SBI...! EMI may increase further..!?

Sowmiya Sriram
WARNING from SBI...! EMI may increase further..!?

It has increased the interest rate 4 times in the last five months. The sbi report said that the Reserve bank may increase the interest rate in the coming month of December. It is expected to increase by 35 basis points in December. It is estimated that the action of the Reserve bank may continue in December.
The value of new projects fell to Rs 4.75 lakh crore in the first quarter of the current fiscal. It was Rs 5.75 lakh crore in the last march quarter. Although growth slowed in the first quarter, credit growth remained a double target. At the same time, sbi has said that business growth is likely to slow down due to inflation.
In this regard, sbi Ecowrap has published a report titled RBI Rate Hike. It is expected that RBI may increase the interest rate in December. SBI's announcement comes after the RBI hiked interest rates by 50 basis points on Friday. The Reserve bank has forecast India's inflation rate to be 6.7% in the current financial year. Notably, inflation has remained relatively stable since january amid rising international tensions amid the Ukraine-Russia crisis.
Meanwhile, amid RBI's action, the interest rate on loans may increase from now on. As a result, the monthly installment amount is expected to increase. Banks and financial institutions including sbi and hdfc have already increased the interest rate on loans.
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