New Delhi: Prepare new formula, loan seeker will get relief ! In cheaper banks, the bank will not be able to skimp anymore. A new formula is being prepared for this, in which banks are given RBI After deducting the repo rate, the rate will be reduced in real time. New formula recommends R.B.I.
Prepare new formula, loan seeker will get relief !
The committee has proposed that banks should take directive from the repo rate of the banks. Also, the time period of floating rate review is also recommended for all banks. The talks between RBI, Finance Ministry and the banks have also been started. If this happens then customers who take all types of loans will get great relief.
What is the offer?
R.B.I. According to the report of the Home Finance Committee, the bank’s base rate, MCLR Despite the formula, the customer is not fully benefitting the rate cut. According to the committee, the bank is currently in MCL. Keep fixes for one year. That is, even if the home loan takes on the floating rate, its home loan gets fixed for one year.
Meanwhile, if the bank is MCLR Even the customer’s home loan is not cheap. In this case, the committee has recommended that MCLR Should be fixed for one month, as well as MCLR The fixation period should be the same for all banks. There will be no confusion of any kind for the customer.
Why is the new formula coming up?
In the last two years, the Reserve Bank has cut the repo rate by two per cent, but banks have cut the lending rate by 0.85 per cent compared to that. Retired CGM of Punjab & Sind Bank G.S. It is clear that MCLR Despite the coming, the advantage of the rate cut did not reach customers faster. Now the RBI does not understand what is happening. Therefore, the Reserve Bank of MCLR Leading had started that the customer taking loan from this would get the advantage of the rate cut faster but it still does not seem to be so.