EMI

Blinkit's EMI feature aims to boost customer loyalty by providing flexible payment options for higher-value orders

Compare the EMI price with the regular cash price to ensure you're not overpaying on your no-cost EMI

Banks offer a range of interest rates, starting as low as 8.45 per cent from UCO Bank and going up to 14.85 per cent at City Union Bank.

In 2024, experts suggest that home affordability, as well as sales, are expected to improve further on the back of cooling inflation and the likelihood of lower interest rates

The contributing factors include narrowing the gap between rents and EMIs, increase in affordability and security of owning a home

Our pick this week explains when you must say no to your relationship manager and what the best purifiers do

A go-to guide to on what to look for in the fine print of deals being offered

Experts advise close examination of no-cost EMI offers to uncover any concealed fees or charges

The Reserve Bank on Friday asked banks to provide fixed interest rate option to individual borrowers and directed the lenders to levy only reasonable penalty charges in case of default in EMI payments. The two decisions are expected to provide a relief to the borrowers amid rising interest rates and most of the retail loans being on floating rates now. In a directive to banks and NBFCs, including housing finance companies, the Reserve Bank of India (RBI) said that several consumer grievances have been received in relation to elongation of loan tenor or increase in EMI amount with regard to EMI-based floating rate personal loans, without proper communication or consent of the borrowers. Interest rates have risen since May last year as the central bank hiked the repo rate to tame high inflation. As a result of 250 basis points increase in the repo rate from May 2022 till February this year, a large number of borrowers are facing negative amortisation, wherein the Equated Monthly ...

The RBI on Friday directed banks to allow individual borrowers paying loans through EMIs to opt for fixed interest rate system or extension of loan tenor, a move aimed at preventing loanees from falling into the trap of negative amortisation, in wake of rising interest rate. The interest rates have moved northward since May 2022 after the central bank started raising the benchmark lending rate (repo) in a bid to check inflation following the outbreak of the Russia-Ukraine war. As a result of 250 basis points increase in the repo rate, a large number of borrowers faced negative amortisation, wherein the Equated Monthly Instalment (EMI) works out to be less than the interest obligation, resulting in persistent increase of the principal amount. RBI said that at the time of sanction of EMI-based floating rate personal loans, banks and NBFCs should take into account the repayment capacity of borrowers to ensure that adequate headroom is available for elongation of tenor and/ or increase

The State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who have been affected by the ongoing unrest in the state. The relief package includes a moratorium of up to 12 months on equated monthly installments (EMIs), interest payments, and other installments. It will be available to borrowers whose accounts had not turned non-performing assets (NPAs) as on May 3, 2023, a SBI Manipur regional office notice said. The package will be implemented based on an assessment date of May 4, 2023. Borrowers who are interested in availing relief must approach their home branches or any nearby SBI branch by August 31, 2023, the bank said. The SBI said it understands the challenges that individuals and businesses are facing in Manipur at this time, and the relief package is aimed at providing them with much-needed support. "The SBI's relief package is a welcome move for borrowers in Manipur who have been affected by the unrest. The moratorium on EMIs and ...

The RBI's decision to keep interest rates unchanged is pragmatic and on the expected lines, and ensures that EMIs on home and consumer loans remain stable, experts said on Thursday. The Reserve Bank of India (RBI) left its key policy rates unchanged for a third straight meeting but signalled tighter policy if food prices drive inflation higher. The monetary policy committee (MPC), which has three members from the central bank and a similar number of external members, held the benchmark repurchase rate (repo) at 6.50 per cent in a unanimous decision. "As expected, the RBI has taken the pragmatic approach and kept the policy repo rate unchanged at 6.5%. The central bank has reiterated its commitment to bring inflation within the target band while continuing its focus on supporting growth," said EEPC India Chairman Arun Kumar Garodia. While exporters are exploring new markets, the fiscal and monetary support remains crucial for the sector, which is key to generating jobs and earning .

Home loan EMIs for customers who bought properties less than Rs 40 lakh have gone up 20 per cent in the last two years due to a rise in mortgage rate, according to real estate consultant Anarock. The consultant pointed out that the affordable housing segment suffered the most during the COVID pandemic and has not recovered in the last two years. Anarock said that affordable home buyers have been paying almost 20 per cent more in their EMIs over the last two years. The floating interest rates for home loans up to Rs 30 lakh have risen from 6.7 per cent in mid-2021 to nearly 9.15 per cent now. "Home loan borrowers who were paying an EMI of approx. Rs 22,700 in July 2021 are now paying about Rs 27,300 today -- an increase of approx. Rs 4,600 per month. This 20 per cent increase in the EMI has resulted in a jump of approx. Rs 11 lakh in the overall interest component - from approx. Rs 24.5 lakh interest payable in 2021 to approx. Rs 35.5 lakh today," Anarock Head-Research Prashant Thaku

According to RBI's financial stability report, the total of SMA-0, SMA-1 and SMA-2 in the retail advances in the public sector banks was 9.4% as of March 31

The scheme offers consumers EMI options with a mix of no-cost and low-cost solutions ranging from three to 30 months

Higher EMIs and mortgage rates pinch buyers; segment's share of overall housing sales likely decline in FY23, FY24

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months