With this, all banks are expected to reduce the interest rates on loans soon. With the loan becoming cheaper, the EMI of all loans, like home loans, car loans will also come down.

Bank of India has revised its repo-based lending rate after the RBI cut the repo rate by 50 basis points to 5.5%. The public sector bank has cut its RBLR rate by 50 bps to 8.35%. The earlier rate stood at 8.

With the Reserve Bank of India slashing the repo rate by another 50 basis points to 5.5 per cent, fixed deposit (FD) investors face declining returns. Experts advise booking FDs at current high rates and using strategies like laddering to minimise the impact as the interest rate cycle turns downward.