RBI rate cut, April 9 -- The Reserve Bank of India Governor Sanjay Malhotra on April 9 announced that the central bank is cutting repo rate by 25 bps to 6 per cent with immediate effect. Further, the RBI's Monetary Policy Committee has changed its policy stance to 'accommodative' from 'neutral'.

This comes after the RBI in February, for the first time in nearly five years, slashed interest rates by 25 bps to 6.25 per cent from 6.5 per cent.

If banks transfer interest rate relief to customers, the 25 bps rate cut is expected to reduce EMI amounts significantly. It thus means a lot for borrowers - especially in terms of home loans and personal loans.

Experts anticipate that banks passing on the benefit will reduce home loan interest rate...