Rohan Agarwal, MD, Geopreneur Group
says" RBI is urging the banks to reduce the interest rate on home and auto loans by 0.5%.This in turn will reduce the EMI for existing home loan and auto loan customers. Lower EMI will increase the eligibility of new customers. Sales of property will increase as the EMI will decrease making it a good news for customers. The basic effect of this rate cut will be seen in a startup of movement in the home and auto market, which at present are struggling in terms of sales and topline generation. A movement in these two markets will boost the supporting 250-300 ancillary industries each, which are dependent on these markets for their work and growth. This is turn will increase the economy of the country. "