The month of February has brought double gifts for the common people. Earlier, the country's Finance Minister had made annual income up to 12 lakhs tax free on the day of the budget. Now the country's RBI Governor Sanjay Malhotra has given relief to crores of people of the country's loan EMI by cutting interest rates. Giving information, the RBI Governor said that the repo rate has been cut by 0.25 percent. After which the repo rate has come down from 6.50 percent to 6.25 percent.

The effect of the cut in the repo rate will also be seen giving relief to those who take car loans. Those who have taken car loans, their interest rates will come down and the loan EMI will be reduced. Now the biggest question is how much relief will those who take car loan EMI get. Let's try to understand this with a calculation.

For how much the EMI of the car loan will be reduced, we have used SBI's car loan EMI calculator. Information will be given on how much relief will be given to those who take loans of 3 loan amounts of 10 lakhs, 12 lakhs, and 15 lakhs. At present, the interest rate of SBI car loan is 10.15 percent. Which will be reduced by 0.25 percent to 9.90 percent. Let's understand the complete calculation.

How much relief on a car loan of 10 lakhs

If you have taken a car loan of 10 lakh rupees. At present, at the rate of 10.15 percent interest on a loan of 7 years, your loan EMI will be Rs 16,679. Now when the interest rates have been reduced by 25 basis points, the interest rates will come down to 9.90 percent. After which your loan EMI will come down to Rs 16,550. This means that you will get a relief of Rs 129 every month on a car loan.

How much EMI on a car loan of 12 lakhs

Now if we increase the loan value to Rs 12 lakh, then at the rate of 10.15 percent interest on a loan of 7 years, your loan EMI will be Rs 20,015. After the reduction of 25 basis points, SBI's interest rate is expected to be 9.90 percent. In such a situation, your car loan EMI will come down to Rs 19,859. That is, common people will get relief of Rs 156 on EMI of this amount.

How much is EMI reduced on a car loan of 15 lakhs

If the value of the car loan is increased to Rs 15 lakh, then at the current time, according to 10.15 percent interest on a 7-year loan, your loan EMI will be Rs 25,018. Now that 25 basis points have been reduced, the interest rates will be reduced to 9.90 percent and your loan EMI will come down to Rs 24,824. This means that you will get a benefit of Rs 194 on your car loan EMI every month.

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