RBI hikes loan interest rates Also Read - What is RBI's 3-Month Moratorium? Will EMI be Deducted From Your Account? Here Are Your Answers

The RBI has increased lending rates by 50 basis points. What this means to you is that loans will be more expensive, since the interest rates will go up. The hardest-hit areas will be home loan seekers, and car loan hopefuls. The automobile market had seen its best growth ever last year at 33 per cent, but it dipped to 9 per cent this summer, the worst growth in two years. The Society of Indian Automobile Manufacturers had revised their growth forecast from 16-18 per cent at the start of the year, but then the big petrol price hike made them revise it to 10-12 per cent. With the recent increase in the price of diesel and now the latest increase in loan interest rates, the projected forecast is being revised to 9 per cent.  Also Read - RBI Recruitment 2020: Applications Invited For Consultants, Specialists, Analysts; Apply From April 9

This isn't good news for auto manufacturers, especially those like Maruti Suzuki that depend mostly on the Indian market to drive sales. THe silver lining is, if you're in the market for a new car, now's a good time to bargain hard for discounts and freebies at the dealership.  Also Read - RBI's Covid-19 Package: Here's How You Will be Benefitted | Explained