Every RBI rate decision from 2019 to 2026. See how each change affected EMIs and what the current rate means for your loan.
Current Repo Rate: 5.25% · Held at MPC meeting April 8, 2026. RBI maintained its neutral stance — no change for borrowers. SBI and other major banks' EBLR-linked rates remain unchanged. Next MPC meeting: June 3–5, 2026. Rates updated: April 8, 2026.
Rate history timeline
2026
Apr 20265.25%Hold
Feb 20265.25%Hold
Dec 20255.25%–25 bps cut
Oct 20255.50%Hold
Jun 20255.50%–50 bps cut
Apr 20256.00%–25 bps cut
Feb 20256.25%–25 bps cut
2025
2024
Oct 20246.50%Hold
Aug 20246.50%Hold
Jun 20246.50%Hold
Apr 20246.50%Hold
Feb 20246.50%Hold
2023
Dec 20236.50%Hold
Oct 20236.50%Hold
Aug 20236.50%Hold
Jun 20236.50%Hold
Apr 20236.50%Hold
Feb 20236.50%+25 bps
2022
Dec 20226.25%+35 bps
Sep 20225.90%+50 bps
Aug 20225.40%+50 bps
Jun 20224.90%+50 bps
May 20224.40%+40 bps
2020
May 20204.00%–40 bps
Mar 20204.40%–75 bps emergency
2019
Oct 20195.15%–25 bps
Aug 20195.40%–35 bps
Jun 20195.75%–25 bps
Apr 20196.00%–25 bps
Feb 20196.25%–25 bps
What does this mean for your EMI?
EBLR/RLLR-linked loans: If your home or car loan is linked to the RBI repo rate (EBLR or RLLR), rate changes pass through to your EMI within one quarter. MCLR-linked loans move more slowly. If you're unsure which your loan is on, call your bank and ask.
With the repo rate held steady at 5.25%, SBI home loan and personal loan rates are expected to remain unchanged for now. Check the latest SBI interest rates → to see exactly how this affects your EMI.
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Changes in RBI policy rates influence borrowing costs across the Indian financial system. Even small adjustments in repo rates can eventually affect home loans, personal loans, business loans, and fixed deposit returns. However, the effect is not always immediate because lenders adjust rates differently depending on liquidity conditions and risk perception.
Borrowers often assume all banks reduce rates instantly after RBI announcements, but in reality lenders may delay revisions or selectively adjust products. This is why comparing lenders regularly becomes important during changing rate cycles.
MCLR vs Repo Linked Lending
MCLR based loans and repo linked loans react differently to RBI policy changes. Repo linked products generally respond faster because they are directly tied to the repo benchmark, while MCLR revisions may move more gradually depending on bank funding costs.
Understanding this distinction can help borrowers evaluate whether refinancing or balance transfer opportunities make financial sense during falling interest rate periods.
How Rate Cycles Influence Loan Decisions
During high interest rate cycles, borrowers should pay closer attention to tenure and total repayment cost rather than focusing only on quick approvals. During lower rate cycles, balance transfers and prepayments may provide meaningful savings if fees are reasonable.
LoanChecker tracks these broader lending trends to help borrowers understand not only current rates but also the practical implications behind them.
Last checked: May 2026. The repo-rate context on this page is based on public RBI announcements and lender-linked benchmark behavior. Banks can pass changes through at different speeds, so the EMI impact should always be verified against the latest loan terms.
Sources: RBI MPC statements, public benchmark-rate disclosures, lender rate cards
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