RBI has hiked repo rate, which would result in banks and NBFCs hiking car loan interest rates
The interest rate hike would impact the new car buyers more than existing owners
Existing owners who pay car loan EMI with floater interest rate will be impacted
With car prices going upwards, increased car loan interest rate will further impact buyers
Adding further pressure to this is high rate of petrol and diesel across the country
If you already own a car and pay EMI at fixed rate you won't be impacted
If you are planning to buy a car with loan, be ready to shell out extra
If you are paying EMIs with floater interest rates, you may have to pay extra
The high interest rate could impact the vehicle sales in India in the coming days