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What is a REPO RATE?
The Repo Rate refers to the rate at which the central bank within a country lends money to commercial banks and other financial institutions.
What is a Prime Lending Rate?
In order to make money, banks and other financial institutions, would then lend out this money to businesses and the general public, at a rate higher than the repo rate. This enables the banks and other financial institutions to make a profit. They generally quote their profit baseline as prime, which is, repo + profit.
The prime rate is therefore, the lowest rate of interest, at which money may be borrowed commercially, for someone with a good credit score. In some cases. the bank may offer someone an interest rate, lower than prime. When the repo rate increases, it impacts loans for cars, houses, education, personal or business loans, credit cards, and mortgages.
What is a repo rate? And how does it affect us? Let us understand that in this video.
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Please note that any information contained in this video or under our channel is not intended nor does it constitute financial, tax, legal, investment or other advice. Before making any decision or taking any action regarding your finances, it is recommended that you should consult a qualified Financial Adviser.
Disclaimer 2
This publication and the information included in it are not intended to serve as a substitute for consultation with a professional. Specific issues, concerns and conditions always require the advice of an appropriate professional advisor. The use of the contained information is at the user's own discretion.
