Day: March 11, 2012

  Suppose you take on a loan for P Rupees, the tenure of the loan is n months (for example, n=240 for a 20-year loan), the monthly rate of interest is r (usually calculated by dividing the annual rate of interest quoted by the bank by 12, the number of months in a year, and dividing that by 100 as the rate is usually quoted as a percentage) and E Rupees is the EMI you have to pay every month. Let us use Pi to denote the amount you still owe to the bank at the end of the i-th […]

References: Home loan Interest rates from leading Primary Lending Institutions in India

Charts – historic RBI interest rates Graph Indian interest rate RBI – interest rates last year Graph Indian interest rate RBI – long-term graph The current Indian interest rate RBI (base rate) is 8.500 % RBI – Reserve Bank of India The Reserve Bank of India (RBI) is the Indian central bank. The RBI’s most important goal is to maintain monetary stability – moderate and stable inflation – in India. For an overview of current inflation in India, click here or here for current inflation by country. The RBI uses monetary policy to maintain price stability and an adequate flow […]