Home, car loans to be cheaper as RBI cuts repo rate by 0.25%

The Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points in its bi-monthly monetary policy review, making home and automobile loans cheaper. The cut in repo rate, which is the rate at which RBI lends money to banks, would translate into lower borrowing rate for lenders. The repo rate now stands at 6.25%.