Lending Rates Drop to 9.26%: Is Your EMI Falling?

RBI data shows bank lending rates fell to 9.26% in June 2026, and total credit grew 16.5%. If your loan is on a floating rate, your EMI should be dropping — but many banks are slow to pass this on.

Here's what happened: RBI's June 2026 data shows the weighted average lending rate on outstanding bank credit fell to 9.26%, reflecting repo rate cuts passed on by lenders.. Overall bank credit grew 16.5% year-on-year, with personal loans up 12.7% and notably stronger growth in non-metro and semi-urban centres.. Credit to female borrowers grew 19.7%, the fastest-growing borrower segment, signalling wider formal financial inclusion beyond major cities..

What you should do: Call or message your bank today and ask: 'What is my current applicable lending rate?' — if it's still above 9.5% on a floating loan, request an immediate rate reset.. Compare your existing loan rate on a balance transfer calculator — even a 0.3% reduction on ₹25L+ can save thousands annually; switching lenders is now simpler under RBI's portability rules.. If you are a woman entrepreneur or salaried borrower who hasn't applied for credit yet, check government-linked schemes (Mudra, Stand-Up India) that often carry lower rates than standard personal loans..

Floating rate loans linked to the repo rate must reset within 3 months of an RBI rate cut. If yours hasn't, file a written complaint — your lender is legally obligated to pass on the benefit.