On September 30, the Monetary Policy Committee (MPC) increased the repo rate by 50 basis points (bps), bringing it to 5.90%. During this financial year, MPC raised its base rate by 190 points to combat inflation, which hit a five-month high of 7.41% in September. However, retail inflation remained above the world. RBI’s upper tolerance limit is 6% and as banks raise interest rates on a wide range of loan products due to the increase in repo rates, borrowers will have to pay higher monthly. installment payments (EMI) for loans made amid rising interest rates throughout the country’s financial system. As key policy rates increase, interest rates on lending products are also increased by financial institutions to meet their borrowing costs. The next monetary policy meeting will take place in December and the RBI is expected to raise the repo rate again to curb rising inflation. So, in the face of rising interest rates, what can borrowers do to counter them?