Fixed Rate
Definition
An interest rate that remains constant throughout the loan tenure. Provides EMI certainty but is typically 1-2% higher than floating rates. Some banks offer hybrid options: fixed for the first 2-3 years, then floating.
An interest rate that remains constant throughout the loan tenure. Provides EMI certainty but is typically 1-2% higher than floating rates. Some banks offer hybrid options: fixed for the first 2-3 years, then floating.