A fixed interest rate generally stays unchanged for the agreed period, making payments easier to plan. The exact meaning of fixed pricing depends on the lender and the loan agreement.
A floating rate can change according to its benchmark or the lender's stated terms. When the rate changes, your EMI, tenure, or both may be affected depending on the agreement.
Do not compare offers by the headline rate alone. Check processing fees, rate-reset rules, prepayment conditions, and the total repayment amount.
Ask the lender to explain how changes would affect your payments and read the agreement before accepting an offer.
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