The fixed rate loan is where the interest rate is fixed for a certain period. The extra repayments are limited to a specific amount, depending on the lenders, during the fixed term period. Although the fixed term loan is not as popular as the variable rate loan and professional package, but most people choose to have the fixed rate loan due to the lower interest rates and new products offered.
The fixed rate loan will give you the exact amount you need for each repayment during the fixed term. However, fees and charges may apply if you wish to make extra repayments.
The fixed rate term is usually between 1 year to 5 years. Some lenders may also offer up to 15 years fixed term.
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