Fixed-rate loans in India: 5 options
What's the story
Navigating the world of loans can be a daunting task, especially for first-time borrowers in India. With a plethora of options available, it is important to understand the various types of fixed-rate loans and their benefits. These loans offer stability by locking in an interest rate for the entire loan tenure, making it easier to plan finances. Here are five fixed-rate loan options that can help you achieve your financial goals without any surprises.
#1
Personal loans with fixed rates
Personal loans with fixed rates are a popular choice for those looking to meet immediate financial needs. These loans usually come with tenures ranging from one to five years and offer amounts between ₹50,000 and ₹20 lakh. The fixed interest rate ensures that your monthly EMI remains constant throughout the tenure, making budgeting easier.
#2
Home loans at fixed interest
Home loans at fixed interest rates provide the benefit of predictable payments over long periods, usually 15 to 30 years. This option is ideal for those looking to purchase or construct a home without worrying about fluctuating interest rates. The fixed rate guarantees that your EMI remains unchanged, giving you financial stability.
#3
Education loans with fixed rates
Education loans with fixed rates are designed for students pursuing higher studies in India or abroad. These loans cover tuition fees and other related expenses up to ₹20 lakh or more, depending on the institution and course duration. A fixed interest rate ensures that repayments are manageable by keeping EMIs consistent over time.
#4
Auto loans at fixed interest rates
Auto loans at fixed interest rates make it easier to buy vehicles without the uncertainty of variable rates. These loans are usually available for amounts between ₹1 lakh and ₹50 lakh, depending on the vehicle's value and lender's policies. The fixed rate ensures that your monthly payments remain constant over the loan period, making it easier to budget.
#5
Business loans with fixed interest rates
Business loans with fixed interest rates provide financial support to entrepreneurs looking to expand their ventures or manage working capital needs. These loans can be availed for amounts ranging from ₹5 lakh to ₹1 crore or more, depending on the business requirements and lender's terms. A fixed rate helps in planning by ensuring that EMIs do not change during the repayment period.