Yes, your EMI can change during a loan term. There are two main types of EMIs based on the interest rate:
Floating rate EMI — Interest rate changes depending on market conditions. That means, depending on the market or economic conditions, EMI can change with the impending interest rate. It is relatively cheaper to initiate.
Flat rate EMI — The more common type of loan EMI, with fixed interest rates throughout the loan term. This EMI remains the same irrespective of market conditions.
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