fixed borrowing rate
as defined in Directive (EU) 2023/2225 of the European Parliament and of the Council of…, Article 3, point (9) (Definitions)
the borrowing rate that the creditor and the consumer agree on in the credit agreement for the entire duration of the credit agreement, or several borrowing rates that the creditor and the consumer agree on in the credit agreement for partial periods for which the borrowing rates are determined exclusively by a fixed specific percentage; if not all borrowing rates are determined in the credit agreement, the borrowing rate shall be deemed to be fixed only for the partial periods for which the borrowing rates are determined exclusively by a fixed specific percentage agreed on the conclusion of the credit agreement
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Also defined in
- Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers… 32008L0048, Article 3, point (k)
that the creditor and the consumer agree in the credit agreement on one borrowing rate for the entire duration of the credit agreement or on several borrowing rates for partial periods using exclusively a fixed specific percentage. If not all borrowing rates are determined in the credit agreement…