What is Initial rate?

An initial rate is the interest rate a loan starts on. On a variable deal it is the rate you pay today and the one that moves later. On a fixed deal it holds only for the fixed period. Either way, it is the first number you see and often the lowest one you see. Absa Mozambique starts at 22%, well above the others listed, which reflect the market each lender operates in. ABA Bank starts at 6.5%, Absa Seychelles at 4.75%, Achieve at 5.75% and 1822direkt at 3.87%.