Fixed rate of interest is when the interest rate is agreed prior to the loan being extended. Floating interest rates are subject to change every quarter and are linked to Repo Rates announced by the RBI every quarter.
The general consensus is that floating ROI falls cheaper for the borrower than fixed ROI, but every borrower should decide for himself as rates can be increased too in a floating plan. The EMI amount does not fluctuate for floating ROI loans; instead it is the loan tenure that gets adjusted.
However, incase of Individual Borrower & funds availed for personal use, your lender cannot charge any pre-closure or prepayment penalties on floating ROI loans.