In the context of loans, "tenure" refers to the duration or period of time over which a borrower is expected to repay the loan in full. It represents the repayment period or the time it takes to satisfy the loan's principal and interest obligations.
Shorter tenures are typically associated with loans that have higher monthly instalment amounts but result in lower overall interest costs. while, longer tenures usually involve smaller monthly instalments as the loan is spread out over a loan period but may result in higher overall interest payments over the duration of the loan. To learn more, we suggest heading over to our article "How to compare loans and understand your dashboard" under our Glossary page.
Share on: