New Delhi, Nov. 18 -- A personal loan tenure refers to the period during which a borrower can repay the borrowed sum of money. This repayment includes both interest and principal. It is important for aspiring borrowers to understand the basic concept of a personal loan tenure, as it has a direct impact on one's monthly EMI and the overall cost of borrowing.

There are several important factors that borrowers must keep in mind while going ahead with a tenure:

The tenure of a personal loan is not just a technical detail. It has the potential to shape how much a borrower can afford to pay each month to repay the borrowing. Furthermore, it has the potential to determine the funds spent by the borrower holistically upon the loan's culmination...