How should I choose the loan tenor?
Your loan tenor will directly affect your monthly repayment amount. When choosing a loan tenor, bear in mind how much you need to repay each month, and how you can make the repayments without affecting your daily expenses and everyday habits.Choose a tenor according to your financial capabilities. A longer loan tenor will give you more time to repay the loan, but will usually have a higher interest rate as well. Generally speaking, don't borrow for longer than how long you plan on keeping the item you're purchasing.For example, if you're borrowing for a regularly annual expense such as a tax bill, then a loan of 12 months or less would be the best choice - else, you'll still be paying off your first loan when the next year's tax bill arrives😖
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