Tenor

The length of time until a loan or financial instrument matures. Also called the term or duration of the agreement. Example: A small business in Machakos chooses a 36-month tenor for its equipment lease instead of 24 months. The longer tenor lowers monthly payments from KES 52,000 to KES 38,000, but increases the total interest paid by KES 72,000 over the life of the lease.