Yes, loan tenure can affect the cost of a loan. In general, the longer the loan tenure, the higher the total cost of the loan. This is because longer tenures mean that the borrower will be paying interest for a longer period of time, which can add up to a significant amount over the life of the loan.
For example, if a borrower takes out a loan with a shorter tenure of, say, 5 years, they will have to pay higher monthly installments, but they will end up paying less in total interest charges compared to a borrower who takes out the same loan with a longer tenure of, say, 10 years. The borrower with the longer tenure will have lower monthly installments, but will end up paying more in total interest charges over the life of the loan.
It’s important to note, however, that the interest rate on the loan will also affect the total cost of the loan. So while loan tenure is one factor that can affect the cost of a loan, it is not the only factor to consider when deciding on a loan.