The repayment period refers to the time frame in which a borrower is required to pay back a loan. This period can vary significantly depending on the type of loan, such as a mortgage, personal loan, or student loan. Typically, the repayment period is expressed in months or years, and it determines how long the borrower has to make regular payments until the loan is fully paid off. During the repayment period, borrowers make scheduled payments that usually include both principal and interest. The length of the repayment period can affect the total interest paid over the life of the loan; longer periods often result in lower monthly payments but higher overall interest costs. Understanding the repayment period is crucial for effective financial planning.