The loan term is 60 installments, the first installment is 1 month, the 60 installments are 60 months, and 60 months is equal to 5 years, so the 60 installment loan is 5 years.

The simple and popular understanding of loan is to borrow money with interest. Loan is a form of credit activity in which banks or other financial institutions lend monetary funds at a certain interest rate and must return them.