By borrowing you are able to obtain liquidity (working capital) without selling your assets you want to hold. The main goals of borrowing are usually new investment opportunities, arbitrage trading, hedging and participating in governance. For example, assets can be borrowed and used within AMM pools for higher yields, margin-traded, or required for immediate use.
Ensure you have deposited the funds with "Use as collateral" option. You can borrow up to your "Borrow limit" worth of assets, with the respect to assets' "Liquidation threshold" by using the home page and clicking "Borrow" against the asset of interest.
You can borrow up to your "Borrow limit" worth of assets, with the respect to assets' "Liquidation threshold". Depositing assets used as collateral increase your Borrow limit.
For operations, decreasing account health, like Borrow or Withdraw(if you have outstanding debts), Account health can't go below a certain value(for example 1.05). This means you can borrow assets up to lowering your health to 1.05. However, this is still risky in terms of liquidation, so Max. Safe functionality advises amounts to keep your health higher than the recommended value(for example 1.20).
The interest rate you pay for borrowing assets depends on the borrowing rate which is derived from the supply and demand ratio of the asset. The interest rate changes constantly, you can find your current borrowing rate at any time within the main page.
You repay your loan in the same asset you borrowed by clicking your your debt in "My Borrows" section at the home page.
There is no fixed time period to pay back the loan. As long as your position is safe, you can borrow for an undefined period. However, as time passes, the accrued interest will grow making your health factor decrease, which might result in your deposited assets becoming more likely to be liquidated.
In order to avoid the reduction of your Account health leading to liquidation, you can repay the loan or deposit more assets in order to increase your health factor. Out of these two available options, repaying the loan would increase your health factor more.