In general, repayment begins when the course is completed. Some banks even offer a 6-month grace period after landing a job or a year after finishing school for repayment. The repayment period is usually between 5 and 7 years, but it can be extended beyond that. During the course period, the bank charges a simple interest rate on the loan. The payment of simple interest during the course period reduces the student's EMI burden for future repayments.