The time needed to repay the principal amount or the initial amount of loan taken is called the Payback period.
Choosing a longer payback period helps to keep your monthly EMIs small.

Example:
For example, if you took a student loan of 5 lakh rupees with a payback period of 10 years, the full amount of the loan is due 10 years as per the dates mentioned on the terms and conditions of the loan.