Just keep up with escape vector and fill blue bar on the left, when it's full you have successfully escaped. So if you are flying small fast ships you will be able to escape most interdictions. If you do not succeed then you will take some hull damage and have a cool down counter before you can initiate frame shift drive, it is around 40 seconds.
To submit – set your speed to 0 and do not touch your stick or what input device you use during interdiction, and by doing that you will submit to interdiction and exit Super-Cruise without damage exactly same place as interdictor. If you submit to interdiction frame shift drive cool down timer will be set to around 10 seconds.