Yes, you can pre-pay your personal loan, but you will have to pay a pre-payment penalty. Pre-payment penalties on personal loans are generally quite steep, with some banks charging as much as 5%.

Some banks allow you to pre-pay a portion of your loan outstanding (usually 25%) without any pre-payment penalties. Read your loan agreement carefully about the pre-payment conditions.

Banks allow pre-payment only after a specific period from the date of loan disbursal, which could be 6 months to 12 months.