Can I prepay my personal loan?

Yes, you can prepay your personal loan. But keep in mind that most banks charge a prepayment penalty of up to 5% on your outstanding principal amount. Hence, it is a good idea to compare the prepayment fees levied by different banks before you opt for a personal loan from a particular lender. Due to an increased competition you might be able to get better terms on your prepayment charges if you negotiate with your bank. But even with the prepayment penalty it is advisable to prepay your personal loan.