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Will this plan help me close any type of loan that I currently have?

Yes, it will help you close any type of loan. 

Eg:
For a loan amount of Rs 10,00,000 with a 5 years tenure (interest rate of 10%), one will be paying an EMI of Rs 32,250 every month. 

By prepaying the principal amount Rs 2,00,000 in the first year you can close the loan 8-9 months ahead of the actual tenure. This also will help you save approximately Rs 50,000 on the interest amount you end up paying as a part of the loan.


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