Yes! You will be able to close your loans with this plan.
Eg: For a loan amount of Rs 10,00,000 with a 5-years’ tenure (an interest rate of 10%), you will be paying an EMI of Rs 32,250 every month.
By prepaying the principal amount of Rs 2,00,000 in the first year, you can close the loan 8-9 months prior to the actual tenure. This will also help you save approximately Rs 50,000 on the interest amount you will end up paying as a part of the loan.