Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year. This is an effective way to reduce your loan tenure, and in turn to lower the interest cost. 

While deciding the EMI for your loan, opt for an EMI amount that falls under your budget. It is true though that a shorter loan tenure will lead to lower absolute interest payout. However, it will also increase your EMI burden. Hence, always remember to keep affordability as a primary focus when choosing your loan EMI amount.

Besides an extra EMI, you can also pay a lump sum payment to your loan account. For example, if you happen to receive a bonus, or a monetary gift from your relatives, you can use it to clear the loan, or a part of it; even if it means paying a nominal foreclosure charge. When you prepay some part of the personal loan, it can save you the interest amount on the borrowed sum, which you would have otherwise incurred throughout the loan period.

This way, you can pay off the borrowed loan amount sooner, and be debt-free. This is particularly true if the number of EMIs remaining are high. For example, by prepaying Rs. 1 lakh after three years for a Rs. 50 lakh loan with a tenure of 15 years at 9%, you can save about Rs 1.9 lakh and reduce the loan tenure by five months. 

When you make many more such lump sum payments, you can bring down the loan tenure subsequently. It is better to make the lump sum payments in the initial years of the loan when the principal outstanding is high.