personal experience, if you have semi-flexi loan, just pay extra every month.

you'll noticed the interest for next month will be lower (cos its based on reducing balance) = more money will be paid to reduce the capital that you owed to bank.

advantage of not using the 5k to pay to principal and keep it in loan account : if 1 day you need to use money, you dont need to do refinance. just withdraw the extra payment from the semi flexi account.