The answer is probably NO. Business loan requires eligibility, and some of the common eligibility conditions are: –
- Your business needs to have a minimum vintage of at least 3 years. If the same condition is not fulfilled, availing a business loan can be extremely difficult. And, based on your question, I doubt if your business even has one year of business vintage. If my anticipation is incorrect, you can proceed with applying for a business loan if you qualify the following condition.
- You must have a post-graduation work experience of at least three years along with a stable source of income to qualify.
- Your debt-to-income ratio i.e. the ratio of total amount paid as EMI against how much you earn every month should be on the lower side, at least less than 20-30% in order to be even considered for a business loan.
There are several other things that matters to apply for a business loan. it is required to know No lender would mind a person taking another loan as long as he/she is capable of repaying it back comfortably. So, find out a good lender who is interested in offering you a business loan and then apply. Once approved, the loan amount will be disbursed directly in your bank account.