If I have borrowed an education loan, can I apply for business loan? If I can then what will the eligibility?Add Answer
Most probability one who have borrowed an education loan, can't apply for a business loan. However if one who wants to apply for a business loan, there will be certain conditions:
1- Your business should be at least 3 years old
2- Your source of income should be stable
3- the minimum turnover of your business should be minimum Rs.40 Lakhs
4- Profit making of the business should be for previous 2 years.
5- Certain other conditions are also there that one needs to qualify for business loan
6- The age limit to apply for a loan should be from 21 to 65 years
There are certain other more conditions that a business should qualify and should be aware of before applying for a business loan.