Can I get a Business Loan with an Existing Education Loan?

Yes, you can take a business loan along with your existing education loan. You must be careful not to violate the terms and conditions of the existing education loan. Often students come up with new business ideas while they are still studying. Arranging funds to give shape to the business idea can be financially cumbersome. A business loan will help immensely to help with the kick-start of your business idea.

Keep in mind the following points when you apply for the business loan –

  1. Prepare a Business Plan – When you apply for a business loan along with an existing education loan, make sure you have a really good business plan. As you already have a loan on your account, lenders would really try to understand how your business loan would make sense.
  2. Estimate the tenure of the loan – Try to estimate what is the tenure of the loan that will suit your business plans and inflow and outflow of finance.
  3. Plan for payments – Having two loans simultaneously can be a little intimidating. Plan for how you are going to make regular payments for the loans.
  4. Pay off the loan – Pay the loan whenever you have extra cash. This way you will save on interest payments.

Getting a business loan along with an existing education loan is not that difficult. However, one must plan very well how to pay both loans back. With a little calculation and planning, you will be able to plan and payback for both loans.