My son has been working for many years, and now he wants to start his own business


#1

Will he get loans more easily because he has professional experience?


#2

Yes, it most definitely will help him get a loan more easily than someone who does not have any professional experience at all. If your son has experience of working in a particular industry and wishes to start his own business in the same industry, he will most likely be given preference over others. There will be certain criteria by the NBFC/ bank which will need to be fulfilled, but remember that your son has a big advantage because of his experience and that will help him in securing a business loan.