Yes ofcourse you can prepare for cat this year.
But
If you are not sure that you can crack the cat this time
Then also apply for the cat this year and write the test to get an idea of how tough the paper is?
What you need to keep in mind for the preparation?
This exams will play a very important role in your preparation for the next year.
My advice is that
80% keep your concentration on the final year graduation
And remaining time you can try for cat just to know about exams and the way of preparation you need for the next year.

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