NIFT Entrance Exam

Yes of course.
Why not?
3 months are more than enough to crack NIFT. All you have to do is -
Observe the things around you very sharply (even the smallest details).
Get some basic knowledge about the colors and color schemes. (What each color depicts, like yellow for cheerfulness and violet or dark shade for gloom).
Improve your English, questions are asked on that. Try to improve you vocabulary and increase your reading time. About 57 passages are given in both B. Des and B.F Tech, so you must know how to read fast and grasp important points. Basic Maths.
Common- sense is a must have to crack NIFT improve your aptitude by practicing logical reasoning questions regularly for just 15 minds.
Watch TV: Yes, you hear me right. But, what I meant was to watch Advertisements and News. Question are asked on that in GK part. (Like who is endorsing which brand and what is the tagline etc. Such type of question)
Be calm and composed. Be yourself. Show your own creative ideas in CAT and not the copied ones to get the best results.

It is definitely possible, but each fashion institute has its own eligibility criteria. Some may allow admission to a candidate hailing from any educational background while others would prefer a candidate who has done graduation in design field itself. You will have to check the criteria of all the colleges that you are interested in. For example: Pearl Academy will not consider your application for the Masters programme, but NID and NIFT would accept the application as the admission criteria is solely dependent on how you perform in the entrance exam. You can find a rank wise list of top design colleges in India by clicking on this linkhttps://www.shiksha.com/design/fashion-design/ranking/top-fashion-design-colleges-in-india/94-2-0-0-0
Good luck.