availing loan by a company

Dear sir

You cant enter with this type of contract with any body.

tell me that if you have accpeted this propasal then how will you show in your books of accounts, how will you pass a resolution in the AGM, how will you satisified the ROC on this matters

Legally it is acceptable to get into an agreement with any person, provided such business is not illegal.

As long as you are having a Contact or Agreement I don't think much problem is arising