Section 295 loan to director is not applicable to a private company so you may go ahead.
You may draft a resolution on the lines below:
Resolved that pursuant to the relevant provisions of the companies act, 1956, the consent of the board of directors of the company be and is hereby accorded to disburse a loan amount of Rs. 10000000 to Mr. Jai Singh, Managing Director of the company @ 6% interest p.a.....