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Unsecured loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2014 Dear All ,

A Private Limited company can take loan from individual.

Thank in advance.
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
17 October 2014 Companies Act 2013 has brought a major change in the borrowing provisions for private companies and removed shareholders and relatives of directors from the list of lenders. Going forward the private companies can borrow only from directors apart from banks and financial institutions provided the director gives a declaration that the amount that he is giving is not out of borrowed funds.
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