Unsecured Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2010 Is there any restriction on a private limited company to take unsecured loan from a person other than director or shareholder?

Rasesh

Rasesh (Expert)
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18 January 2010 Deposits can be taken by a private limited company from director or shareholder. All other forms of unsecured loans e.g ICD can be taken from other persons.

Ankur Garg

Ankur Garg (Expert)
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19 January 2010 If you want to accept loan from others persons then the same would not be exempted from deposit rules, 1975.

You have to comply with the Deposit rules, 1975 before takeing unsecured loan from a person other than director or shareholder.

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