CA,2013

See section 185-186

Only a private company can accept loan from a director's relatives.conditions are:-
1. a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others.
2. company shall disclose the details of money so accepted in the Board’s report.
3. The relative need not be a shareholder of the company.
4.Companies (Acceptance of Deposits) Second Amendment Rules, 2015
Ministry of Corporate affairs vide its notification dated 15.09.2015.

Subject to Section 73 of the Companies Act 2013, read with Companies Deposit rules, read with defination of deposit, read with amendment dated 15th September 2015, a Private Company can take the loan from the relative of the Director who shall be dependent but before giving such loan , such relative of Director shall submit the declaration that such funds are given by the relative out of its own funds and not borrowing from any bank or outsider and the details of such loan shall be disclosed in balance sheet and the Board report.