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Can I get secured loan of more than the value of security


Anshul Mudgal   28 November 2020

Anshul Mudgal

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I have purchased machine of 10lakh from related party.
If I take loan from bank on this machine for 25lakh.
Will there be any issue as the purchase is clearly underinvoiced as per bank valuation.

Anshul Mudgal   28 November 2020

Anshul Mudgal

 1 likes  10 points

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I have purchased machine of 10lakh from related party.
If I take loan from bank on this machine for 25lakh.
Will there be any issue as the purchase is clearly underinvoiced as per bank valuation.

JATINDER KUMAR

JATINDER KUMAR (Accountant)     28 November 2020

JATINDER KUMAR
Accountant 
 262 likes  3642 points

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No.....

Parag Muthal

Parag Muthal (Salaried Employee)     28 November 2020

Parag Muthal
Salaried Employee 
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Loan Amount Will be Less Than Invoice Value

JATINDER KUMAR

JATINDER KUMAR (Accountant)     28 November 2020

JATINDER KUMAR
Accountant 
 262 likes  3642 points

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No.....

ayusmita

ayusmita (Tax consultant)     28 November 2020

ayusmita
Tax consultant 
 364 likes  5454 points

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Bank will not give you loan on the undervalued bill
they will ask you for 30 to 40 lakh as in security or ask for gaurantor who have good source of income to repay the money if you failed
and other terms are there also


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