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.
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Can I get secured loan of more than the value of security
Replies (4)
No.....
Loan Amount Will be Less Than Invoice Value
No.....
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
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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