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

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10 Points Posted on 28 November 2020
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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On 28 November 2020 at 13:47 Report
Replies (4)
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Accountant
3662 Points Posted on 28 November 2020
No.....
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On 28 November 2020 at 16:26
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Salaried Employee
102 Points Posted on 28 November 2020
Loan Amount Will be Less Than Invoice Value
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On 28 November 2020 at 16:26
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Accountant
3662 Points Posted on 28 November 2020
No.....
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On 28 November 2020 at 16:26
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Tax consultant
5895 Points Posted on 28 November 2020
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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On 28 November 2020 at 22:57


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