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Subhadeep G.   21 February 2021

Can I take Loan From Foreign Friend?

I have a old friend in Europe who is willing to give me loan for 5 years for personal purpose. Is it allowed? What will be tax implications? 



 8 Replies

My Elite Space

My Elite Space   21 February 2021

Yes, you are allowed to take loan in accordance with FEMA ACT.
Sourav

Sourav (Student)     21 February 2021

Yes you are eligible as per procedure followed by FEMA act
dipen thakkar

dipen thakkar (CA , CS , LLB)     21 February 2021

Yes you are eligible for the loan
Kapadia Pravin

Kapadia Pravin   22 February 2021

Yes subject to RBI rules
anil jain

anil jain (Partner)     22 February 2021

Pl explain the rules to be followed.

Josh

Josh (Manager)     23 February 2021

FEMA (Borrowing and Lending) Regulations, 2018 and RBI Master Direction - Borrowing and Lending transactions in Indian Rupee (INR) between Persons Resident in India and Non-Resident Indians / Persons of Indian Origin should help

anil jain

anil jain (Partner)     23 February 2021

2.1.1 Borrowing in INR by persons other than companies in India: A person resident in India, not being a company incorporated in India, may borrow in INR from NRIs/PIOs after satisfying the following terms and conditions:

  1. Borrowing shall be only on a non-repatriation basis;

  2. The amount of loan should be received either by inward remittance from outside India or by debit to NRE/NRO/FCNR(B)/NRNR/NRSR account of the lender, maintained with an authorised dealer or an authorised bank in India;

  3. Period of loan shall not exceed 3 years;

  4. Rate of interest on the loan shall not be more than two per cent above Bank Rate prevailing on the date of availment of loan;

  5. Payment of interest and repayment of principal shall be made only to the NRO account of the lender.

anil jain

anil jain (Partner)     23 February 2021

2.1.1 Borrowing in INR by persons other than companies in India: A person resident in India, not being a company incorporated in India, may borrow in INR from NRIs/PIOs after satisfying the following terms and conditions:

  1. Borrowing shall be only on a non-repatriation basis;

  2. The amount of loan should be received either by inward remittance from outside India or by debit to NRE/NRO/FCNR(B)/NRNR/NRSR account of the lender, maintained with an authorised dealer or an authorised bank in India;

  3. Period of loan shall not exceed 3 years;

  4. Rate of interest on the loan shall not be more than two per cent above Bank Rate prevailing on the date of availment of loan;

  5. Payment of interest and repayment of principal shall be made only to the NRO account of the lender.


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