Loan from Director

A private limited company can accept loan from its director or relative of director from their own funds only.
Director & relative has to furnish a declaration to the company that loan is being provided from own funds & without taking loan from other.

So, if it's taken when he was Director, than it's ok..but now you can not take.

Thank you for your response

Most welcome.......

A private company can take loan from its Directors?