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Loan from Directors
Since a private company has a very low CIBIL score, the bank is agreeing to give loan in the name of a director based on the company's performance. Can this loan be recorded in the company's name? Please guide me with reference to deposit rules.
Replies (2)
Quick Summary
A company can take loan from its director but the director has not borrowed that money from anywhere.
And in that case Director will submit a declaration with the Company that amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others.
And in that case Director will submit a declaration with the Company that amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others.
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