A resident Indian wish to get loan from london bank? is it legal or illegal?

Question

A resident Indian living in India has applied loan to London Bank thro' online. The bank also accepted to bussiness give loan. Is it legal or illegal?

Answer 1

Best Answer - Chosen by Asker

Legal, provided he has obtained permission from RBI(depending upon quantum of loan)

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Asker's Comment:

Decent answer

Answer 2

As an aspiring entrepreneur you have to realize the road ahead is going to be tough. While one of the hardest things that you have to do to start your small business is to get the funding that you need to start up. Most small-business owners are lucky enough to have enough resources such as surplus funds in their savings accounts to start their businesses. But for the majority of those business owners just like you and I, we require some help and assistance.

http://www.worldbestloans.com/businessloans.htm

With the recent recession and the economy heading towards a downward spiral, getting the loan that you need to start your small business is going to be a very difficult road for you. But thanks to Uncle Sam there is a better choice out there for you. The government is going to offer you a small business loan grant. The benefits of getting a grant from the government is the fact that it never has to be paid back unlike a normal loan from major banks such as Bank of America Wells Fargo etc.

Answer 3

It is possible. However, you will have to channelise the loan amount through an Indian Bank and there will be slight additional interest levy over and above the interest charged by the London Bank as per the Reserve Bank Regulations.