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Loans by Nidhi Companies

Posted on by Fastlegal Team

A Nidhi Shall provides loans to its members only.

How much loan a Nidhi Company can give to its members :

#1. Rs. 2 Lakh where total amount of Deposits form its members is less than Rs. 2 crore

#2. Rs. 7.50 Lakh where total amount of Deposits form its members is more than Rs. 2 crore but less than twenty crore rupees

#3. Rs. 12 Lakh where total amount of Deposits form its members is more than Rs. 20 crore but less than Fifty crore rupees

#4. Rs. 15 Lakh where total amount of Deposits form its members is more than Rs. 50 crore

Note : No fresh loans  exceeding 15% of above can be if Nidhi is not profitable for continuously three preceding financial years.

Members who have taken loan from Nidhi and defaulted in repayment of such loan shall not allowed to take fresh loans form Nidhi.

Fastlegal Team

Fastlegal.in is an online provider of legal services such as IP registration & filing, company registration, taxation returns, legal compliance & annual filings, contract drafting, Online Annual Compliance package on a subscription basis (ROC filing, audit requirements, change in partners etc) and Online Registration Package (registering business as a private limited company or LLP or Partnership).

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