foreign loan

Hi,
I am in financial distress and while looking for ways to get a loan to consolidate all my personal loans and liabilities, I chanced upon an article offering financial assistance/loan which turned out to be a foreign entity/individual. I wrote to them and  they have offered loan as below. My question is; is it legal for Indian citizen to get loan from foreign country (if at all receives) for personal purposes or will it be a crime under Indian laws to take/accept loans from foreign bank/entity/individual?
———
Thanks for your response to my Announcement. My loan conditions are
easy and safe to understand and you will get the loan if you meet up
with the requirement that I have listed below. In this email I have
written more details about my loan. I want you to know that I am a
registered credit company and I have been giving out loans for more
than 24 years now.

In getting a loan from our company, there are some information we need
to pass across to you before we can proceed to the application
process.

Criteria
– Borrower must be above 18 years.
– Borrower must have a valid ID. (1 Forms of ID are required)
– Borrower must have a job and have a good monthly income.
– Borrower should be ready to sign the loan Contract/Agreement papers
for the loan during the processing.

– Borrower Must Agree to the Loan Terms and Conditions.

For a Personal Loan
– Choose Between $2,000 and $900,000.00
– Choose Between 1 and 30 years to payback.
– Accept a Low APR of 2%

For a Business Loan
– Choose Between $10,000 and $10,000,000.00
– Choose Between 1 and 45 years to payback.
– Accept a Low APR of 2%

INFORMATION NEEDED:

We will offer you the desired loan amount with no regard to your
present Credit Status.

HOW DO I APPLY

Please Fill this application Form below:

{BORROWER’S DATA INFORMATION}

Full Name:
Prefix.
Business Name (If Any):
Loan Amount Needed:
Purpose of Loan:
Duration:
Date of birth (yyyy-mm-dd):
Gender:
Marital status:
Next Of Kin:
Location:
Home address:
City:
State/province:
Zip/postal code:
Country:
Phone:
Fax:
Mobile/cellular:
E-mail:
Occupation:
Company name:
Monthly Income:
Work address:
Mode of Fund reception:
Diplomatic Courier Delivery Service:
Electronic Bank Transfer:
Do you own an Equity Line of credit account ?

We believe we have been able to answer most of the questions that are
frequently asked by loan applicants before securing a loan. In
agreement to the above rules/policies, you are expected to fill the
form provided above.

Thanks for your understanding and for choosing this firm,

Yours Sincerely,
Mr. Mike Morgan
Executive Zonal Coordinator

Anonymous Asked on September 7, 2017 in Taxations.
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1 Answer(s)

You need to check the RBI Guideline and Fema Guidelines on the same. We wont be able to answer this.

TaxIQ Answered on September 7, 2017.
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