I think at that rate even you can buy it from localbitcoin itself and more over you will get the escrow service as well there rather than here.
Also you have to repay loan so it should be INR paying to bank right or is it personal loan you taken from the friend?
I tried localbitcoins but I didn't find any appropriate trader, I don't have verified localbitcoins account and currently most traders are trading for more than 2,000 INR.
Nope, the loan is from kind bitcointalk member zazarb.