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Document Description

A promissory note is simply an instrument in writing wherein borrower undertakes to pay the specified amount with interest to lender at a specified time. You need this to legally enforce claim to funds,or access to other remedies,if the borrower defaults.Promissory note contains detail regarding rate of interest and collateral security(property given in lieu of loan e.g. jewellery). It helps in avoiding any confusion in the minds of both borrower and lender.

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Related Documents

Users who create Simple Promissory Note often require the following list of additional agreements.