Simple Promissory Note

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.

When a person issues a promissory note, he/she would have to stamp it as per Indian Stamp Act and normally a revenue stamp is affixed on the promissory note signed by the borrower. Use this agreement if You plan to loan money to another person or business, and would like to formalize the agreement. You are looking to borrow money from a private party or a business, and you would like to get all the terms in writing. You are involved in a loan that includes interest, and you wish to prepare an amortization table for both parties. You need a written record determining the amount of a monthly loan payment. You have been asked to create a Promissory Note on behalf of a lender and borrower to outline the terms of a loan.

Create Legal Docs, The Hassle Free Way

Every Legistify Document Gets You Free Storage, Utmost Customisability And The Personalized Help You Need.

EXPERT REVIEWED

Our documents are created and vetted by legal professionals. All you need to do is to answer a few simple questions and your customized document is ready in minutes.

AFFORDABLE

We work with an aim to make legal accessible and affordable. Every document at legistify is priced to be extremely pocket friendly with no compromises on quality.

ASSISTED DRAFTING

If you get stuck or confused in any of the steps, we're always here to help. Our team of on-call experts can help you with all your queries.

HANDLED WITH CARE

Every customer is valuable to us. We cater to all your requirements with tremendous passion, dedication and care.


Related Documents

Want To Create Your Own Simple Promissory Note Draft It Now In Minutes Online Hassle-Free.

Create Now