The promissory note is a part of the loan settlement and is often being signed by the borrower in order to promise of paying a certain amount of interest along with the principal loan amount. The promissory note acts as an agreement between the borrower as well as the lender. It requires certain criteria to be met, and clear statement from the borrower that shows its consent to pay that extra sum on principal amount.
The promissory note form provides great ease to the user due to its customisable nature. Anyone who needs to write a promissory note can use the following template for making a valid and comprehensive promissory note, according to the personal requirement using these printable and adaptable documents as per legal format. There is a huge collection of formats and user can select any of them according to the requirement.
What is a Promissory Note?
Promissory note is a legal document between the lender and the borrower that defines the terms and conditions for the loan and repayment of the money owing. It is a legally enforceable document around the globe with little differences as per local laws. Whenever you are borrowing or lending something or money to or from anyone a promissory note must be signed to save both the parties involved in the agreement.
How to write a Promissory Note?
The easiest way to create a promissory note format is the use of available templates. You can download a template that suits the best for your dealing. Add your personal details like names and addresses of the lender and the borrower at the places specified in the template. Check the given sample terms and conditions and make necessary amendments according to your own conditions. And get the signatures of all the parties at the location mentioned in the template. Your deed is ready.
Any promissory note must contain the following points.
- The names and addresses of the involved parties
- The date of borrowing or lending and date of signing the agreement
- Amount of loan
- Any securities if defined
- Date of repayment and also the mode of payment
- Amount of interest and payment mode of the interest
- Rules to resolve any issues if they arise
- Signatures of involved parties and the legal witness
Below you can find a ready made promissory note that can be used at any time by the involving parties in order to meet their need of loan settlements. It can be used directly without making any adjustment while its flexible manuscript also allows its user to make necessary adjustments as and when they are required.