No Interest Promissory Note Template for Hong Kong

A No Interest Promissory Note is commonly used in Hong Kong when parties wish to document a loan arrangement where no interest will be charged. This document is particularly useful in various scenarios, including family loans, business arrangements where interest charges are not desired, or situations where religious or cultural considerations preclude the charging of interest. The document must comply with Hong Kong's Bills of Exchange Ordinance and Stamp Duty Ordinance, making it a legally enforceable instrument. It provides clear evidence of debt, specifying the amount owed, payment terms, and parties involved, while explicitly stating that no interest will be charged. This type of promissory note is often used in both commercial and personal contexts, offering a simpler alternative to more complex loan agreements while maintaining legal enforceability.

1. Parties: Identification of the Maker (Promisor) and the Payee (Promisee) with their full legal names and addresses

2. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount in both numbers and words

3. Payment Terms: Detailed description of when and how the payment will be made, including due date(s) and payment method

4. No Interest Provision: Explicit statement that no interest shall be charged on the principal amount

5. Place of Payment: Specification of where the payment is to be made

6. Governing Law: Statement that the note is governed by Hong Kong law

7. Signature Block: Space for signature of the Maker, date, and witness signatures if required