The Personal Loan Promissory Note is a fundamental document in Indian lending practices, essential for both institutional and private lending arrangements. This document is typically used when extending personal loans, whether between individuals or through financial institutions, and serves as a legally enforceable evidence of debt. Governed by Indian law, particularly the Negotiable Instruments Act, 1881, and the Indian Contract Act, 1872, it must include specific components to be valid, such as an unconditional promise to pay, a definite sum, and proper parties' identification. The document is crucial for protecting lenders' interests while clearly outlining borrowers' obligations, including repayment terms, interest rates, and default consequences. It can be used independently or as part of a larger loan documentation package.
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1. Parties: Identification of the lender (payee) and borrower (maker) with complete names, addresses, and other relevant contact details
2. Background: Brief context of the loan arrangement and relationship between the parties
3. Definitions: Key terms used in the document including 'Due Date', 'Interest Rate', 'Principal Amount', 'Default Interest'
4. Promise to Pay: Unconditional promise by the borrower to pay the specified sum with interest, including the exact amount in both figures and words
5. Interest Rate and Calculation: Clear specification of the interest rate, calculation method, and payment frequency
6. Payment Terms: Details of repayment schedule, payment method, and due dates
7. Default and Consequences: Conditions constituting default and resulting consequences including default interest rate
8. Representations and Warranties: Basic declarations by the borrower regarding legal capacity and authority to enter into the agreement
9. Notices: Method and addresses for serving notices between parties
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
1. Security: Include when the loan is secured by any assets or collateral
2. Guarantor Details: Include when a third party is guaranteeing the loan
3. Prepayment Terms: Include when early repayment is allowed, specifying any penalties or procedures
4. Insurance: Include when insurance is required for secured assets or borrower's life insurance is mandated
5. Assignment: Include when either party needs the right to assign the promissory note to others
6. Force Majeure: Include when parties want to address unforeseen circumstances affecting repayment ability
7. Electronic Payment Authorization: Include when automatic electronic payments are being set up
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing principal and interest breakup for each installment
2. Schedule B - Security Details: Description of any collateral or security provided for the loan
3. Schedule C - Payment Instructions: Bank account details and payment processing information
4. Appendix 1 - KYC Documents: List of identity and address proof documents provided by the borrower
5. Appendix 2 - Demand Promissory Note: Separate promissory note in prescribed format as per Negotiable Instruments Act
Relevant legal definitions
Agreement
Applicable Law
Business Day
Default
Default Interest Rate
Due Date
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Maker
Material Adverse Effect
Maturity Date
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Principal Outstanding
Promissory Note
Repayment Schedule
Security
Secured Assets
Standard Interest Rate
Term
Working Day
Applicable Law
Business Day
Default
Default Interest Rate
Due Date
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Maker
Material Adverse Effect
Maturity Date
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Principal Outstanding
Promissory Note
Repayment Schedule
Security
Secured Assets
Standard Interest Rate
Term
Working Day
Clauses
Promise to Pay
Interest
Repayment
Security
Default
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Assignment
Stamp Duty
Electronic Payment
Force Majeure
Governing Law
Jurisdiction
Severability
Amendment
Waiver
Indemnification
Acceleration
Set-off
Costs and Expenses
Prepayment
Registration
Interest
Repayment
Security
Default
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Assignment
Stamp Duty
Electronic Payment
Force Majeure
Governing Law
Jurisdiction
Severability
Amendment
Waiver
Indemnification
Acceleration
Set-off
Costs and Expenses
Prepayment
Registration
Relevant Industries
Banking
Financial Services
Microfinance
Consumer Lending
Peer-to-Peer Lending
Personal Finance
Credit Services
Retail Banking
Private Banking
Relevant Teams
Legal
Compliance
Risk Management
Credit Operations
Retail Banking
Document Processing
Collections
Customer Service
Loan Operations
Credit Assessment
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Banking Operations Manager
Personal Banking Officer
Financial Advisor
Collections Manager
Document Specialist
Relationship Manager
Credit Analyst
Branch Manager
Retail Banking Officer
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