A Promissory Note For Lending Money To Friend is commonly used in India when individuals engage in personal lending arrangements with friends or acquaintances. This document, governed by the Negotiable Instruments Act, 1881, and the Indian Contract Act, 1872, provides a formal structure to what might otherwise be an informal arrangement. It helps protect both parties' interests by clearly documenting the loan amount, repayment terms, and any applicable interest rates. The document should be properly stamped as per the Indian Stamp Act, 1899, to ensure legal validity. While simpler than commercial loan agreements, it still maintains legal enforceability and can be crucial in case of disputes or default. This type of promissory note is particularly valuable in maintaining transparency in personal lending relationships while providing legal recourse if needed.
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1. Parties Identification: Full legal names and addresses of both the promisor (borrower) and promisee (lender)
2. Promise to Pay: Clear and unconditional promise to pay a specific sum of money, including the principal amount in both figures and words
3. Interest Rate: Specification of the agreed interest rate (if any) and how it will be calculated
4. Repayment Terms: Clear statement of when and how the payment will be made, including the due date or payment schedule
5. Place of Payment: Specification of where the payment should be made
6. Date and Place of Execution: Date when and place where the promissory note is signed
7. Signature: Space for signature of the promisor (borrower) and witness signatures if required
1. Security/Collateral: Details of any security or collateral provided against the loan, to be included when the loan is secured
2. Early Repayment Clause: Terms for early repayment of the loan, including any penalties or benefits, if early repayment is to be allowed
3. Default Provisions: Consequences of default and remedies available to the lender, to be included when specific default terms are desired
4. Late Payment Penalties: Any penalties or additional interest for late payments, if applicable
5. Dispute Resolution: Method of resolving any disputes that may arise, to be included when specific dispute resolution mechanisms are desired
1. Payment Schedule: Detailed schedule of installment payments including dates and amounts, if the loan is to be repaid in installments
2. Collateral Details: Detailed description of any collateral provided, including identification numbers, values, and condition, if security is provided
3. Witness Details: Names, addresses, and ID details of witnesses, if witness attestation is being included
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