A No Interest Promissory Note is commonly used in Singapore when parties wish to formalize a loan arrangement without charging interest, often in family transactions, friendly loans, or business arrangements where interest charges are not desired. The document must comply with Singapore's legal framework, including the Contracts Act and Bills of Exchange Act, and requires proper execution and stamping to be legally enforceable. It typically includes specific payment terms, due dates, and the unconditional promise to pay, while explicitly stating that no interest will be charged on the principal amount.
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1. Date: Date of execution of the promissory note
2. Parties: Identification of maker (promisor) and payee (promisee)
3. Promise to Pay: Unconditional promise to pay a specific sum
4. Payment Terms: Schedule and method of payment
5. No Interest Clause: Explicit statement that no interest will be charged
6. Signature Block: Space for maker's signature and witness attestation
1. Security: Details of any collateral securing the note - include when the note is secured by assets
2. Default Provisions: Consequences of default and remedies - include when specific default terms are required
3. Prepayment Terms: Conditions for early payment - include when early payment options are allowed
4. Assignment Clause: Terms for transferring the note - include when the note may be transferred
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Security Details: Description of any collateral or security arrangements
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