Unsecured Promissory Note for Singapore

Unsecured Promissory Note Template for Singapore

An Unsecured Promissory Note under Singapore law is a written promise to pay a specific sum of money to a named party at a defined future date or on demand. Unlike secured notes, this document doesn't require collateral as security. The document is governed by Singapore's Civil Law Act and Bills of Exchange Act, providing a legally binding framework for the promise of payment while adhering to local regulatory requirements regarding interest rates and enforcement.

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What is a Unsecured Promissory Note?

An Unsecured Promissory Note is commonly used in Singapore when one party needs to formalize a promise to repay a debt without providing collateral. This document type is particularly relevant for business loans, personal lending, or commercial transactions where trust between parties is established. The note must comply with Singapore's legal framework, including the Civil Law Act and Money Lenders Act. As an unsecured instrument, it typically includes specific payment terms, interest rates (if applicable), and consequences of default, while providing the lender with a clear basis for legal recourse if needed.

What sections should be included in a Unsecured Promissory Note?

1. Date: Date of execution of the promissory note

2. Promise to Pay: Unconditional promise to pay a specified sum

3. Principal Amount: The exact sum to be repaid

4. Payment Terms: When and how payment will be made

5. Maker's Details: Full legal name and address of the person making the promise

6. Payee's Details: Full legal name and address of the person to whom payment is promised

7. Signature Block: Space for maker's signature and date of signing

What sections are optional to include in a Unsecured Promissory Note?

1. Interest Rate: Terms of interest including rate, calculation method, and payment frequency

2. Late Payment Penalties: Consequences of default or late payment including any additional charges or interest

3. Prepayment Terms: Conditions and procedures for early repayment of the note

4. Governing Law: Explicit statement that Singapore law governs the promissory note

What schedules should be included in a Unsecured Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts for installment payments

2. Interest Calculation Schedule: Detailed breakdown of interest calculations and accumulated amounts over time

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Maker
Payee
Principal Amount
Payment Date
Maturity Date
Default
Event of Default
Interest Rate
Business Day
Due Date
Late Payment Fee
Prepayment
Place of Payment
Governing Law
Banking Day
Notice
Payment Method
Acceleration
Successors and Assigns

Clauses

Relevant Industries

Financial Services
Small Business
Real Estate
Private Lending

Relevant Teams

Finance
Treasury
Legal
Accounting
Risk Management

Relevant Roles

Chief Financial Officer
Finance Manager
Treasury Manager
Business Owner
Legal Counsel

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