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Sample Promissory Note - Loan

This promissory note outlines the terms of a loan between a lender and borrower. The borrower promises to pay the principal sum of [amount] pesos to the lender over [time period] months, with interest at [interest rate] percent per year. If payments are late, a penalty of [penalty rate] percent per month will be charged on unpaid amounts until paid in full. The borrower also agrees to pay penalty charges if principal or interest is not paid when due.

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17K views1 page

Sample Promissory Note - Loan

This promissory note outlines the terms of a loan between a lender and borrower. The borrower promises to pay the principal sum of [amount] pesos to the lender over [time period] months, with interest at [interest rate] percent per year. If payments are late, a penalty of [penalty rate] percent per month will be charged on unpaid amounts until paid in full. The borrower also agrees to pay penalty charges if principal or interest is not paid when due.

Uploaded by

Champ0418
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd

PROMISSORY NOTE

Philippine Peso: ______________________ PN No. __________


Date: ____________

FOR VALUE RECEIVED, I/we unconditionally promise to pay (jointly and


severally in case of more than one Borrower) to the order of _____________________
(hereinafter referred as the “Lender”) the principal sum of
_______________________________________________ PESOS (Php______________.00),
for _________ (___) months, due and payable without need of notice or demand every
_________ day of each month starting ____________, provided that a late payment
penalty of ________ Percent (_____%)per month shall be added on each unpaid
installment from due date thereof until fully paid.

I further promise to pay interest on this Note at the rate, time and manner set
forth in our Loan Agreement. The interest on this Note shall be fixed at __________
Percent (__%) per annum throughout the term of the Loan and shall be payable in
arrears computed monthly.

If I fail to pay any principal and/or interest under this Note when due, I shall, on
demand by the Lender, pay a penalty charge at the rate of ____________ Percent (__
%)per month, computed from the due date thereof until full payment.

IN WITNESS WHEREOF, I have hereunto set my hand this _____________ in


Davao City, Philippines.

___________________________
Maker
ID Type & No.: _________________

SUBSCRIBED AND SWORN to before me this ___________________ in Davao


City, Philippines; affiant exhibiting to me his competent evidence of identity as
mentioned above.

Doc No. _____;


Page No._____;
Book No. ____;
Series of 2017.

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