A Simple Promissory Note For Personal Loan is a fundamental legal instrument used in the United Arab Emirates when one party (the maker/borrower) promises to pay a specific sum of money to another party (the payee/lender). This document is particularly useful for personal lending arrangements and is governed by UAE Federal Law No. 18 of 1993 (Commercial Transactions Law) and UAE Federal Law No. 5 of 1985 (Civil Code). The document must contain certain mandatory elements including the amount borrowed, payment terms, and parties' details to be legally enforceable. It serves as both a proof of debt and a legally binding promise to repay, making it a crucial document for personal lending transactions in the UAE.
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1. Title and Date: Clear identification as a Promissory Note with execution date
2. Maker's Details: Full legal name, Emirates ID number, and address of the person making the promise to pay
3. Payee's Details: Full legal name and address of the person to whom the payment is to be made
4. Promise to Pay: Unconditional promise to pay with the specific amount in both numbers and words
5. Payment Terms: Due date or payment schedule, including whether payable on demand or at a specific time
6. Interest Rate: Specification of any applicable interest rate (if any) in compliance with UAE law
7. Place of Payment: Specification of where the payment is to be made
8. Signature Block: Space for maker's signature, date, and witness signatures
1. Security Provisions: Details of any collateral or security provided for the loan (if applicable)
2. Late Payment Provisions: Terms regarding late payment penalties or consequences, if agreed upon
3. Prepayment Terms: Conditions under which early payment is permitted and any associated terms
4. Governing Law Statement: While UAE law applies by default, explicit statement of governing law might be included for clarity
1. Payment Schedule: Detailed breakdown of payment installments with dates and amounts (if not a single payment)
2. Security Details: Description of any collateral or security provided (if applicable)
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Private Lending
Real Estate
Small Business
Personal Finance
Microfinance
Consumer Services
Professional Services
Relevant Teams
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Finance
Compliance
Risk Management
Personal Banking
Credit Administration
Collections
Contract Administration
Relevant Roles
Legal Counsel
Finance Manager
Loan Officer
Credit Manager
Personal Banking Officer
Compliance Officer
Risk Manager
Financial Advisor
Legal Administrator
Notary Public
Debt Collection Officer
Contract Administrator
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