The Promissory Note For Personal Loan is a crucial document in Malaysian personal lending transactions, providing a legally enforceable record of debt and repayment obligations. It is commonly used when individuals borrow money from other individuals, licensed moneylenders, or financial institutions. The document must conform to Malaysian legal requirements, particularly the Bills of Exchange Act 1949, Moneylenders Act 1951, and Stamp Act 1949. It includes essential information such as the loan amount, interest rate, payment terms, maker's (borrower's) details, and payee's (lender's) information. This type of promissory note is particularly useful in situations where formal loan agreements might be too complex or costly, while still providing legal protection for both parties involved in the lending transaction.
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1. Place and Date: Location where the note is executed and date of execution - essential for enforcement and limitation periods
2. Maker's Details: Full legal name and address of the person making the promise to pay (the borrower)
3. Payee's Details: Full legal name and address of the person to whom payment is promised (the lender)
4. Promise to Pay: Unconditional promise to pay with specific amount in words and numbers
5. Payment Terms: Specified date or timeline for payment, including whether payable on demand or at a fixed/determinable future time
6. Interest Rate: Clearly stated interest rate (if any) and calculation method, complying with Malaysian Moneylenders Act
7. Place of Payment: Specified location where payment should be made
8. Signature: Maker's signature and date of signing
1. Security Details: Include when the promissory note is secured by collateral or other assets
2. Co-Maker Details: Used when there is a co-signer or guarantor for the loan
3. Default Provisions: Specific consequences and procedures in case of default
4. Prepayment Terms: Include when early payment options are allowed, including any penalties or benefits
5. Assignment Clause: Include when the note needs to be transferable to other parties
6. Governing Law: While Malaysian law applies, specific jurisdiction within Malaysia can be specified
7. Witness Details: Include when witnesses are required for additional verification
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts if not a single payment
2. Security Description: Detailed description of any collateral or security provided for the loan
3. Interest Calculation Table: Detailed breakdown of how interest is calculated and applied over the loan term
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