The Simple Promissory Note For Personal Loan is a fundamental financial instrument used in Malaysia when individuals enter into personal lending arrangements. This document is particularly useful for documenting informal loans between individuals or small-scale personal lending situations where a full loan agreement might be unnecessarily complex. It must comply with the Bills of Exchange Act 1949 and the Contracts Act 1950 of Malaysia, and requires proper stamping under the Stamp Act 1949 to be admissible in court. The document typically includes the loan amount, interest rate, payment schedule, and the parties' information, creating a legally enforceable promise to pay. It's simpler than a formal loan agreement but still provides legal protection for both lender and borrower, making it ideal for personal loans, family loans, or small business arrangements where trust exists between parties but formal documentation is desired.
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1. Date and Place: The date and location where the promissory note is executed, essential for determining jurisdiction and commencement of obligations
2. Parties' Information: Full legal names, identification numbers, and addresses of both the maker (borrower) and payee (lender)
3. Promise to Pay: Clear, unconditional promise to pay a specific sum of money, including the principal amount written in both words and figures
4. Payment Terms: Specific details about when and how the payment will be made, including payment schedule, interest rate, and maturity date
5. Mode of Payment: Specified method of payment and where/how payments should be made
6. Signature: Space for maker's (borrower's) signature and date of signing
1. Security/Collateral: Details of any assets pledged as security for the loan, used when the note is secured rather than unsecured
2. Co-signer Details: Information and signature space for any co-signer or guarantor, included when there is a third-party guarantee
3. Default and Acceleration: Specific conditions that constitute default and the lender's right to accelerate payment, included for higher-risk loans
4. Prepayment Terms: Conditions and any penalties for early payment, included when prepayment restrictions are desired
5. Late Payment Penalties: Specific penalties or additional interest for late payments, included when stricter payment enforcement is needed
1. Payment Schedule: Detailed breakdown of payment dates and amounts, particularly useful for installment payments
2. Collateral Description: Detailed description of any secured assets, including identification numbers, locations, and values
3. Interest Calculation Method: Detailed explanation of how interest is calculated, especially if using complex interest structures
Relevant legal definitions
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Banking & Financial Services
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Real Estate
Small Business
Consumer Finance
Microfinance
Personal Banking
Retail Banking
Relevant Teams
Legal
Compliance
Credit Administration
Risk Management
Personal Banking
Collections
Document Management
Customer Service
Private Banking
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Relevant Roles
Personal Banking Officer
Loan Officer
Credit Manager
Financial Advisor
Legal Counsel
Compliance Officer
Document Controller
Risk Assessment Officer
Collections Officer
Relationship Manager
Private Banking Manager
Notary Public
Commissioner for Oaths
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