The Simple Interest Promissory Note is a fundamental financial instrument used in Nigerian business and personal transactions to document debt obligations. This document is particularly useful when parties need to formalize a loan agreement with straightforward interest calculations, whether for business financing, personal loans, or commercial transactions. The note complies with Nigerian federal regulations, including the Money Lenders Act and related financial legislation, making it enforceable in Nigerian courts. It specifies the principal amount, simple interest rate, payment terms, and default provisions, providing clear documentation of the debt obligation. The document is commonly used by banks, businesses, and individuals for various lending purposes, from small personal loans to larger commercial transactions, where compound interest is not desired or required.
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1. Parties: Identification of the Promisor (borrower) and Promisee (lender) with full legal names and addresses
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in both numbers and words
3. Interest Rate: Specification of the simple interest rate, calculation method, and frequency of interest accrual
4. Payment Terms: Details of payment schedule, including due date(s), installment amounts if applicable, and payment method
5. Place of Payment: Specification of where and how payments should be made
6. Default Provisions: Consequences of default, including any acceleration clause and default interest rate
7. Governing Law: Statement that the note is governed by Nigerian law
1. Security: Details of any collateral or security provided for the note - include when the loan is secured
2. Prepayment Terms: Conditions and terms for early repayment - include when early repayment is allowed
3. Late Payment Penalties: Additional penalties or fees for late payments - include when specific late payment terms are desired
4. Assignment: Terms regarding the transfer or assignment of the note - include when the note may need to be transferable
5. Guarantor: Details of any guarantor and their obligations - include when there is a third-party guarantee
6. Notice Provisions: Methods and addresses for formal notices - include for larger loan amounts or complex payment structures
1. Payment Schedule: Detailed breakdown of payment dates and amounts, if installment payments are involved
2. Security Details: Detailed description of any collateral or security, including registration numbers or identifying information
3. Calculation of Interest: Example calculations showing how interest is computed and applied to the principal
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