Promissory Note

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What is a Promissory Note?

Promissory note is a written promise to pay a debt. It is a financial instrument, in which one party (maker or issuer) promises in writing to pay a determinate sum of money to the other (the lender), either at a fixed, determinable future time or on demand of the payee subject to specific terms and conditions.

It is of different types-single/joint borrowers, payable on demand, payable in installments or as lump sum, interest-bearing and interest-free.

Things to keep in mind while writing a Promissory Note: