A Simple Interest Promissory Note is commonly used in Indonesia when one party needs to formally document a loan obligation with straightforward interest calculations. This document is essential for both business and personal lending transactions where parties wish to create a legally enforceable debt instrument. The note must comply with Indonesian Civil Code (KUHPerdata) requirements, Bank Indonesia regulations regarding currency use, and OJK guidelines on lending practices. It specifies the principal amount, interest rate, payment terms, and consequences of default, all denominated in Indonesian Rupiah. The document can be enhanced with security features such as collateral or guarantors, and may require notarization for additional legal protection. It's particularly useful for businesses seeking working capital, individuals borrowing money, or in vendor financing arrangements where a formal record of debt obligation is needed.
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1. Date and Place: Specific date and location where the promissory note is executed
2. Parties Identification: Full legal names and addresses of the Maker (borrower) and Payee (lender)
3. Promise to Pay: Clear and unconditional promise to pay, specifying the principal amount in both numbers and words
4. Interest Rate: Simple interest rate expressed as an annual percentage, calculation method, and payment frequency
5. Payment Terms: Due date, payment schedule, and method of payment
6. Currency: Specification that the payment is to be made in Indonesian Rupiah (as required by law)
7. Default Provisions: Consequences of late payment or default, including any late payment penalties
8. Prepayment Terms: Terms and conditions for early repayment of the note
9. Governing Law: Statement that the note is governed by Indonesian law
10. Signature Block: Space for signatures of the maker and witness(es), with proper authentication as required by Indonesian law
1. Security/Collateral: Details of any assets pledged as security for the note - include when the note is secured
2. Guarantor Provisions: Terms of guarantee and guarantor details - include when there is a third-party guarantor
3. Assignment Clause: Terms for transferring or assigning the note - include when the note needs to be transferable
4. Notarization Statement: Official notarization text - include when the note needs to be notarized for additional legal protection
5. Force Majeure: Provisions for unforeseen circumstances affecting payment - include for longer-term notes or larger amounts
6. Dispute Resolution: Specific procedures for resolving disputes - include for high-value notes or complex arrangements
1. Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved
2. Collateral Description: Detailed description of any assets provided as security, including registration numbers or identifying details
3. Interest Calculation Examples: Examples showing how interest will be calculated and applied to the principal amount
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Private Lending
Real Estate
Small and Medium Enterprises
Corporate Finance
Manufacturing
Retail
Agriculture
Technology
Professional Services
Construction
Trade and Commerce
Relevant Teams
Legal
Finance
Treasury
Credit and Risk
Compliance
Corporate Secretariat
Accounts Receivable
Debt Collection
Business Development
Corporate Affairs
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Loan Officer
Credit Analyst
Legal Counsel
Compliance Officer
Risk Manager
Corporate Secretary
Account Manager
Business Development Manager
Financial Controller
Debt Collection Manager
Credit Risk Officer
Corporate Lawyer
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