The Credit Card Promissory Note is commonly used in Indian banking practice when there is a need to formalize credit card debt repayment arrangements. This document is particularly relevant when a credit card holder needs to restructure their debt, establish a formal payment plan, or when the bank requires additional documentation for debt collection purposes. The note must comply with the Negotiable Instruments Act, 1881, Banking Regulation Act, 1949, and RBI guidelines. It typically includes detailed information about the outstanding amount, payment schedule, interest rates, and consequences of default. The document serves both as a acknowledgment of debt and a legally enforceable promise to pay, providing the bank with a stronger legal position for debt recovery under Indian law if needed.
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1. Parties: Identification of the credit card issuer (promisee/bank) and the credit card holder (promisor)
2. Background: Context of the credit card debt and circumstances leading to the promissory note
3. Definitions: Key terms used in the document including 'Credit Card Account', 'Outstanding Balance', 'Due Date', etc.
4. Acknowledgment of Debt: Clear statement acknowledging the credit card debt amount and its origin
5. Promise to Pay: Unconditional promise to pay the specified amount with details of the credit card account
6. Payment Terms: Specification of payment amount, schedule, method, and due dates
7. Interest Rate: Details of applicable interest rates, including any changes from original credit card terms
8. Default Provisions: Consequences of default and remedies available to the credit card issuer
9. Representations and Warranties: Promisor's declarations regarding the validity of the debt and capacity to pay
10. Governing Law: Specification of Indian law as governing law and relevant jurisdictions
1. Security Provisions: Include when the note is secured by any collateral or guarantee
2. Co-Signer Details: Include when there is a co-signer or guarantor for the credit card debt
3. Prepayment Terms: Include when specific prepayment options or penalties need to be detailed
4. Electronic Payment Authorization: Include when automatic electronic payments are being set up
5. Credit Card Benefits Continuation: Include when addressing the status of any credit card benefits post note execution
6. Dispute Resolution: Include when specific arbitration or mediation procedures are agreed upon
1. Schedule A - Credit Card Statement: Detailed statement showing the calculation of the outstanding amount
2. Schedule B - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule C - Original Credit Card Agreement: Reference copy of the original credit card agreement
4. Appendix 1 - KYC Documents: Copies of identity and address proof documents
5. Appendix 2 - Account Details: Bank account details for payment processing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Credit Services
Consumer Finance
Retail Banking
Debt Collection
Payment Services
Consumer Services
Relevant Teams
Legal
Credit Operations
Collections
Risk Management
Retail Banking
Compliance
Customer Service
Account Management
Documentation
Credit Analysis
Relevant Roles
Credit Card Operations Manager
Collections Manager
Legal Counsel
Risk Manager
Retail Banking Manager
Credit Analysis Officer
Debt Recovery Officer
Compliance Officer
Banking Operations Manager
Customer Service Manager
Account Relationship Manager
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