A No Interest Promissory Note is commonly used in India for documenting interest-free loans between parties who wish to maintain a formal record of their financial arrangement. This document is particularly useful in family lending, religious contexts where interest is prohibited, or business situations where parties agree to interest-free credit terms. It must comply with the Negotiable Instruments Act, 1881, and other relevant Indian legislation, requiring proper execution, stamping, and possible registration. The note typically includes the principal amount, payment terms, maker and payee details, and explicit mention of its interest-free nature. It provides legal protection for both parties while maintaining the simplicity of an interest-free arrangement, making it suitable for both personal and business contexts where traditional interest-bearing loans are not desired or appropriate.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies the maker (promisor) and payee (promisee) with their full legal names, addresses, and any relevant identification details
2. Promise to Pay: Clear and unconditional promise to pay a specific sum of money, including the amount in both figures and words
3. Payment Terms: Specifies the date or timeline for payment, whether it's on demand or at a specific future date
4. No Interest Declaration: Explicit statement that no interest shall be charged on the principal amount
5. Place of Payment: Specifies where the payment should be made
6. Mode of Payment: Acceptable methods of payment (cash, check, bank transfer, etc.)
7. Signature and Attestation: Space for signatures of the maker, witness(es), and any required attestation
1. Security/Collateral: Details of any assets provided as security for the promise, used when the note is secured
2. Co-maker/Guarantor: Information and obligations of any co-maker or guarantor, included when there's additional security through personal guarantee
3. Default and Remedies: Consequences of default and available remedies, included for more formal or higher-value transactions
4. Prepayment Provisions: Terms allowing early payment of the note, included when early payment is specifically contemplated
5. Assignment Clause: Terms regarding the transferability of the note, included when the note needs to be negotiable
6. Force Majeure: Provisions for unforeseen circumstances affecting payment, included in longer-term payment arrangements
1. Payment Schedule: If payment is to be made in installments, details the amount and date of each payment
2. Collateral Description: Detailed description of any assets provided as security, including identification numbers, locations, and values
3. Witness Details: Complete information about witnesses including their names, addresses, and ID proof details
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Real Estate
Family Business
Non-profit Organizations
Educational Institutions
Religious Organizations
Small and Medium Enterprises
Agriculture
Healthcare
Retail
Construction
Relevant Teams
Legal
Finance
Compliance
Treasury
Credit Control
Risk Management
Corporate Secretarial
Accounts Receivable
General Counsel
Administrative
Relevant Roles
Chief Financial Officer
Financial Controller
Legal Counsel
Compliance Officer
Credit Manager
Accounts Receivable Manager
Treasury Manager
Risk Manager
Company Secretary
Finance Director
Business Owner
Managing Director
Loan Officer
Financial Analyst
Legal Administrator
Find the exact document you need
Construction Promissory Note
An Indian law-compliant promissory note specifically designed for construction-related payments and obligations, governed by the Negotiable Instruments Act and construction regulations.
find out more
Straight Note (Real Estate)
An Indian law-governed promissory note secured by real estate property, documenting terms of loan repayment and property security details.
find out more
Promissory Note For Lending Money
A legally binding financial instrument under Indian law that documents an unconditional promise to pay a specified sum of money, including loan terms and repayment conditions.
find out more
Promissory Note For Housing Loan
An Indian legal document containing a borrower's unconditional promise to repay a housing loan, governed by the Negotiable Instruments Act, 1881.
find out more
Promissory Note For Bank Loan
A legally binding financial instrument under Indian law that documents a borrower's promise to repay a specific loan amount to a bank with defined terms and conditions.
find out more
Iou Promissory Note
A legally binding financial instrument under Indian law wherein one party promises to pay a specified sum to another party, either on demand or at a fixed future date.
find out more
Promissory Note For Real Estate Purchase
An Indian law-compliant promissory note documenting a buyer's promise to pay for real estate property, including payment terms and property details.
find out more
Promissory Note
A legally binding financial instrument under Indian law containing an unconditional written promise to pay a specified sum of money to a named party.
find out more
Secured Demand Note
An Indian law-governed financial instrument combining a demand promissory note with security arrangements, enabling secured lending with on-demand repayment features.
find out more
Promissory Letter For Work
An Indian legal document combining a promissory note with work commitments, governed by Indian contract law and negotiable instruments legislation.
find out more
International Promissory Note
An Indian law-governed promissory note for international transactions, containing an unconditional promise to pay a specified sum with cross-border payment provisions.
find out more
Loan Note
An Indian law-governed debt instrument documenting loan terms, repayment obligations, and security arrangements between lender and borrower.
find out more
Unsecured Promissory Note
An Indian law-governed financial instrument containing an unconditional written promise to pay a specified sum without any security or collateral.
find out more
Secured Promissory Note
An Indian law-governed financial instrument combining a promise to pay with security interests in assets, documenting a secured debt obligation with specified payment and enforcement terms.
find out more
Promissory Note With Notary
An Indian law-governed notarized financial instrument containing an unconditional written promise to pay a specified sum of money under defined terms.
find out more
Promissory Note Seller Financing
A legally binding financial instrument under Indian law documenting a buyer's promise to pay a seller over time, with specified payment terms and conditions.
find out more
Note Trust Deed
An Indian law-governed document establishing a trust structure for note issuances, defining the relationship between issuer, trustee, and noteholders.
find out more
Shareholder Promissory Note
An Indian law-governed financial instrument documenting a company's promise to pay a specified sum to a shareholder, including payment terms and conditions.
find out more
Simple Note Payable Agreement
An Indian law-governed agreement documenting a promise to pay a specified sum of money, with defined payment terms and conditions.
find out more
Senior Promissory Note
An Indian law-governed debt instrument containing a senior-ranking promise to pay a specified sum with defined terms and conditions.
find out more
Recourse Promissory Note
An Indian law-governed financial instrument containing a written promise to pay a specified sum, with recourse rights against the maker or endorsers in case of default.
find out more
Promissory Note Mortgage
An Indian legal instrument combining a promissory note with a mortgage deed, creating both a payment obligation and security interest in real property under Indian law.
find out more
Promise To Pay Letter For Rent
An Indian law-compliant formal written commitment from a tenant acknowledging rental dues and promising payment according to a specified schedule.
find out more
Note Agreement
An Indian law-governed promise to pay document that creates a legally binding debt obligation between a borrower and lender, including payment terms and conditions.
find out more
Interest Only Balloon Note
An Indian law-governed loan document structuring interest-only payments with a final balloon payment, compliant with RBI regulations and Indian Contract Act.
find out more
Legal Iou Form
A legally binding debt acknowledgment document under Indian law that records a borrower's promise to repay a specified amount to a lender under defined terms.
find out more
Medical Promissory Note
An Indian legal document combining a financial promise to pay with medical service details, governed by the Negotiable Instruments Act and healthcare regulations.
find out more
Standard Promissory Note Secured
An Indian law-governed financial instrument containing a promise to pay a specific sum with interest, secured by collateral, creating enforceable rights for the lender over the security in case of default.
find out more
Business Loan Promissory Note
An Indian law-governed promissory note documenting a business borrower's unconditional promise to repay a specified loan amount with interest to a lender.
find out more
Old Promissory Note
A legally binding written promise to pay a specified sum under Indian law, governed by the Negotiable Instruments Act, 1881.
find out more
Multiple Advance Promissory Note
An Indian law-governed financial instrument that enables multiple drawdowns under a single promissory note, combining credit line flexibility with legal enforceability.
find out more
Future Advance Promissory Note
An Indian law-governed financial instrument that combines a traditional promissory note with provisions for future monetary advances up to a predetermined maximum amount.
find out more
Consolidated Promissory Note
An Indian law-compliant financial instrument that combines multiple promissory notes or debt obligations into a single legally binding document.
find out more
Unsecured Demand Promissory Note
An Indian law-governed unsecured financial instrument containing an unconditional promise to pay a specified sum on demand, regulated under the Negotiable Instruments Act, 1881.
find out more
Unsecured Promissory Note Issued By A Corporation
An Indian law-governed financial instrument containing a corporation's unconditional promise to pay a specified sum without security.
find out more
Promissory Note Letter For Payment
A legally binding financial instrument under Indian law where one party promises in writing to pay a specified sum of money to another party, governed by the Negotiable Instruments Act, 1881.
find out more
Credit Card Promissory Note
An Indian law-compliant financial instrument that documents a credit card holder's promise to repay outstanding credit card debt to the issuing bank.
find out more
6 Month Promissory Note
An Indian law-governed promissory note containing an unconditional promise to pay a specified sum within six months, structured under the Negotiable Instruments Act, 1881.
find out more
Simple Promissory Letter
A legally binding document under Indian law containing an unconditional promise to pay a specified sum of money to a designated party.
find out more
Promissory Note With Balloon Payment
An Indian law-governed promissory note featuring regular payments and a larger final balloon payment, structured under the Negotiable Instruments Act, 1881.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)