Question

What are the parts of a promissory note?

Answer 1

The parts of a promissory note are:

• Lender details and contact information.
• Borrower name and contact information.
• Interest rate and how it’s been calculated.
• Principal loan amount.
• Loan maturity date.
• The date of the first payment is required.
• Fees and charges.
• Date and place of issuance.
• Loan conditions.
• Borrower’s signature.
• Repayment terms and options.

Also read:

• What Is Promissory Note?
• Difference Between Bill of Exchange and Promissory Note