Simple Promissory Note No Interest Template for Hong Kong

The Simple Promissory Note No Interest is a fundamental financial instrument used in Hong Kong for documenting straightforward debt obligations where no interest is to be charged. This document type is particularly useful in situations involving personal loans, business transactions, or family arrangements where parties wish to formally document a debt without the complexity of interest calculations. Governed by Hong Kong's Bills of Exchange Ordinance (Cap. 19), the document must contain certain essential elements to be legally valid, including an unconditional promise to pay, a specified sum, and the parties' details. The lack of interest provisions makes this version of a promissory note particularly suitable for interest-free arrangements between parties who have a pre-existing relationship or where simplicity is preferred over complex financial terms.

1. Date: The date of execution of the promissory note

2. Promise to Pay Statement: Clear, unconditional promise to pay a specific sum of money

3. Parties: Full legal names and addresses of the maker (promisor) and payee (promisee)

4. Amount: The principal amount in both numbers and words to avoid ambiguity

5. Payment Terms: When and how the payment is to be made (e.g., on demand, specific date, or installments)

6. Place of Payment: Where the payment is to be made

7. Signature Block: Space for maker's signature, name, and date