A Personal Loan Promissory Note is a crucial financial document used in Malaysian lending practices when an individual borrows money from a lender, whether a financial institution or private individual. The document serves as both a formal acknowledgment of debt and a legally binding promise to repay the borrowed amount under specified terms. It must comply with Malaysian legislation, particularly the Bills of Exchange Act 1949, Moneylenders Act 1951, and relevant financial regulations. The note typically includes details about the loan amount, interest rate, payment schedule, and consequences of default, making it an essential tool for protecting both lender and borrower interests in personal lending transactions.
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1. Parties: Identification of the maker (borrower) and payee (lender) with full legal names and addresses
2. Definitions: Key terms used in the document including 'Principal Sum', 'Interest Rate', 'Payment Date', and other relevant terms
3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
4. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
5. Payment Terms: Details of payment schedule, installment amounts, and payment methods
6. Place of Payment: Specified location or method where payments must be made
7. Events of Default: Circumstances that constitute default and consequences thereof
8. Acceleration Clause: Conditions under which the entire loan becomes immediately due and payable
9. Governing Law: Specification that Malaysian law governs the promissory note
10. Execution: Signature blocks for all parties and witnesses
1. Security: Details of any collateral or security provided for the loan, used when the loan is secured
2. Guarantor: Details and obligations of any guarantor, included when there is a third-party guarantee
3. Prepayment Terms: Conditions and procedures for early repayment, included when early repayment is allowed
4. Late Payment Charges: Additional charges or penalties for late payments, optional but commonly included
5. Assignment: Terms regarding the transfer or assignment of the note, included when transferability is desired
6. Insurance Requirements: Mandatory insurance requirements, included when insurance is required for the loan
1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Security Details: Detailed description of any security or collateral provided for the loan
3. Calculation Methods: Detailed explanation of interest calculation methods and examples
4. Required Documents: List of supporting documents provided by the borrower
5. Contact Details: Complete contact information for all parties involved
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