Document background
The Promissory Note Without Interest is commonly used in Singapore when parties need to formalize an interest-free loan or payment arrangement. This document is particularly useful for business transactions, personal loans, or installment payments where interest is not desired or permitted. It must comply with Singapore's legal framework, particularly the Bills of Exchange Act and Contracts Act, and includes essential elements such as the payment amount, payment date, and parties' details. The note serves as clear evidence of debt and can be used for enforcement in Singapore courts if necessary.
