The Simple Promissory Note For Personal Loan is a fundamental legal document used in Nigerian lending practices when individuals need to formalize a personal loan arrangement. This document type is particularly important in the Nigerian context, where formal documentation of financial obligations is essential for legal enforceability and compliance with local regulations. It includes critical information such as the loan amount, interest rate, repayment terms, and consequences of default, all structured in accordance with Nigerian law. The document is commonly used for personal loans between individuals or between individuals and financial institutions, providing a clear record of the debt obligation while ensuring compliance with Nigerian financial regulations and contract law. It's essential for protecting both lender and borrower interests and can be used as evidence in legal proceedings if necessary.
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1. Date and Place: The date and location where the promissory note is executed
2. Parties: Full legal names and addresses of the maker (borrower) and payee (lender)
3. Promise to Pay: Clear and unconditional promise to pay the specified amount
4. Principal Amount: The exact amount being borrowed, stated in both numbers and words
5. Interest Rate: The agreed interest rate and how it is calculated
6. Payment Terms: Specific details about when and how payments will be made
7. Default Provisions: Consequences of failing to make payments as agreed
8. Governing Law: Statement that the note is governed by Nigerian law
9. Signature Block: Space for signatures of maker, payee, and witnesses
1. Security/Collateral: Details of any assets pledged as security for the loan - include when the loan is secured
2. Guarantor Details: Information about any guarantors and their obligations - include when there is a third-party guarantee
3. Prepayment Terms: Conditions for early repayment - include when early repayment options are allowed
4. Late Payment Penalties: Additional charges for late payments - include when specific penalties are agreed
5. Assignment Rights: Rights to assign or transfer the note - include when transferability is important
6. Notice Requirements: How and where notices should be sent - include for larger loan amounts
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are involved
2. Collateral Description: Detailed description of any assets provided as security, if applicable
3. Guarantor Declaration: Separate declaration and acknowledgment by guarantors, if applicable
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