When a person or entity (the “lender”) loans money to another person or entity (the “borrower”), the loan is typically formalised with a written promissory note. In many instances the lender will ask for additional assurance in the form of collateral (such as property) if the borrower fails to repay the loan. This Secured Instalment Promissory Note is repaid by monthly instalments and also contains a Security Agreement which sets out the collateral for the loan. Having a written Secured Instalment Promissory Note and Security Agreement will prove invaluable if the borrower defaults on repaying the loan or in the event of litigation.

Among others, this form contains the following provisions:

• Amount and Date:This provision sets out the specific amount of money borrowed and the date and location where the note was signed;
• Parties: This provision sets out the names of the borrower and the lender;
• Repayment and Interest: These provisions set out the amount of monthly payments, the date due and the interest rate;
• Default: This provision contains the penalties in the event of default.

Protect Yourself, your Rights and your Property by using our professionally prepared up-to-date forms.

This lawyer-prepared packet includes:

1. General Information
2. Instructions and Checklist
3. Secured Instalment Promissory Note and Security Agreement for use in India

Law Compliance: This form complies with the laws of the states and territories of India