Personal Loan Agreement and Promissory Note (India) - sample
PERSONAL LOAN AGREEMENT
This agreement is made at ____________ on 06/10/2026 between Alex Morgan (the LENDER) and ____________ (the BORROWER).
1. Loan
The Lender has lent and the Borrower has received Rs. 200,000 on 06/10/2026 by Bank transfer. The Borrower acknowledges receipt.
2. Interest
The loan carries interest at 0% per annum, calculated on the outstanding balance.
3. Repayment
The Borrower shall repay the loan within 12 months, as follows: Rs. 16,667 per month on the 5th. Payments shall be made by bank transfer and a written acknowledgment given for any cash payment.
4. Prepayment
The Borrower may repay the whole or part of the loan early without any penalty.
5. Default
If any instalment is not paid within 15 days of the due date, the whole outstanding amount becomes due immediately and the Lender may recover it with interest and costs.
6. No security
The loan is unsecured; the Borrower undertakes to repay it from their own funds and not to transfer assets to avoid repayment.
7. Promissory note
The Borrower promises to pay the Lender or order the sum of Rs. 200,000 with interest as above, on the terms of this agreement.
8. Governing law
Indian law applies; disputes are subject to the courts at ____________.
Signed by the parties on the date written above.
First party Alex Morgan Date: ____________ | Second party ____________ Date: ____________ |
| Witness 1 Signature: ____________ Name: ____________ | Witness 2 Signature: ____________ Name: ____________ |