Promissory Note Format in Gujarati Pdf Download

PROMISSORY NOTE

Document ID: PN-GJ-2023-V1.0
Effective Date: [Effective Date]
Governing Jurisdiction: Republic of India (State of Gujarat)

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1. STATUTORY & LEGAL COMPLIANCE NOTICE

Legal Disclaimer: This Promissory Note is drafted in accordance with the provisions of the Negotiable Instruments Act, 1881, and the Gujarat Stamp Act, 1958. This document constitutes a formal financial instrument and debt obligation. The user and executing parties are advised to verify that appropriate adhesive revenue stamps or non-judicial stamp paper of adequate denomination are utilized pursuant to the Gujarat Stamp Act prior to execution to ensure admissibility as evidence in courts of law within the Republic of India. The drafting counsel and platform disclaim any liability arising from improper stamping, execution, or registration.

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2. PARTIES & RECITALS

BORROWER (Debtor):
Name: [Borrower Full Legal Name]
Father’s/Spouse’s Name: [Father's/Spouse's Name]
Permanent Address: [Borrower Permanent Address]
Current/Principal Address: [Borrower Principal Address]
PAN / Aadhaar No.: [Identification Document Number]

LENDER (Creditor):
Name: [Lender Full Legal Name]
Father’s/Spouse’s Name/Entity Type: [Father's Name or Corporate Entity Details]
Principal Address / Registered Office: [Lender Principal Address]
PAN / Aadhaar / CIN No.: [Lender Identification Number]

RECITALS:
A. The Borrower has requested a loan from the Lender in the principal amount specified herein below, and the Lender has agreed to extend the same subject to the terms and conditions set forth in this Promissory Note.
B. The Borrower acknowledges receipt of the full principal sum and unconditionally promises to repay the same to the Lender strictly in accordance with the repayment terms set forth below.

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3. EXHAUSTIVE OPERATIVE CLAUSES & LEGAL TERMS

Section 1: Promise to Pay & Principal Amount

FOR VALUE RECEIVED, the Borrower unconditionally promises to pay to the order of the Lender the principal sum of [Amount in Figures] ([Amount in Words]) in lawful currency of the Republic of India ([Currency Code, e.g., INR]), together with interest accrued thereon, calculated in accordance with the terms of this Promissory Note.

Section 2: Interest Rate & Calculation

The principal balance outstanding under this Promissory Note shall bear interest at the rate of [Interest Rate percentage, e.g., 12%]per centum per annum ([Interest Rate in Words]` percent per annum), calculated on the basis of a 365-day year and the actual number of days elapsed. Interest shall commence on the Effective Date and shall continue to accrue until the full repayment of the principal sum and all accumulated interest is realized by the Lender.

Section 3: Repayment Schedule & Maturity

The entire outstanding principal sum, together with all accrued and unpaid interest, default interest, and associated costs, shall be due and payable in full on or before [Maturity Date / Due Date] (the "Maturity Date"). Alternatively, if repayment is structured in installments, the Borrower shall pay the Lender in installments of [Installment Amount] commencing on [First Installment Date] and continuing on the [Day of Month] of each successive month until fully amortized.

Section 4: Method of Payment

All payments made by the Borrower under this Promissory Note shall be made in immediately available funds via electronic bank transfer (NEFT/RTGS/IMPS) to the designated bank account of the Lender as specified below, or by account payee cheque/demand draft drawn in favor of the Lender:

• Bank Name: [Lender Bank Name]
• Branch Address: [Lender Bank Branch Address]
• Account Number: [Lender Account Number]
• IFSC Code: [Lender IFSC Code]

Section 5: Prepayment Rights

The Borrower reserves the right to prepay this Promissory Note, in whole or in part, at any time prior to the Maturity Date without penalty, provided that any such prepayment shall be accompanied by all accrued and unpaid interest up to the date of actual prepayment.

Section 6: Default & Acceleration

The occurrence of any of the following events shall constitute an "Event of Default" under this Promissory Note:

1. Failure of the Borrower to pay any principal or interest installment when due under this Note;
2. Filing of any petition under bankruptcy or insolvency laws by or against the Borrower;
3. Breach of any representation, warranty, or covenant contained herein. Upon the occurrence of an Event of Default, the Lender may, at its sole option and without further notice or demand, declare the entire unpaid principal balance of this Promissory Note, together with all accrued interest, immediately due and payable.

Section 7: Default Interest & Late Fees

In the event that any payment is not made within [Number of Days, e.g., 7] calendar days of its due date, the Borrower shall pay a late fee of [Late Fee Amount or Percentage] and the overdue amount shall bear default interest at the rate of `[Default Interest Rate, e.g., 18%]per centum per annum from the date of default until the date of full and final payment.

Section 8: Costs of Collection & Legal Fees

If this Promissory Note is placed in the hands of an attorney for collection, or if suit is filed hereon, or if proceedings are brought under bankruptcy or any other judicial forum, the Borrower promises to pay all reasonable costs of collection, including, without limitation, court costs, arbitration fees, and actual attorney fees incurred by the Lender.

Section 9: Waiver of Presentment & Notice

The Borrower, and any endorsers, sureties, or guarantors hereof, jointly and severally waive presentment for payment, demand, protest, notice of dishonor, notice of protest, and all other notices or demands in connection with the delivery, acceptance, performance, default, or enforcement of this Promissory Note.

Section 10: Governing Law & Jurisdiction

This Promissory Note shall be governed by, construed, and enforced in accordance with the laws of the Republic of India. The parties hereto irrevocably submit to the exclusive jurisdiction of the competent courts located in [City, e.g., Ahmedabad], State of Gujarat, India, for the resolution of any dispute arising out of or relating to this instrument.

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4. EXECUTION & FORMAL SIGNATURE BLOCKS

IN WITNESS WHEREOF, the Borrower has executed and delivered this Promissory Note as of the Effective Date written above.

BORROWER:

Signature: _____________________________________
Printed Name: [Borrower Full Legal Name]
Title / Capacity: [Self / Authorized Representative]
Date: [Date of Execution]

WITNESS 1:
Signature: _____________________________________
Printed Name: [Witness 1 Full Name]
Address: [Witness 1 Address]

WITNESS 2:
Signature: _____________________________________
Printed Name: [Witness 2 Full Name]
Address: [Witness 2 Address]

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5. STEP-BY-STEP EXECUTION & FILING GUIDE

1. Document Customization: Download the template in Microsoft Word or copy the text into a document editor. Locate all bracketed placeholders (e.g., [Borrower Full Legal Name], [Amount in Figures], [Maturity Date]) and replace them with accurate, verified information.
2. Stamp Duty Compliance: Purchase the appropriate non-judicial stamp paper from an authorized vendor in the State of Gujarat in accordance with the Gujarat Stamp Act, 1958, corresponding to the monetary value of the loan. Alternatively, ensure proper adhesive revenue stamps are affixed where legally mandated for promissory notes under the Indian Stamp Act.
3. Printing and Formatting: Print the finalized text directly onto the non-judicial stamp paper (for the first page) and standard bond paper (for subsequent pages), ensuring proper pagination.
4. Signatory Verification: Verify the identity of the Borrower and witnesses using government-issued photo identification (PAN Card, Aadhaar Card, or Passport).
5. Physical Execution: The Borrower must sign in ink in the presence of at least two independent adult witnesses. Witnesses must provide their full names and permanent addresses.
6. Digital Execution (Optional): If executing electronically under the Information Technology Act, 2000, ensure both parties utilize a licensed Certifying Authority (CA) digital signature certificate (DSC) via platforms such as Adobe Sign or DigiLocker-integrated workflows.
7. Record Retention: The Lender must retain the original physical stamped Promissory Note in a secure, fireproof vault or safe custody until the debt is fully satisfied. Upon full repayment, the Lender must prominently mark the original document "PAID IN FULL" or "CANCELED" and return it to the Borrower.