Promisory Note

PROMISORY NOTE
THIS PROMISORY NOTE (‘the NOTE’) dated this ______ day of___________, 2015.
__________________________________________________________
Of
__________________________________________________________________________________________________________________
________________________________________________________;
Referred to as the Borrower
Hereby acknowledges the receipt of _______________________________________________________

___________________________________________________________ (Php _____________________)
from
__________________________________________________________
Referred to as the Lender
1. PROMISE OF PAYMENT
FOR VALUE RECEIVED, the Borrower hereby promises to pay to the Lender at ______________________
____________________________, or at such other place, or to such other party, as the Lender may from time
to time designate in writing, the principal sum of ______________________________ Philippine Peso (Php).
2. INTEREST RATE
The monthly interest rate on the matured, unpaid portion of the principal sum will be the lesser of:
i.)15% and
ii.) the maximum rate permissible by the law calculated monthly not in advance.
3. SCHEDULE OF PAYMENTS
This NOTE is due and payable as follows, to wit: ________________ equal consecutive instalments of
principal and interest shall be paid on a monthly basis.
PRINCIPAL AMOUNT : Php

PLUS: 15% INTEREST
(INTEREST x _____________ MONTHS) :
TOTAL LOAN PAYABALES: Php
Monthly Amortization: Php _______________________________

Payments will commence on _________________________ and continue thereafter until the total amount
will be fully paid on ______________________, 2015.
Upon payment in full of the balance owing this Note, this Note shall be surrendered for
cancellation.
4. DEFAULT AND ACCELERATION

Notwithstanding, any contrary statements contained in this Note, if the Borrower defaults on
payment of this Note or any other obligation set forth herein, and the default continues after the
Lender notifies the Borrower of the default and the period within which it must be corrected, as
may e required by law, then the Lender may declare the unpaid principal balance, and any accrued
interest, immediately due and payable.
5. PRE-PAYMENT
Notwithstanding situations in which the Borrower has defaulted on payment of this Note, the
Borrower reserves the right to prepay this Note, in whole or in part, without further bonus or
penalty.
6. SECURITY
The Borrower agrees to provide the Lender with the following Motor Vehicle (‘the Security’) as
security until the owner under this Note is repaid in full.
VEHICLE INFORMATION:
MAKE:
MODEL:
STYLE:
YEAR:
VEHICLE IDENTIFICATIN NO. (VIN):
7. CONDITION
 Failure to repay the Loan within 10 Days of agreed date (every _________ of the month) will
result the matter being turned over to collection, addressed in court, etc.
Borrower and Lender agree to the condition/s above, and sign to the effect in the presence of a
notary public on the ___________day of ___________________, 2015.
____________________________________________ _________ _____________________________________

Lender (Signature over printed name) Borrower (Signature over printed name)
____________________________________________ _________ _____________________________________

Witness (Signature over printed name) Witness (Signature over printed name)
SUBSCRIBED AND SWORN TO before me this ________________________ in ____________________,

Philippines, affiant exhibiting to me the following:
Proof of Personal
Name/s Identity or CTC No. Place and Date Issued
Borrower/s _________________________________ ____________________________ ___________________________
_________________________________ ____________________________ ___________________________
NOTARY PUBLIC
Doc. No. ________;

Page No.________;
Book No. _______;
Series of 2015
Acknowledgement Letter of
Receipt of Payment
Date : ________________________
Name ____________________________________________
Address _________________________________________________________________________
________________________________________________________________________________
Subject: Acknowledgement of Payment Received
Dear Sir/Madam,
With reference to your Promissory Note with Motor Vehicle Collateral dated on
_____________________________. It is to acknowledge you that we have received your Payment
amounted to ________________________________________________ pesos (Php _______________________) as
Full / Partial on the said loan stated in the Promissory Note attached herewith.
Looking forward to serve you.
Regards,
______________________________________________
Lender (Signature over printed name)
Borrower’s Acknowledgement Receipt

I hereby acknowledge and received my Collateral Motor Vehicle as stated below in good
and running condition.
VEHICLE INFORMATION:
MAKE:
MODEL:
STYLE:
YEAR:
VEHICLE IDENTIFICATIN NO. (VIN):
Received and acknowledge by:
__________________________________________________
Borrower (Signature over printed name)

Promisory Note

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PROMISORY NOTE

Hereby acknowledges the receipt of _______________________________________________________

PRINCIPAL AMOUNT : Php

Monthly Amortization: Php _______________________________

4. DEFAULT AND ACCELERATION

________________________________________ _ _________________________________

________________________________________ _ _________________________________

SUBSCRIBED AND SWORN TO before me this ____ in ,

Borrower/s _______ _

_______ _

Doc. No. ________;

Subject: Acknowledgement of Payment Received

Looking forward to serve you.

Borrower’s Acknowledgement Receipt

Received and acknowledge by:

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