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A Promissory Note is a legal financial instrument which is issued by one party, promising to pay the debt owed to another party.
It is written as well as a negotiable instrument that is duly signed it’s maker and contains an unconditional promise of paying the stated amount of money to a particular person(exporter), either on demand, specified date or within then given time as per the given terms.
A promissory note consists of various terms and conditions which are related to the indebtedness such as principal amount to be paid, date of maturity, rate of interest on amount to be paid, terms and instructions of repayment, issuing date, name along with the signature of the drawer, name of the drawee and many more. No acceptance is needed by a promissory note.
In promissory note drawee as well as the payee can be the same person. This happens when the amount has to be paid to the same person in whose favour the promissory note has been drawn.
Moreover, the party that owes money to the other party is the one who holds the promissory note and after the discharge of the obligation completely, the payee is supposed to cancel the note and return it to the drawer.
A promissory note contains several elements that separate it from other negotiable financial instruments. The following are a few such distinct elements:
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Complete online application process makes it easier for us to process forms faster and provide same day loan approvals.
With online loan processing, business loan is disbursed within 3-5 business days of loan approval.
No need to put your valuable assets in risk, we have unsecured loan that do not require any collateral.
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Loan repayment structure can be customized depending upon how your business is growing.