Bharti AXA INSURANCE GLOSSARY Promissory Note Promissory Note A promissory note is a written promise that the issuing party would pay the bearer of the note or another named party a fixed sum of money on demand or on a fixed date. The note would typically contain details like the principal amount, interest rate, date of maturity and issuer’s signature. A promissory note differs from an IOU in that they also contain a specific promise to pay, the timeline for repayment and consequences of non-payment, if any. An IOU is just an acknowledgment of debt. The terms of Promissory Note include: The principal amount The interest rate The parties involved The terms of repayment The maturity date A promissory note could be either secured or unsecured. A promissory note should: Contain an unconditional promise to pay The promise must be to pay money only and not kind The money to be paid must be fixed It must be payable to a named party or the bearer Must be signed by the issuer. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.