Use these promissory notes & repayment schedule to outline loan repayment terms and model payment schedules. Compare 5 downloads below, then choose the file that fits your task.
Choose a Download
| Resource | Format | Download |
|---|---|---|
| Simple Promissory Note Template | Word | Download Simple Promissory Note Template |
| Secured Promissory Note Template | Word | Download Secured Promissory Note Template |
| Installment Promissory Note Template | Word | Download Installment Promissory Note Template |
| Demand Promissory Note Template | Word | Download Demand Promissory Note Template |
| Promissory Note Repayment Schedule | Excel | Download Promissory Note Repayment Schedule |
The four Word notes describe repayment terms; the Excel resource is a supporting repayment calculator rather than another note.
For the next step, compare balance sheet templates.
What Is a Promissory Note?
A promissory note is a written promise by one party (the borrower) to repay a sum of money to another party (the lender), either on a set date, in installments or on demand. It usually states the amount borrowed, any interest, the repayment terms and what happens if payments are missed, and it is signed by the borrower. People use promissory notes for personal loans between family and friends, business loans, vehicle or equipment purchases and other lending arrangements. A promissory note template gives you a clear starting structure with the sections such a document commonly includes.
Significance of promissory note template
Often times making and signing a promissory note becomes the key point when it comes to borrow funds or take out a loan from bank or a financial institution because it is the legal way to make sure repayment of loan or funds as agreed. It usually contains fundamental details about the loan transaction just like amount of money as loan, interest rate, maturity date, repayment schedule if any, date & place of issuance and signature of the issuing authority etc. Making a promissory note is the best suggested way to outline all of the loan details along with terms and conditions of the loan, so be sure to get it done properly with all essential information and details before giving out the loan to borrower.
Either you are going to enter into a private, personal or professional loan transaction, promissory note is suggested legal document for you that you should prepare and sign to document the transaction in writing. Here we have a promissory note template for your reference that can help you very much to create the note with accurate details and information. Successful downloading of the template allows a user to tailor its elements as per nature of the loan transaction easily.
Free Promissory Note Templates in Word and Excel
This page offers five free templates, four in Word and one in Excel:
- Simple Promissory Note Template: Word (.docx), 1 page.
- Secured Promissory Note Template: Word (.docx), 1 page.
- Installment Promissory Note Template: Word (.docx), 1 page.
- Demand Promissory Note Template: Word (.docx), 1 page.
- Promissory Note Repayment Schedule: Excel (.xlsx), 1 worksheet, prints on 3 pages, with built-in formulas that calculate automatically.
Pick the note that matches how the loan will be repaid, then use the Excel schedule to work out the payment amount and see how each payment splits between interest and principal.
Types of Promissory Notes
- Simple (lump-sum) note: the full amount is repaid by one due date.
- Installment note: repaid in regular payments according to a schedule.
- Demand note: the lender can ask for repayment at any time, usually with written notice.
- Secured note: the borrower pledges collateral, such as a vehicle or equipment, that the lender may claim if the loan is not repaid.
- Unsecured note: no collateral, relying on the borrower’s promise to pay.
What a Promissory Note Usually Includes
- Names and addresses of the borrower and lender.
- The principal amount borrowed.
- Interest rate, if any, and how it is calculated.
- Repayment terms: due date, installment amounts or demand terms.
- Where and how payments are made.
- Prepayment terms, if early repayment is allowed.
- Late fees and what counts as default.
- Collateral description, for secured notes.
- Signatures and dates; some notes add a co-signer, witness or notary.
How to Fill Out a Promissory Note
Agree the terms with the other party first: amount, interest, repayment schedule and what happens if a payment is late. Choose the matching template and fill in every blank carefully, avoiding vague wording. If interest applies, use the repayment schedule in Excel to calculate the payment and check the total amount repaid.
Both parties should read the completed note before signing. Each should keep a signed copy, and the lender should keep records of every payment received. When the loan is fully repaid, the lender can mark the note as paid or give the borrower a written release.
Tips When Lending or Borrowing Money
- Put the agreement in writing, even between family or friends.
- Keep the terms realistic for the borrower’s budget.
- Record every payment with the date and amount.
- Check any interest rate against limits that may apply where you live.
- Keep signed copies somewhere safe.
Important: this page and these templates provide general information only and are not legal or financial advice. Requirements for promissory notes, interest rates, security interests and enforcement differ by country and state. For significant loans, or if you are unsure, ask a qualified lawyer or financial advisor to review the document.
Download Promissory Note Templates Here
Download these original promissory note templates for Word, plus an Excel repayment schedule. They are general templates, not legal advice; check your local laws before use.
Simple Promissory Note Template (Word)
A clear one-page promissory note for a lump-sum loan with principal, interest rate, due date, prepayment, late fee, default and signature sections.
Secured Promissory Note Template (Word)
A secured promissory note that pledges collateral such as a vehicle or equipment, with payment terms, security interest, default remedies and release.
Installment Promissory Note Template (Word)
An installment promissory note with a payment schedule table, interest rate, late fees, acceleration clause and optional co-signer signature line.
Demand Promissory Note Template (Word)
A demand promissory note where the lender can request repayment at any time with written notice, including interest, notice period and default terms.
Promissory Note Repayment Schedule (Excel)
An Excel loan amortization schedule for promissory notes that calculates the payment, interest, principal and remaining balance for every period automatically.
Frequently Asked Questions
What is a promissory note template?
It is a ready-made document with the sections a promissory note commonly includes, such as parties, amount, interest, repayment terms, default and signatures, which you complete for your loan.
What is the difference between a secured and unsecured promissory note?
A secured note pledges collateral the lender may claim if the loan is not repaid. An unsecured note has no collateral.
Does a promissory note need to be notarized?
It depends on where you live and the type of loan. Some people choose notarization for added proof of signing. Check local requirements or ask a lawyer.
How do I calculate installment payments?
Use the Excel repayment schedule on this page. Enter the loan amount, interest rate and term, and it calculates the payment, interest, principal and balance for every period.
What is a demand promissory note?
It is a note that the lender can ask to be repaid at any time, usually after giving written notice as set out in the note.
You must be logged in to post a comment.