Document background
The Simple Promissory Note No Interest is commonly used in Singapore for documenting informal loans or payment obligations where parties wish to maintain a legally binding agreement without the complexity of interest calculations. This document type is particularly relevant under Singapore law when parties need to formalize a debt obligation while maintaining simplicity and clarity. The note includes fundamental elements such as the principal amount, payment terms, and party details, while adhering to Singapore's legal requirements for promissory notes. It serves as evidence of debt and can be used for enforcement purposes if necessary.
