Joint Promissory Note Payable in Instalments

Joint Promissory Note Payable in Instalments

Rs. ……………                                                                                      Date

We jointly and severally promise to pay to AB (or, to AB or order) the sum of Rupees ………… (Rs. ………) only (for value received), by instalments of Rs. ……………… per month with interest on each instalment at 18 per cent per annum from the date hereof until payment, the first instalment with interest thereon to be paid on the ……… day of ……… next, and each succeeding instalment with interest thereon to be paid on the……… day of each following month at …………………….., until the whole of the said sum            of Rs. ……… be repaid; any one instalment being in arrear for seven days, the balance of the said sum of Rs. ……… remaining owing shall become immediately payable, with interest thereon until payment.

EF

CD        (Debtors)

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