Philippine Financial & Debt Agreements
Legal Promissory Note with Interest & Installment Schedule
Under Article 1956 of the Civil Code of the Philippines, no interest is due unless it has been expressly stipulated in writing. This generator produces an enforceable, formal Promissory Note establishing the exact principal amount, stipulated interest rate per month or year, maturity date, and consequence of default.
Official Standards & Rule Matrix
Legal PrerequisiteInterest MUST be written in contract to be legally valid
Repayment ModesLump-sum maturity or fixed monthly installments
Default Penalty ClauseAccelerates remaining debt upon missed payment
Notary ReadyFormatted with formal Jurat / Acknowledgment
How to use this tool
- Enter the full names, addresses, and government-issued IDs of both Borrower and Lender.
- Specify the principal loan amount in words and figures.
- Set the agreed interest rate (e.g., 1% to 3% monthly) and the payment schedule.
- Generate and download the formatted Word (.docx) or printable PDF for signature and notarization.
Computed completely in your browser. No personal data or numbers are transmitted over the network.
Frequently Asked Questions
- Can a lender collect interest if there was only a verbal agreement?
- No. Under Article 1956 of the Philippine Civil Code, interest cannot be charged or collected unless agreed upon in writing.
- Is there a legal cap on loan interest rates in the Philippines?
- While the Central Bank (BSP) Usury Law limits are currently suspended, Philippine courts routinely strike down interest rates deemed iniquitous, unconscionable, or contrary to morals (typically above 3% to 5% per month).
- What makes a promissory note legally binding in the Philippines?
- A clear promise to pay a definite sum, signatures of the parties, consideration (the loan disbursed), and identification. Notarization makes it enforceable in summary small-claims court proceedings.
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