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Installment Promissory Note
Free installment promissory note template — a loan repaid in a fixed number of scheduled payments.
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This free installment promissory note covers 1. Interest Rate, 2. Installment Schedule, 3. Prepayment, 4. Default, 5. Governing Law with 7 clearly marked [placeholder] fields to fill in — built for small businesses and individuals documenting a loan or expense putting financial terms in writing so both sides have a clear, shared record. Copy it into your own word processor, fill in the placeholders, and review it — or adapt it — before use. It's part of docstoc's free document template library, alongside business, legal, real estate, finance, and HR templates. Every template here is free to copy with no signup required, and each one carries a plain disclaimer: this is a starting point for informational purposes, not a substitute for advice from a licensed professional in your jurisdiction.
Installment Promissory Note
Lender: [Name] Borrower: [Name] Principal Amount: [Amount] Date: [Date]
For value received, Borrower promises to pay Lender the principal amount above, plus interest, in installments as follows.
1. Interest Rate
[Rate]% per year, [simple/compound], calculated on the outstanding balance.
2. Installment Schedule
| Payment # | Due Date | Amount |
|---|---|---|
| 1 | [Date] | [Amount] |
| 2 | [Date] | [Amount] |
| ... | ... | ... |
| Final | [Date] | [Amount] |
Total of all payments: [Amount] (principal + interest)
3. Prepayment
Borrower may prepay any part of the remaining balance at any time without penalty, which will reduce future interest accordingly.
4. Default
If any installment is more than [Number] days late, the full remaining balance becomes immediately due at Lender's option.
5. Governing Law
This Note is governed by the laws of [State/Country].
Borrower: ______________________ Date: ____________ Lender: ______________________ Date: ____________
*This document is provided for informational and educational purposes only and does not constitute legal advice. Check your state's usury limit on interest rates before setting one for a non-bank loan — an above-limit rate can make the entire note unenforceable in some states.*
Edit directly in the box above. Download PDF anytime — the docstoc.io footer is always included and cannot be removed.
What's included
- Edit online — click the document, fill in placeholders, download a PDF
- 5 standard sections: 1. Interest Rate, 2. Installment Schedule, 3. Prepayment, 4. Default, 5. Governing Law
- 7 clearly marked [placeholder] fields for quick personalizing
- Free to use — no account or signup required
- Fully editable — adjust any clause to match your actual situation
- Includes a signature block, ready to print or sign digitally
- Fixed docstoc.io footer on every PDF (not removable)
Who this template is for
Freelancers & solo founders
Handling routine business paperwork without commissioning custom legal drafting for every document.
Small businesses
Standardizing recurring documents — leases, agreements, notices — across a growing operation.
Anyone reviewing before signing
Using a clear starting structure to understand what a document should cover, even if a lawyer finalizes it.
Informal lending & reimbursements
Money changing hands between people or a business and its team, without a bank's paperwork.
FAQ
Is this installment promissory note template really free?
Yes — this Installment Promissory Note template on docstoc is free to view, edit online, and download as a PDF with no account or signup required.
What does this installment promissory note cover?
This finance template includes 1. Interest Rate, 2. Installment Schedule, 3. Prepayment, 4. Default. Fill in the [bracketed] placeholders, edit any clause online, then download a PDF — the docstoc.io footer stays on every export.
Is this legal advice?
No. This covers the standard structure, not the interest-rate limits, disclosure requirements, or tax implications that can apply depending on your state and the amount involved. Check those specifics with an accountant or financial attorney before you rely on it.
Can I edit the wording?
Yes. All 7 placeholder fields and every clause are editable right on the page — change what doesn't fit, then download an updated PDF anytime.
Where can I find more free templates like this?
Browse more free finance and related document templates in the docstoc library at /document-templates/.
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