Document background
A No Interest Promissory Note is commonly used in Singapore when parties wish to formalize a loan arrangement without charging interest, often in family transactions, friendly loans, or business arrangements where interest charges are not desired. The document must comply with Singapore's legal framework, including the Contracts Act and Bills of Exchange Act, and requires proper execution and stamping to be legally enforceable. It typically includes specific payment terms, due dates, and the unconditional promise to pay, while explicitly stating that no interest will be charged on the principal amount.
