Rs. ______________ (Face Value or Principal Note) ______________ (Date)
For value received, the undersigned _____________________________________
(“Borrower”), _________________________________________ (Address), promises to pay to the order of ____________________________________(“Lender”), the sum of Rs._____________, with interest on unpaid principal of 1.5% per month or 18% per year, upon the demand of the Lender (“Due Date”), at ____________________________ or other place designated by the Lender.
Unpaid principal after the Due Date, occurring after the demand of the Lender as stated above and as of that date, shall accrue interest at a rate of 2% per month or 24% annually, or the highest amount allowed by law, until paid.
Any payments on this Note shall first be applied against legal or collection costs until paid in full, as then may be due, and then against outstanding interest until paid in full, as then may be due, and finally applied to the outstanding principal balance….
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