The Promissory Note For Personal Loan is a crucial document in Belgian personal lending transactions, used when an individual borrows money and formally promises to repay it under specified terms. This document type is governed by Belgian Civil Code and consumer protection laws, requiring specific formalities and content to be legally valid and enforceable. It typically includes detailed information about the loan amount, interest rate, repayment schedule, and parties' obligations. The document serves multiple purposes: it provides evidence of the debt, establishes legally binding payment obligations, and ensures compliance with Belgian consumer credit regulations. It's particularly important in personal lending scenarios where formal documentation of the debt obligation is necessary for legal certainty and potential enforcement.
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1. Identification of Parties: Full legal names, addresses, and national registry numbers of both the lender and borrower
2. Amount of Loan: The principal amount being borrowed, written in both numbers and words to avoid any ambiguity
3. Interest Rate: Clear specification of the applicable interest rate, ensuring compliance with Belgian usury laws and maximum rate regulations
4. Payment Terms: Detailed schedule of repayment, including the total number of payments, payment frequency, and due dates
5. Place of Payment: Specification of where and how payments should be made
6. Default Provisions: Consequences of missing payments and applicable default interest rates in accordance with Belgian law
7. Governing Law: Statement confirming Belgian law as the governing law of the promissory note
1. Acceleration Clause: Optional provision allowing the lender to demand immediate full repayment under specific circumstances
2. Prepayment Terms: Terms allowing early repayment of the loan, including any applicable penalties or benefits
3. Security Interest: If the loan is secured, details of the collateral or security provided
4. Guarantor Details: If there is a guarantor, their identification and extent of guarantee
5. Insurance Requirements: Any mandatory insurance requirements related to the loan
6. Assignment Rights: Terms regarding the right to assign or transfer the promissory note
1. Payment Schedule: Detailed amortization table showing breakdown of payments, including principal and interest portions
2. Annual Percentage Rate (APR) Calculation: Breakdown of the total cost of credit and APR calculation as required by Belgian consumer credit laws
3. Security Documentation: If applicable, details and documentation related to any security or collateral
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