Indiana Promissory Note Templates

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Updated June 13, 2022

An Indiana promissory note template is designed for a single party consisting of a lender and a borrower who would like to engage in the lending activity. The templates outline the amount being borrowed from the lender, various interest rates, the cost of late fees, and many other sections.

Usury Rate – With no written agreement, the rate is 8%. With a written agreement, it’s 25% for consumer loans other than supervised loans.

Laws – Ind. Code § 24-4.6-1-102 and § 24-4.5-3-201

Types (2)

Secured Promissory Note – Covers payment types, fees, due dates, acceleration time periods, and other areas that help ensure the legality and structure of the note. Includes security, which is an item(s) of the borrower that is guaranteed to the lender in the case of a default on the balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – Covers all the aspects of the secured version, but differs in the fact that there is no security embedded in the note. This is an added liability to the lender and means the lender should ensure the borrower is a trustworthy and capable individual before engaging in the transaction.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

The legal rate of interest in Indiana is as follows: “When the parties do not agree on the rate, interest on loans or forbearances of money, goods or things in action shall be at the rate of eight percent (8%) per annum until payment of the judgment.” IC 24-4.6-1-102

(Video) What is an Indiana Promissory Note?

How to Write

Step 1 – Download the Indiana Note Document – Submit:

  • The start date of the document in dd/m/yy format
  • The Borrower’s name
  • The Borrower’s mailing address
  • AND
  • The Lender’s name
  • The Lender’s mailing address
  • AND
  • Enter the principal sum of the note
  • Submit the amount of the unpaid annual percentage rate per individual note

Step 2 – Payments –

  • Submit the due date of the full balance to include all accrued interest and any late fees


Check the box that indicates the method of payment – Provide the total amount to be paid by its due date

  • Should the borrower pay in installments, check the “installments” box. Enter the principal amount that would be required to be paid by the due date
  • Check the box that would state the frequency of payments
  • Enter the amount of fees required for late payments

Step 3 –  Security-

  • If this will be an unsecured loan, check the “unsecured” box
  • If the note is “secured,” submit all information with regard to the property to be retained

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A. – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Check the box that applies  – if there will be a co-signer submit their name
  • Execution
  • Governing Law – (Laws as stated by the state of Indiana)

Step 5 – Signatures – Signatories must apply signatures in the before a witness:

  • Lender’s signature
  • Date of the signature –  in mm/dd/yyyy format
  • Lender’s printed name
  • AND
  • Borrower’s signature
  • Date of signature – mm/dd/yyyy
  • Borrower’s printed name
  • AND
  • If there will be a co-signer, provide the name of the co-signer
  • Date of co-signer’s signature – in dd/mm/yyyy format
  • Co-signer’s printed name
  • AND
  • The Witness’ signature
  • Date of the signature – in mm/dd/yyyy format
  • Witness’ printed name