Indiana Secured Promissory Note Template

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The Indiana secured promissory note adds structure and cohesiveness to deal involving money loaned between two parties. Once this note is completed, the lender receives a single, weekly, or monthly payment(s) from the borrower reimbursing the lender the loaned balance in addition to any interest owed. Before the document is dated and signed, ensure all interest rates selected are legal by checking [IC 24-4.6-1-102].

How to Write

Step 1 – At the top of the document, enter the following information regarding both parties:

  • Borrower’s Name
  • Borrower’s Address
  • Lender’s Name
  • Lender’s Address
  • Full Balance of the Note
  • Interest Rate for the Note

Step 2 – In section one (1), check the box next to the payment method the parties would like to utilize for the note. If an option that uses installments is selected, look to the bottom of the first section and select either weekly or monthly payments and the day that payments will be due.

Step 3 – For sections two (2) and three (3), enter the final due date for the full balance. Then, enter the amount of interest due if the borrower fails to make a payment within fifteen (15) days of the due date or defaults on the balance itself.

Step 4 – In section six (6), enter the number of days that need to pass after a due date before the lender can issue a late fee to the borrower.

Step 5 – In section eight (8), enter the time span needed to pass after a default before acceleration can occur. Acceleration requires all outstanding debts to be paid immediately by the borrower.

Step 6 – Proceeding to section seventeen (17), enter the item(s) that will be used for security. Items that can be used can range from homes to vehicles to any physical objects of worthy value.

Step 7 – To complete the note, enter the current date followed by the printed and signed names of the lender, the borrower, and the witness to the agreement.