Promissory Note for Interest-Free Loan | Canada

This Installment Promissory Note form is for a loan that is backed by collateral belonging to the borrower.

• The template is for use in Canada only.
• The principal and interest will be repaid by a series of regular fixed (non-variable) installment payments.
• The borrower has the option to prepay the Note, but the lender will charge a prepayment premium (fee) if the loan is paid out before the due date.
• If the borrower defaults in making a payment or becomes bankrupt or insolvent, the entire balance together with interest becomes immediately due and payable.
• If the borrower defaults, the lender has the right to sell the collateral privately or through public auction.

To download the Canada Installment Note with Prepayment Fee, put it in your shopping cart and go through the checkout. You'll be automatically taken to the download page where you can download the form.