Cheque Bounce & Debt Recovery Published & Fact-Checked 1 Sept 2026

What is the legal difference between a Promissory Note and a Loan Agreement?

A Promissory Note is an unconditional written undertaking signed by the borrower to pay a specific sum on demand or at a fixed date. A Loan Agreement is a comprehensive bilateral contract outlining interest rates, collateral, default clauses, tenure, and dispute resolution.

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