Indiana Promissory Notes
Create a legally compliant Indiana promissory note that complies with state usury limits and includes all required provisions. Choose the note type that fits your lending situation, fill out the guided form, and download your professional PDF for $7.99.
Secured Promissory Note
For loans backed by collateral such as a vehicle, property, or equipment. The lender can seize the collateral if the borrower defaults.
Complies with Indiana usury limits (max 21%). Includes collateral description and default remedies.
Create Secured Promissory NoteUnsecured Promissory Note
For loans based solely on the borrower's promise to pay, with no collateral pledged. Common for personal and family loans.
Indiana statute of limitations: 10 years. Max interest rate: 21%.
Create Unsecured Promissory NoteInstallment Promissory Note
For loans repaid in fixed periodic payments over a set term. Includes a detailed payment schedule with amounts and due dates.
Includes amortization-ready payment terms compliant with Indiana usury law (21% max rate).
Create Installment Promissory NoteDemand Promissory Note
Payable in full when the lender demands repayment. No fixed schedule or maturity date. Common for informal arrangements.
Payable on demand under Indiana law. Includes usury savings clause and default provisions.
Create Demand Promissory NoteIndiana Usury Law and Note Requirements
Indiana usury law is governed by Indiana Circuit Courts. The maximum allowable interest rate is 21% (21% under UCCC). Penalties for exceeding the usury limit include: UCCC remedies only. The statute of limitations for enforcing a promissory note in Indiana is 10 years. Notarization is not required but recommended. Our documents are designed to comply with Indiana law and include all required provisions.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Indiana?
Indiana caps the maximum interest rate at 21% (21% under UCCC). Exceeding this limit may result in penalties: UCCC remedies only. If no rate is specified, the default legal rate is 8%. Our documents include a usury savings clause for additional protection.
Does a promissory note need to be notarized in Indiana?
Notarization is not legally required in Indiana, but it is strongly recommended. A notarized note is easier to enforce in court and helps verify the identities of all parties. While not required, having 1 witness is recommended.
How much does a Indiana promissory note cost?
Each promissory note costs $7.99. Choose your note type, fill in your details through our guided form, and download your completed, Indiana-compliant PDF instantly. Re-download available for 5 days.
What is Indiana's interest rate limit for private promissory notes?
Indiana caps interest for consumer loans at 21% per year (Ind. Code §24-4.5-3-508). For commercial loans between private parties, Indiana generally allows parties to contract for any rate agreed to in writing, with courts applying a reasonableness standard for extraordinarily high rates. Indiana's 6-year statute of limitations applies to written promissory notes. Lenders should clearly specify the interest rate in the note - if no rate is stated, Indiana's default rate of 8% applies.
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