Acknowledgment of Part Payment of a Debt (India) by OLL
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ACKNOWLEDGMENT OF PART PAYMENT OF A DEBT
Date:__________
I (Name)___________________,
S/o. Sh.________________________________
hereby acknowledge that I have paid Rs_________Rupees in words_____________________________________________________________________) in part payment of the debt of Rs._________ (Rupees in words __________________________________________________________________________________) borrowed by me from Sh.____________________________________
S/o Sh.____________________
R/o ___________________________
on a pronote executed by me in his favour on
(Date) _________.
(Signature)
This simple form allows a debtor to formally acknowledge a partial payment made towards an existing debt. It includes specific fields to record the payment amount, the total debt owed, and references the original promissory note.
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About this template
What is this template?
This is a formal receipt for a partial debt repayment and is not a full release of liability or a new loan agreement. It specifically references a 'pronote' and requires the signatures of the person making the payment.
When should you use it?
Use this when a borrower pays a portion of a debt to ensure the payment is credited against the original loan, rather than using a general 'Settlement Agreement' which would imply the final closure of the debt.
Who it's for
- an individual in India making a partial repayment on a loan originally secured by a promissory note
- a debtor needing a formal record of the specific Rupee amount paid to reduce a total debt obligation
How long it runs and how it's signed
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