Electronic Promissory Notes

An electronic promissory note (e-note) is a digital version of a written promise to repay a loan, typically used in financial transactions like mortgages or personal loans. It contains details such as the borrower, lender, loan amount, interest rate, and repayment terms, and is legally binding. E-notes offer advantages like faster processing, easier storage, and secure transfer, all while maintaining the enforceability and legal protections of traditional paper promissory notes. They are validated through secure digital systems, ensuring authenticity and reducing the risk of fraud.